Taxation 1

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Abstract

The focus of this subject is on the on concepts of assessable income, allowable deductions, capital gains tax, tax rates and tax offsets. Special provisions of taxation viz repairs, depreciation, and capital allowances are also examined. Fringe benefits tax is explored, and the Goods and Services Tax including its impact … For more content click the Read More button below.

Syllabus

Background to the Australian taxation system and the significance of the components;Income - concepts of income, income from providing services, remuneration of employees, income from carrying on a business, income from the use of property, income from the disposal of property, exempt income and income from capital gains;Outgoings - fundamentals, … For more content click the Read More button below.

Background to the Australian taxation system and the significance of the components;
Income - concepts of income, income from providing services, remuneration of employees, income from carrying on a business, income from the use of property, income from the disposal of property, exempt income and income from capital gains;
Outgoings - fundamentals, general allowable deductions, specific deductions (repairs, depreciation, capital allowances, bad debts, past years losses, etc);
Measurement of Taxable Income - principles of tax accounting, timing of derivation of assessable income, recognition of allowable deductions, trading stock;
Fringe Benefits Tax - tax on employers;
GST compliance and management requirements.

Learning outcomes

Upon successful completion of this subject, students should:

be able to identify and explain the rules of law relating to taxation law topics covered in the subject;

be able demonstrate a capacity to engage in legal research;

be able to use legal research skills to apply the law to legal problems relating to taxation so as to reach a solution; and

be able to analyse legal rules so as to differentiate between possible outcomes to the legal issues arising from novel fact situations.

Enrolment restrictions

Postgraduate students only. Not available to students who have completed LAW514.

Pre-requisite