Pre-requisite: 52002+52005
In order to participate in the planning of a client's tax affairs it is necessary to understand the relevant sections of the appropriate Acts applicable to the transaction or entity structure. This unit primarily focuses on the Income Tax Assessment Act (ITAA). Topics covered include assessable income, residency, capital gains tax, allowable deductions, classes of taxpayers, calculation of tax payable and offsets/rebates of tax, and tax administration provisions and the taxation on Business entities. An outline is also given of other taxes levied in Australia under various other statutes making up the revenue base of the Government.