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Subject description
This subject acquaints students with Australian taxation law in a practical business environment. The focus of the syllabus is on the application of tax law concepts in a professional accounting setting. It aims to develop students' conceptual and analytical skills and an appreciation of the Australian tax system. It provides a general analysis of the current tax system and consideration of the many changes it is presently undergoing with an emphasis on the implications for the commercial world. The subject looks at the Income Tax Assessment Act, the Tax Law Reform. Project and the New Tax System. Particular concepts to be considered include: taxable income, income, deductions, capital gains tax, trusts, partnerships, companies and shareholders, tax accounting, tax planning and anti-avoidance provisions, fringe benefits tax and goods and services tax.
Subject learning objectives (SLOs)
Upon successful completion of this subject students should be able to:
1. Understand the concept of taxable income (including assessable income, deductions, tax offsets and tax
payable), the taxation of companies, trusts and partnerships and the administration of the Australian taxation system;
2. Demonstrate a knowledge of Capital Gains Tax, taxation planning, Fringe Benefits Tax and Goods and Services Tax;
3. Communicate knowledge of taxation law both in writing and orally clearly and be open to critical analysis of own ideas and others;
4. Interpret relevant taxation legislation and rules accurately and apply to problem scenarios.
Course intended learning outcomes (CILOs)
This subject also contributes specifically to the development of the following graduate attributes which reflect the course intended learning outcomes:
. Legal Knowledge
An advanced and integrated understanding of a complex body of legal knowledge including:
a. The Australian colonial and post-colonial legal system, international and comparative contexts, theoretical and technical knowledge;
b. The broader contexts within which legal issues arise and the law operates including cultural awareness, social justice and policy;
c. The principles and values of justice and ethical practices in lawyers'roles;
d. The impact of Anglo-Australian laws on Indigenous peoples, including their historical origins in the process of colonisation and ongoing impact; and
e. Contemporary developments in law and its professional practice. (1.1)
Ethics and Professional Responsibility
An advanced and integrated capacity to value and promote honesty, integrity, cultural respect, accountability, public service and ethical standards including:
a. An understanding of approaches to ethical decision making;
b. An understanding of the rules of professional responsibility;
c. An ability to reflect upon and respond to ethical challenges in practice;
d. A developing ability to engage in the profession of law and to exercise professional judgment; and e. An ability to reflect on and engage constructively with diversity in practice. (2.1)
Critical Analysis and Evaluation
A capacity to think critically, strategically and creatively, including an ability to:
a. Identify and articulate complex legal issues in context, including the skill of critical reading and writing;
b. Apply reasoning and research to generate appropriate theoretical and practical responses; and
c. Demonstrate sophisticated cognitive and creative skills in approaching complex legal issues and generating appropriate responses. (3.1)
Communication
Well-developed professional and appropriate communication skills including:
a. Highly effective use of the English language to convey legal ideas and views to different and diverse audiences and environments;
b. An ability to inform, analyse, report and persuade;
c. An ability to strategically select an appropriate medium and message;
d. A cognisance of advanced communication technologies and willingness to adopt where appropriate; and
e. An ability to respond respectfully. (5.1)
Teaching and learning strategies