Australian Income Tax System

This subject is not offered in 2011.

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 and tax rates
• The Australian income tax base: Calculation of taxable income, including definition of income from services, property and business, capital gains, allowable deductions and treatment of business assets, including trading stock and depreciating assets
• Overview of income tax of partnerships and companies as business entities
• Tax avoidance and evasion, and general anti-avoidance rules
• Tax practice, including the role of the Commissioner of Taxation and the Australian Taxation Office (ATO), assessments, returns and payment of tax rulings and appeals.

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
• Have 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
• Have a good understanding of how tax laws are made, and principles of tax policy
• Have the ability to locate tax law sources and research a tax law issue.

Visit the Melbourne Law Masters website for more information about this subject.

This subject is not available as a breadth subject.