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LAWS7012 Business Taxation
EXAM STRUCTURE
All questions are compulsory and must be answered in Inspera during the exam working time.
PART A – MULTIPLE CHOICE QUESTIONS
QUESTIONS 1 to 6 (12 marks)
Six multiple choice questions worth 2 marks each → 4 minutes each
Focus: All examinable course content
PART B – PROBLEM QUESTIONS (WRITTEN ANSWERS)
QUESTION 7 (17 marks)
One set of facts with two calculation tasks. Full workings must be shown, and relevant
section references and/or case law names must be cited as part of your answer.
(a) 7 marks → 14 minutes
(b) 10 marks → 20 minutes
Focus: All examinable course content with a focus on income tax, trading stock, GST, and
the taxation of business entities.
QUESTION 8 (17 marks)
One set of facts with a single calculation task. Full workings must be shown, and relevant
section references must be cited as part of your answer.
(a) 17 marks → 34 minutes
Focus: FBT, GST, and deductions
QUESTION 9 (14 marks)
One set of facts with two calculation tasks. Full workings must be shown, and relevant
section references and/or case law names should be cited as part of your answer.
(a) 11 marks → 22 minutes
(b) 3 marks → 6 minutes
Focus: Deductions including capital allowances
LAWS7012 Business Taxation
Semester 1, 2022
3
GENERAL EXAM ADVICE
• Ensure that you are familiar with using Inspera before the exam. Note that you can only
access the Practice Exam in Inspera three times, and that access to it will be cut off 48 hours
before the actual exam.
• Ensure that you are familiar with the content in the LAWS7012 Inspera Handbook so that
you know what the exam rules are, and what to do if you run into any technical difficulties.
• Note that deductions and GST issues will be interspersed throughout the exam questions.
• There is no need to write out a case law citation in full, instead just note the taxpayer’s name.
For example:
- Sun Newspapers Ltd & Associated Newspapers Ltd v FCT (1938) 61 CLR 337 →
Sun Newspapers
- FCT v Munro (1926) 38 CLR 153 → Munro’s case
• Generally, there is no need to specify the name of an Act as it will be obvious from the context.
- For example, if you’re calculating taxable income or net income, it is obvious that the
section references will relate to either the ITAA36 or ITAA97.
• You will need to include all relevant rates and thresholds for the 2021/22 income year
and 2021/22 FBT year in your notes as they will typically not be specified in the exam facts.
However, for any:
- depreciating assets, please use the effective life specified in the exam facts.
- capital works issues, please use the rate specified in the exam facts.
On the day:
• Keep calm and read the paper carefully, if you've prepared well, you will know how to work
out the answers - just do it methodically (and in the required format).
• Make sure that you deal with ALL the issues and facts in the questions – if something should
be included or excluded from a calculation, explain why.
• Try to stick to the suggested time limits per question so that you finish the paper – if you finish
early, re-read the questions, and make sure that you did answer each question in full.
• If you get stuck in a long answer question - for example, working out what is included in a
particular calculation, go with the most logical answer, and CONTINUE TO ANSWER THE
QUESTION EVEN IF YOU SUSPECT THE FINAL FIGURE WILL BE INCORRECT → If you
don't tell me anything, I cannot award you any marks!
GOOD LUCK and STUDY HARD by revising the examinable content, preparing exam
summaries and using them to complete the Practice Exam.