TLAW602 Australian Taxation

This unit is designed to introduce students to the Australian taxation system at the federal level of particular relevance to accountants and financial advisers. The unit will focus on the primary components of the system while exploring selected topics at a more advanced level. The unit will encourage students to adopt an ethical and critical approach to evaluating tax problems. The focus is on the income tax treatment of an individual and small-business owner. Students will be expected to show a proficiency in calculating the final tax liability of an individual and have a working knowledge of income tax formulae.

The unit will further examine the primary income tax treatment of selected entities and business structures, including companies, partnerships, superannuation funds and trusts.

The unit will introduce students to the basic rules of the Australian Goods and Services Tax (GST) system, and the key concepts of the Australian Fringe Benefits Tax (FBT) system. The most commonly encountered Capital Gains Tax (CGT) events in practice will be examined, with the primary emphasis on calculating a net capital gain arising from CGT event A1 (disposal of a CGT asset).
The unit will provide students with the opportunity to learn about the general mechanics of tax administration, including the tax dispute resolution process, and support students to obtain a necessary appreciation of the difference between tax planning, tax avoidance and tax evasion. Students will be exposed to the legal and ethical responsibilities of taxpayers and tax professionals who are regulated by the Tax Agent Services Act 2009 (TASA).