| Semester 1, 2020 On-campus Toowoomba | |
| Short Description: | Revenue Law and Practice A |
| Units : | 1 |
| Faculty or Section : | Faculty of Business, Education, Law and Arts |
| School or Department : | School of Law and Justice |
| Student contribution band : | Band 3 |
| ASCED code : | 090911 - Taxation Law |
| Grading basis : | Graded |
Staffing
Examiner:
Requisites
Pre-requisite: (ACC1101 and (LAW2106 or LAW1500)) or ((LAW2202 or LAW1123) and (LAW3206 or LAW2223) for Students in Programs: BLAW or BALW or BBLA or BCLA or LLBP or BCLW) or ((LAW5602 or LAW5123) and (LAW5706 or LAW5223) for Students in Program: DJUR)
Other requisites
Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at .
Rationale
An understanding of the principles of taxation is one of the most important and useful tools for anyone seeking advancement to senior management status in the corporate world, to those providing accounting, financial or legal services to business or to those seeking to be professional accountants or lawyers. It is also equally important for individuals in managing their personal affairs. There would be no major business decision in Australia, from the purchase of an item of plant to the overall organisation of a business structure, which is taken without regard to the taxation implications. Indeed, tax is often the motivating factor behind a decision or action. A study of taxation law involves not only an attainment of knowledge of the provisions of the various Tax Acts, but also a large volume of case law which has defined and/or clarified both the acts or general concepts not defined in the Acts, as well as the ability to apply this knowledge to factual situations.
Synopsis
In order to participate in the planning of a client's tax affairs it is necessary to understand the relevant sections of the appropriate taxation laws applicable to the transaction or entity structure. This course primarily introduces students to the Income Tax Assessment Acts (ITAA36 and ITAA97) and the Goods and Services Tax Act 1999 (GSTA).
Topics covered include assessable income, residency, capital gains tax, allowable deductions, classes of taxpayers, calculation of tax payable and offsets/rebates of tax, tax administration provisions, the taxation of business entities, and goods and services tax.
Objectives
On successful completion of this course, students should be able to:
- demonstrate an understanding of the general operation, key policy objectives and foundation legislative principles of the relevant Income Tax and Goods and Services Tax Acts in Australia;
- demonstrate academic and professional literacy skills, research skills and problem solving skills by undertaking an analysis of income tax and goods and services tax laws and applying the principles to factual situations;
- apply the fundamental principles of income tax and goods and services tax laws relevant to a business and/or professional context;
- demonstrate written communication skills appropriate to the discipline by preparing and submitting a written assignment.
Topics
| Description | Weighting(%) | |
|---|---|---|
| 1. | Concepts of assessable income (including legislative scheme; derivation of income; residence and source; an introduction to international taxation; assessable income - ordinary and statutory; personal exertion, business and property income; trading stock; exempt income; other taxes and charges) | 25.00 |
| 2. | Allowable deductions (including general and specific deductions; timing of deductions; employment deductions; depreciation/capital allowances; substantiation; primary production; tax losses; superannuation; other specific deductions) | 25.00 |
| 3. | Capital gains tax (including assets; acquisitions and disposals; calculation of gains and losses; exemptions; consequences of death; composite assets; rollovers; entities including partnerships; special assets; CGT concessions) | 16.00 |
| 4. | Goods and services tax (including a discussion of the key features of the GST law, the liability to pay GST, registration, GST-free supplies, input taxed supplies, taxable supplies, creditable acquisitions, tax periods, specific transactions, compliance, the impact of GST on business and accounting for GST transactions) | 16.00 |
| 5. | Taxation of entities (including the tax treatment of partnerships, companies, trusts, superannuation funds; tax planning; anti-avoidance) | 9.00 |
| 6. | Tax administration, offsets/rebates, tax rates, Medicare levy (including self-assessment; returns; collection mechanisms; tax offences and penalties; assessments and amended assessments; record keeping; tax agents; Commissioner's rights of access and investigation; concessional offsets/rebates; other offsets/rebates including imputation and zones; calculation of tax payable by individuals, companies, trusts, superannuation funds; Medicare levy; foreign tax credits; withholding taxes). | 9.00 |
Text and materials required to be purchased or accessed
ALL textbooks and materials available to be purchased can be sourced from (unless otherwise stated). (https://omnia.usq.edu.au/textbooks/?year=2020&sem=01&subject1=LAW3130)
Please for alternative purchase options from USQ Bookshop. (https://omnia.usq.edu.au/info/contact/)
((A PRINT COPY IS NOT REQUIRED. It is available electronically via USQ Library Westlaw Au database at .)
Reference materials
Student workload expectations
| Activity | Hours |
|---|---|
| Directed Study | 39.00 |
| Independent Study | 126.00 |
Assessment details
| Description | Marks out of | Wtg (%) | Due Date | Notes |
|---|---|---|---|---|
| ONLINE QUIZ 1 | 100 | 2 | 18 Mar 2020 | (see note 1) |
| ONLINE QUIZ 2 | 100 | 2 | 08 Apr 2020 | (see note 2) |
| ASSIGNMENT | 100 | 40 | 27 Apr 2020 | (see note 3) |
| ONLINE QUIZ 3 | 100 | 3 | 20 May 2020 | (see note 4) |
| ONLINE QUIZ 4 | 100 | 3 | 03 Jun 2020 | |
| EXAMINATION | 50 | 50 | End S1 | (see note 5) |
Notes
- Written problem-based assignment.
- This will be an online exam. Students will be provided further instruction regarding the exam by their course examiner via StudyDesk. The examination date will be available via UConnect when the Alternate Assessment Schedule has been released.
Important assessment information
-
Attendance requirements:
Online: There are no attendance requirements for this course. However, it is the students' responsibility to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.
On-campus: It is the students' responsibility to attend and participate appropriately in all activities (such as lectures, tutorials, laboratories and practical work) scheduled for them, and to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration. -
Requirements for students to complete each assessment item satisfactorily:
Due to COVID-19 the requirements for S1 2020 are: To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks for that item.
Requirements after S1, 2020:
To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks. (Depending upon the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.) -
Penalties for late submission of required work:
Students should refer to the Assessment Procedure (point 4.2.4) -
Requirements for student to be awarded a passing grade in the course:
Due to COVID-19 the requirements for S1 2020 are: To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.
Requirements after S1, 2020:
To be assured of receiving a passing grade a student must obtain at least 50% of the total weighted marks available for the course (i.e. the Primary Hurdle), and have satisfied the Secondary Hurdle (Supervised), i.e. the end of semester examination by achieving at least 40% of the weighted marks available for that assessment item.
Supplementary assessment may be offered where a student has undertaken all of the required summative assessment items and has passed the Primary Hurdle but failed to satisfy the Secondary Hurdle (Supervised), or has satisfied the Secondary Hurdle (Supervised) but failed to achieve a passing Final Grade by 5% or less of the total weighted Marks.
To be awarded a passing grade for a supplementary assessment item (if applicable), a student must achieve at least 50% of the available marks for the supplementary assessment item as per the Assessment Procedure (point 4.4.2). -
Method used to combine assessment results to attain final grade:
The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course. -
Examination information:
Due to COVID-19 the requirements for S1 2020 are: An Open Examination is one in which candidates may have access to any printed or written material and a calculator during the examination
Requirements after S1, 2020:
This will be an open examination. Candidates may have access to any printed or written material and a calculator during the examination. -
Examination period when Deferred/Supplementary examinations will be held:
Due to COVID-19 the requirements for S1 2020 are: The details regarding deferred/supplementary examinations will be communicated at a later date
Requirements after S1, 2020:
Any Deferred or Supplementary examinations for this course will be held during the next examination period. -
University Student Policies:
Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at .
Assessment notes
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Referencing in assignments:
Students studying this course as part of a Bachelor of Laws or Juris Doctor must use the Australian Guide to Legal Citation (AGLC) style. Students who are not enrolled in either of these programs may use either Harvard (AGPS) or the Australian Guide to Legal Citation (AGLC) in their assignments to format details of the information sources they have cited in their work. For AGLC style guide enquiries, consult the AGLC manual from the USQ Library's referencing guide at or contact the Law librarian. The Harvard (AGPS) style to be used is defined by the USQ Library's referencing guide at .