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LAW5230 Taxation Law

Semester 1, 2016 Online
Units : 1
Faculty or Section : Faculty of Business, Education, Law and Arts
School or Department : School of Law and Justice
Student contribution band : Band 3
ASCED code : 090911 - Taxation Law

Contents on this page

Staffing

Examiner: Toni Chardon

Requisites

Pre-requisite: (ACC5202 or ACC5502 or ACC5216 or ACC5218) and (LAW8500 or LAW5201 and LAW5206)

Other requisites

Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at //www.usq.edu.au/current-students/support/computing/hardware.

Rationale

An understanding of the principles of taxation is one of the most important and useful tools for anyone seeking advancement to senior management status in the corporate world, to those providing accounting, financial or legal services to business or to those seeking to be professional accountants or lawyers. It is also equally important for individuals in managing their personal affairs. There would be no major business decision in Australia, from the purchase of an item of plant to the overall organisation of a business structure, which is taken without regard to the taxation implications. Indeed, tax is often the motivating factor behind a decision or action. A study of taxation law involves not only an attainment of knowledge of the provisions of the various Tax Acts, but also a large volume of case law which has defined and/or clarified both the Acts or general concepts not defined in the Acts, as well as the ability to apply this knowledge to factual situations.

Synopsis

In order to participate in the planning of a client's tax affairs it is necessary to understand the relevant sections of the appropriate taxation laws applicable to the transaction or entity structure. This course primarily introduces students to the Income Tax Assessment Acts (ITAA36 and ITAA97) and the Goods and Services Tax Act 1999 (GSTA).

Topics covered include assessable income, residency, capital gains tax, allowable deductions, classes of taxpayers, calculation of tax payable and offsets/rebates of tax, tax administration provisions, the taxation of business entities and goods and services tax.

Objectives

On successful completion of this course, students should be able to:

  1. understand and identify the general operation, key policy objectives and foundation legislative principles of the relevant Income Tax and Goods and Services Tax Acts in Australia
  2. demonstrate academic and professional literacy skills, research skills and problem solving skills by undertaking an analysis of income tax and goods and services tax laws and applying the principles to factual situations
  3. understand and apply the fundamental principles of Income Tax and Goods and Services Tax laws relevant in a business and/or professional context
  4. demonstrate written communication skills appropriate to the discipline by preparing and submitting a written assignment
  5. demonstrate high level critical reflection and analytical reasoning skills in solving tax law problems, commenting on tax policy and undertaking tax law research.

Topics

Description Weighting(%)
1. Concepts of assessable income (including legislative scheme; derivation of income; residence and source; an introduction to international taxation; assessable income - ordinary and statutory; personal exertion, business and property income; trading stock; exempt income; other taxes and charges) 24.00
2. Allowable deductions (including, general and specific deductions; timing of deductions; employment deductions; depreciation/capital allowances; substantiation; primary production; tax losses; superannuation; other specific deductions; fringe benefits tax) 24.00
3. Capital gains tax (including assets; acquisitions and disposals; calculation of gains and losses; exemptions; consequences of death; composite assets; rollovers; entities including partnerships; special assets; CGT concessions) 14.00
4. Goods and services tax (including a discussion of the key features of the GST law, the liability to pay GST, registration, GST-free supplies, input taxed supplies, taxable supplies, creditable acquisitions, tax periods, specific transactions, compliance, the impact of GST on business and accounting for GST transactions) 14.00
5. Taxation of entities (including the tax treatment of partnerships, companies, trusts, superannuation funds; tax planning; anti-avoidance) 12.00
6. Tax administration, offsets/rebates, tax rates, Medicare levy (including self-assessment; returns; collection mechanisms; tax offences and penalties; assessments and amended assessments; record keeping; tax agents; Commissioner's rights of access and investigation; concessional offsets/rebates; other offsets/rebates including imputation and zones; calculation of tax payable by individuals, companies, trusts, superannuation funds; Medicare levy; foreign tax credits; withholding taxes) 12.00

Text and materials required to be purchased or accessed

ALL textbooks and materials available to be purchased can be sourced from USQ's Online Bookshop (unless otherwise stated). (https://bookshop.usq.edu.au/bookweb/subject.cgi?year=2016&sem=01&subject1=LAW5230)

Please contact us for alternative purchase options from USQ Bookshop. (https://bookshop.usq.edu.au/contact/)

  • Deutsch, RL, Friezer, ML, Fullerton, IG, Hanley PJ & Snape TJ 2016, Australian tax handbook 2016, Thomson Reuters, Pyrmont, New South Wales.
    (available electronically via USQ Library CCH IntelliConnect database at http://resguide.usq.edu.au/index.php?type=databases&route=direct&ID=148.)
  • Krever, R 2016, Australian taxation law cases 2016: a guide to leading cases for commerce and law students, Thomson Reuters, Pyrmont, New South Wales.
  • Pinto, D, Kendall, K & Sadiq, K 2016, Fundamental tax legislation 2016, Thomson Reuters, Pyrmont, New South Wales.
  • Sadiq, K, Coleman, C, Hanegbi, R, Jogarajan, S, Krever, R, Obst, W, Ting, A & Teoh, J (eds) 2016, Principles of taxation law 2016, 9th edn, Thomson Reuters, Pyrmont, New South Wales.

Reference materials

Reference materials are materials that, if accessed by students, may improve their knowledge and understanding of the material in the course and enrich their learning experience.
  • Barkcozy, S, 'Foundations of taxation law', Oxford University Press, Australia (most recent edition).
  • Chow, M, 'Australian master tax guide', CCH Australia, Sydney, New South Wales (available electronically via USQ Library CCH IntelliConnect database at http://resguide.usq.edu.au/index.php?type=databases&route=direct&ID=28) (most recent edition).
  • Coleman, C, Hart, G, Bondfield, B, McKerchar, M, McLaren, M, Sadiq, K & Ting, A, 'Australian tax analysis: cases, commentary commercial applications and questions', Thomson Reuters, Pyrmont, New South Wales (most recent edition).
  • Woellner, R, Barkoczy, S, Murphy, S & Evans, C, 'Australian taxation law', CCH Australia, North Ryde, New South Wales (most recent edition).

Student workload expectations

Activity Hours
Assessments 20.00
Directed Study 52.00
Private Study 93.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
ONLINE QUIZ 1 100 5 27 Apr 2016
ASSIGNMENT 100 40 16 May 2016 (see note 1)
ONLINE QUIZ 2 100 5 08 Jun 2016
EXAMINATION 50 50 End S1 (see note 2)

NOTES
  1. The assignment will consist of a combination of tax law research and problem solving.
  2. This will be an open examination. The total working time for the examination is 2 hours. The examination date will be available via UConnect when the official examination timetable has been released.

Important assessment information

  1. Attendance requirements:
    Online: If you are an international student in Australia, you are advised to attend all classes at your campus. For all other students, there are no attendance requirements for this course. However, it is the students? responsibility to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.

    On-campus: It is the students? responsibility to attend and participate appropriately in all activities (such as lectures, tutorials, laboratories and practical work) scheduled for them, and to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.

  2. Requirements for students to complete each assessment item satisfactorily:
    To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks. (Depending upon the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.)

  3. Penalties for late submission of required work:
    Students should refer to the Assessment Procedure http://policy.usq.edu.au/documents.php?id=14749PL (point 4.2.4)

  4. Requirements for student to be awarded a passing grade in the course:
    To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.

  5. Method used to combine assessment results to attain final grade:
    The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course.

  6. Examination information:
    This will be an open examination. Candidates may have access to any printed or written material and a calculator during the examination.

  7. Examination period when Deferred/Supplementary examinations will be held:
    Any Deferred or Supplementary examinations for this course will be held during the next examination period.

  8. University Student Policies:
    Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at http://policy.usq.edu.au.

Assessment notes

  1. Referencing in assignments:
    Students studying this course as part of a Juris Doctor must use the Australian Guide to Legal Citation (AGLC) style. Students who are not enrolled in the Juris Doctor may use either Harvard (AGPS) or the Australian Guide to Legal Citation (AGLC) in their assignments to format details of the information sources they have cited in their work. For AGLC style guide enquiries, consult the AGLC manual from the USQ Library's referencing guide at //www.usq.edu.au/library/referencing, or contact the Law librarian. The Harvard (AGPS) style to be used is defined by the USQ Library's referencing guide at //www.usq.edu.au/library/referencing.