Australian Income Tax System

This subject has the following teaching availabilities in 2009:

Objectives:

A student who has successfully completed this subject should have:

• A solid knowledge of the core tax law principles in the Australian tax system, with a focus on Australia’s most important tax: the federal income tax
• A good understanding of the administration of Australia’s tax system, including how a taxpayer engages in the income tax assessment, collection, rulings and appeals process
• A good general understanding of how tax laws are made, federal/state tax issues and principles of tax policy
• The ability to locate tax law sources and research a tax law issue.

Syllabus:

This subject will cover the following substantive tax law topics:

• Taxation in Australia’s federal system; overview of federal and state taxes; constitutional issues; how tax laws are made; sources of tax law; tax rates
• The Australian income tax base: Calculation of taxable income, including definition of income from services, property and business; capital gains; allowable deductions; treatment of business assets, including trading stock and depreciating assets
• Overview of income taxation of partnerships and companies as business entities; tax treatment of companies and shareholders, including contributions to capital; distributions; dealings in shares; corporate acquisitions and company losses
• Tax avoidance and evasion; general anti-avoidance rule
• Tax practice, including the role of the Commissioner of Taxation and the Australian Taxation Office; assessments, returns and payment of tax; rulings; and appeals.

• Tax law research task, presented during class (30%)
• Structured assignment 7,000 words (70%) (4 May)

This subject is not available as a breadth subject.

Objectives:

A student who has successfully completed this subject should have:

• A solid knowledge of the core tax law principles in the Australian tax system, with a focus on Australia’s most important tax: the federal income tax
• A good understanding of the administration of Australia’s tax system, including how a taxpayer engages in the income tax assessment, collection, rulings and appeals process
• A good general understanding of how tax laws are made, federal/state tax issues and principles of tax policy
• The ability to locate tax law sources and research a tax law issue.

Syllabus:

This subject will cover the following substantive tax law topics:

• Taxation in Australia’s federal system; overview of federal and state taxes; constitutional issues; how tax laws are made; sources of tax law; tax rates
• The Australian income tax base: Calculation of taxable income, including definition of income from services, property and business; capital gains; allowable deductions; treatment of business assets, including trading stock and depreciating assets
• Overview of income taxation of partnerships and companies as business entities; tax treatment of companies and shareholders, including contributions to capital; distributions; dealings in shares; corporate acquisitions and company losses
• Tax avoidance and evasion; general anti-avoidance rule
• Tax practice, including the role of the Commissioner of Taxation and the Australian Taxation Office; assessments, returns and payment of tax; rulings; and appeals.

• Tax law research task, presented during class (30%)
• Structured assignment 7,000 words (70%) (4 May)