Units
Taxation Law
Unit code: AYB219
Credit points: 12
Information about fees and unit costs
This unit introduces students to the statutory framework of the Australian taxation system. Elements in the determination of taxable income and the levy of income tax are examined including general and specific categories of assessable income and allowable deductions, capital gains tax and administration aspects of the tax system. The taxation of fringe benefits is also examined. The unit also provides a brief overview of the taxation of partnerships, trusts and companies and an overview of the goods and services tax. Emphasis is placed on developing students' skills in problem solving through research and analysis of taxation issues.
Availability
| Semester | Available |
|---|---|
| 2013 Semester 1 | Yes |
| 2013 Semester 2 | Yes |
Sample subject outline - Semester 1 2013
Note: Subject outlines often change before the semester begins. Below is a sample outline.
Rationale
As many business decisions involve a consideration of the taxation implications, Accountancy graduates should possess a basic knowledge of the Australian taxation system so that they can develop skills required for professional practice. The purpose of this unit is to enable students to develop an understanding of the basic fundamentals of taxation. AYB219 Taxation Law is a prerequisite for AYB320 Advanced Taxation Law.
Aims
This unit aims to develop students' knowledge and understanding of the Australian income tax legislation. In attaining this aim, students will develop research and analysis skills.
Objectives
Course Learning Goals (Undergraduate)
The QUT Business School has established the Assurance of Learning (AOL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:
Have knowledge and skills pertinent to a particular discipline (KS)
1.1 Integrate and apply disciplinary theory and skills to practical situations
1.2 Incorporate the use of technology appropriate to the discipline and context
Be critical thinkers and effective problem solvers (CTA)
2.1 Identify, research and critically analyse information relevant to a business problem or issue, be able to synthesise that information in order to evaluate potential solutions, make recommendations or otherwise effectively address the problem or issue
Be professional communicators in an intercultural context (PC)
3.1 Communicate effectively through written tasks appropriate to varied contexts and audiences
3.2 Communicate effectively through professional oral presentations appropriate to varied contexts and audiences
Be able to work effectively in a Team Environment (TW)
4.1 Demonstrate effective team skills in order to contribute appropriately to the production of a group output
Have a Social and Ethical Understanding (SEU)
5.1 Apply ethical reasoning, standards or codes of practice relevant to the discipline and make decisions that are informed by social and cultural understanding
Unit Objectives
On completion of this unit, you should be able to:
1. Describe the relevant sections, cases and principles of Australian income tax law;
2. Understand the Australian income tax framework;
3. Analyse, discuss and resolve issues relating to taxation law; and
4. Appreciate the dynamic nature of income tax laws which impact on taxpayers' legal rights and duties.
The specific course learning goals and unit objectives that apply to this unit are shown in the assessment section of this unit outline.
Content
The following provides a brief overview of the topics to be covered:
· Introduction to taxation law
· Assessable income
· Allowable deductions
· Capital gains tax
· Calculation of tax payable
· Overview of the taxation of partnerships, trusts and companies
· Overview of the GST
· Fringe benefits tax
· Tax administration
This unit will focus predominantly on Australian taxation law issues. However, in two of the topics (Introduction to Taxation Law and the Goods and Services Tax), we consider specifically the taxation law of overseas jurisdictions.
Approaches to Teaching and Learning
Teaching and learning strategies are designed to facilitate the aims and objectives of the unit. The emphasis in Taxation Law is to equip students with the necessary skills so as to research and solve tax-related problems.
Lectures
You are expected to attend lectures each week. Detailed lecture notes are provided each week for students. You should download the lecture notes each week from the AYB 219 Blackboard site and bring it with you to the lecture. The address is: http://blackboard.qut.edu.au/. You can access on-line units using any computer that has Internet access. The QUT Student Computing Guide contains information on how to access and use the computing facilities at QUT.
Whilst detailed lecture notes are provided to students via the Blackboard site, the lecture notes contain several blank spaces, consisting of lecture examples. Students will only be able to obtain solutions to these lecture examples by physically attending the lecture. The answers will be displayed on Powerpoint slides during the lecture itself. Copies of the complete lecture notes and Powerpoint slides used by the lecturer will not be placed on the AYB 219 Blackboard site and are not generally available to students except in exceptional circumstances.
These lecture notes should provide all students with their starting point to study this subject. Students are expected to also read the relevant paragraphs identified each week in the prescribed textbook, being the 2013 CCH Australian Master Tax Guide as well as all relevant section references in the tax legislation, and relevant taxation rulings and taxation determinations.
Should students need additional reading material, a list is provided under the Resource Materials section in this document. Please note that research and further reading will be required to complete the group assignment.
All material on the AYB 219 Blackboard site will be automatically removed on the day of the final exam for this unit. It is your responsibility to ensure that you have copies of all materials before this date.
Tutorials
You are expected to attend tutorials each week. Tutorials commence in Week 2. Once allocated to a tutorial, students must remain in that tutorial for the entire semester. After the first tutorial, changes are not permitted unless there are exceptional circumstances and the express consent of the unit co-ordinator is given. Furthermore, once students have been allocated to and attended their designated tutorial, they are not permitted to 'sit in' on another tutorial from the same or another tutor. Students are permitted to only attend one tutorial per week.
For preparation for each tutorial, students are strongly advised to do the following:
· attend the lecture
· read the lecture notes, and all associated reading materials
· it is also recommended that students create their own one page summary for each week
· download the tutorial questions from the AYB 219 Blackboard site
· attempt the tutorial questions (you will find the questions easier after doing the above tasks)
· bring the questions and your attempted answers to the tutorial
· bring the relevant lecture notes and your one page summary to the tutorial
The format of the tutorial this semester will be as follows:
§ tutors will pass around a tutorial attendance sheet for students to record their attendance (refer below);
§ tutors will conduct a 5-minute Q&A on the week's topic at the beginning of the tutorial;
§ tutors will review the week's tutorial questions with students; and
§ tutors will go through a series of unseen quick quizzes relating to the tutorial topic with students. These quick quizzes will consist of a combination of true/false questions and multiple-choice questions. These questions are unseen in the sense that students are not made available these questions prior to class. Instead, the tutor will put up these quizzes on Powerpoint slides and show them to students in class. The idea of these unseen quick quizzes is to focus students on the key aspects of the topic and to generate discussion in class.
Please also note that students are expected to participate in the various classroom discussions. Tutorials provide an opportunity for you to develop your understanding of key issues and concepts learnt in the preceding week. Each week students will need to complete the required readings and to prepare answers for the tutorial discussion questions.
Students are encouraged to speak up and ask questions in tutorials even if an issue is unclear to you, or whether you have a different point of view or understanding. Even though we have set tutorial questions each week, the tutorial is also your forum to ensure that you have the correct understanding of the subject matter and you are encouraged to maximise this opportunity.
To encourage attendance and participation in the tutorials, please note that the tutorial solutions which are provided to the tutors will not be provided directly to students outside the tutorial environment. Furthermore, they will not be posted on the AYB 219 Blackboard site at the end of the semester. The only way to have your questions addressed will be to attend the tutorials each week.
Whilst students are able to check their tutorial answers with their tutor provided they have attempted the tutorial work, students will not be allowed to sit in a staff members office and copy out tutorial solutions verbatim.
Furthermore, excuses like I have been so busy in my job during the semester that I have been unable to attend tutorials or my tutorial solutions were stolen the week before the final exam, so can you please e-mail me all of the tutorial solutions will not be entertained.
It should also be noted that tutorial attendance is one of the factors that will be taken into account when collating the final marks for each student at the end of the semester. If a student's overall mark out of 100 is on the borderline to the next grade (ie. they receive a mark of 49, 64, 74 or 84), tutorial attendance sheets will be referred to in determining whether the student's mark is adjusted upwards to the next grade or not.
If a student has attempted their tutorial work, attended tutorials and has participated, then this will place the student in a strong position to have their mark bumped up to the next grade. Conversely, students who have not attended tutorials or have not completed their tutorial work prior to attending tutorials or have made no attempts to participate in tutorials will not have their marks bumped to the next grade if they receive an overall mark in the unit of 49, 64, 74 or 84.
Past experience has also indicated that there is a strong correlation between students who fail the unit and students who do not attend lectures and tutorials.
Assessment
The assessment in this unit aims to support your achievement of the learning objectives for both Discipline Knowledge and Other Graduate Capabilities. Assessment has been designed in order to allow you to both:
Assessment name:
Mid-Semester Examination
Description:
Mid-semester examination comprising 25 multiple-choice questions based on Topics 1 to 5. The exam is 75 minutes in duration (including perusal). This equates to 3 minutes per question. It will be an open-book exam with no restriction placed on any books or notes used. However, students are not permitted to bring a laptop computer, a mobile phone or any electronic materials (such as an electronic dictionary) into the exam. Materials to be provided by the student include: student card, 2B pencil, calculator and a soft eraser. Students will be advised of the date of the exam and exam rooms closer to the exam date.
Length/Duration: 75 minutes, including perusal
Formative or Summative: Formative and Summative
Relates to objectives:
Unit objectives: 1 and AOL goals: KS (1.1)
Weight:
25%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Week 7
Assessment name:
E-Tax Project
Description:
Students are required to form a group of three or four. The group must be comprised of students from the same tutorial class. A group of less than three is strictly not permitted. If a student does the group project themselves or in a group of two, they will automatically be awarded an overall mark of zero out of 25 for the project.
The e-tax project is divided into two parts. The first part (Part A) requires each group to complete and print off (but not lodge) an individual client's 2012 income tax return using the Australian Taxation Office's electronic tax software package, E-Tax 2012.
Part B (worth 5%) requires each group to provide a reflection on how they completed Part A. In other words, students will be required to explain the process on how they completed the tax return (Part A), including how they researched controversial issues, what sources of information they relied upon as well as explaining how the work was delegated to each member of the group (ie. who was responsible for what).
Length/Duration: Unspecified.
Formative or Summative: Formative and Summative
Relates to objectives:
Unit objectives: 2, 3, 4 and AOL goals: KS (1.1), KS (1.2), CTA (2.1), TWA (4.1)
Weight:
25%
Internal or external:
Internal
Group or individual:
Group
Due date:
Week 12
Assessment name:
End of Semester Examination
Description:
Final examination based on the entire semester, with a particular emphasis on Topics 6 to 12. The examination is open book. However, students are not permitted to bring a laptop computer, a mobile phone or any electronic materials (such as an electronic dictionary) into the exam.
Length/Duration: 2 hours plus 15 minutes perusal
Formative or Summative: Summative
Relates to objectives:
Unit objectives: 1, 2, 3 and AOL goals: KS (1.1), CTA (2.1)
Weight:
50%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Central Exam Period
Academic Honesty
QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.
A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.
Resource materials
Prescribed Texts and Readings
Lecture materials, tutorial questions and additional readings are available for students to download from QUT's Blackboard site. Students are expected to print off these materials each week prior to attending class. The two prescribed texts for this unit are as follows:
1. Australian Master Tax Guide 2013, 52nd edition, CCH Australia Ltd, Sydney, NSW, 2013.
2. Core Tax Legislation & Study Guide 2013, CCH Australia Ltd, Sydney, NSW, 2013.
Due the number of tax law changes over the past 12 months, students are strongly advised to buy the 2013 versions of each book listed above, not the 2012 or earlier versions.
References
1. Australian Tax Handbook 2013, Thomson ATP Publishers, Sydney, NSW.
2. Barkoczy, S. "Australian Tax Casebook", 12th edition, CCH Australia Ltd, Sydney, NSW, 2013.
3. Barkoczy, S. ¿Foundations of Taxation Law¿, 4th edition, CCH Australia Ltd, Sydney, NSW, 2012.
4. Fisher, R., and Hodgson, H.M., ¿Tax Questions and Answers 2012¿, Thomson ATP Publishers, 2012.
5. Master Tax Examples 2012/13, 11th edition, CCH Australia Ltd, Sydney, NSW, 2013.
6. Nethercott, L., Richardson, G., and Devos, K., ¿Australian Taxation Study Manual - Questions and Suggested Solutions¿, 22nd edition, CCH Australia Ltd, Sydney, NSW, 2013.
7. Woellner, R., Vella, T., Burns, L., and Barkoczy. S., "Australian Taxation Law", 23rd edition, CCH Australia Ltd, 2013.
Useful Tax Web Sites
The internet is a vitally important and excellent source of information for students wishing to obtain the most up to date information in this area where the law is in a constant state of change and development. Some of the most tax useful web sites are:
1. ATP Online
http://www.atp-online.com.au
2. Australian Business Register (ABN Entry Point)
http://www.abr.business.gov.au/Index.aspx
3. Australasian Legal Information Institute
http://www.austlii.edu.au
4. Australian Taxation Office
http://www.ato.gov.au
5. Australian Taxation Office (Legal Database)
http://law.ato.gov.au/atolaw/index.htm
CCH Online (Taxation)
http://www.library.qut.edu.au/find/databases/search.jsp?type=ti&search=cch
7. CPA Australia (Taxation)
http://www.cpaaustralia.com.au/cps/rde/xchg/cpa-site/hs.xsl/knowledge-taxation.html
8. Institute of Chartered Accountants in Australia (Taxation)
http://www.charteredaccountants.com.au/Industry-Topics/Tax
9. KPMG (Daily Tax News)
http://www.kpmg.com.au/Default.aspx?TabID=63&KPMGArticleItemID=307
10. PricewaterhouseCoopers (Australia - Taxation)
http://www.pwc.com.au/tax/taxtalk/index.htm
11. Taxation Institute of Australia
http://www.taxinstitute.com.au/index.cfm
12. Taxpayers Australia
http://www.taxpayer.com.au/
13. Taxpayers Australia - Individual Taxation
http://www.taxpayersassociation.com.au/individuals.html
14. Taxation Reporter
http://www.taxreporter.com.au/
Taxation Journals
- Australian Tax Forum
- Australian Tax Review
- The Taxpayer (Taxpayers Australia Inc.)
- Taxation in Australia (Taxation Institute of Australia)
- The Tax Specialist (Taxation Institute of Australia)
- In the Black (CPA Australia)
- Charter (The Institute of Chartered Accountants in Australia)
- Individual Tax Return Instructions Booklet 2012 and accompanying Individual Tax Return Instructions Supplement Booklet 2012 (free publications available from the Australian Taxation Office and selected newsagents).
Other Resources
Students would normally be expected to purchase the prescribed textbooks and print lecture and tutorial materials, additional readings and appropriate case studies and assignments from the AYB219 Blackboard site.
Risk assessment statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.
Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.
Last modified: 06-Feb-2013
