AYN438 Taxation Law and Practice
To view more information for this unit, select Unit Outline from the list below. Please note the teaching period for which the Unit Outline is relevant.
| Unit code: | AYN438 |
|---|---|
| Prerequisite(s): | AYN456 or enrolment in BS11 Accountancy major (BS11MJR-ACCOUNT) |
| Equivalent(s): | AYQ438 |
| Credit points: | 12 |
| Timetable | Details in HiQ, if available |
| Availabilities |
|
| Domestic tuition unit fee | $3,036 |
| International unit fee | $4,536 |
Unit Outline: Semester 1 2020, Gardens Point, Internal
| Unit code: | AYN438 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | AYN456 or enrolment in BS11 Accountancy major (BS11MJR-ACCOUNT) |
| Equivalent: | AYQ438 |
| Coordinator: | Maureen Stapleton | maureen.stapleton@qut.edu.au |
Overview
This unit builds on students’ previous knowledge of business and corporations law to introduce the statutory framework of the Australian taxation system. Elements in the determination of taxable income and the levying 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.
Learning Outcomes
On successful completion of this unit you will be able to:
- Demonstrate and apply knowledge of the income tax framework including legislation, taxation rulings and determinations to real world taxation cases and contexts.
- Use software skills to correctly calculate a taxpayer's taxable income and tax liability in accordance with Australian tax laws and regulations.
- Apply information literacy and research skills to effectively search for and use information to make recommendations and provide advice relating to tax-related issues.
- Collaborate effectively with others to research, discuss and provide advice on tax-related issues.
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 GST
- Overview of the taxation of partnerships, trusts and companies
- Fringe benefits tax
- Tax administration
- Tax planning vs Tax avoidance vs Tax evasion
This unit will focus predominantly on Australian taxation law issues. However, in two of the topics (the taxation of partnerships, trusts and companies and the goods and services tax), we briefly consider the taxation law of overseas jurisdictions.
QUT Business Capabilities (Postgraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge & Technical Skills (KS)
1.1 Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
1.2 Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Higher Order Thinking Skills (HO)
2.1 Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
2.2 Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Professional Communication (PC)
3.1 Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
3.2 Use information literacy skills and communicate effectively and professionally in oral forms appropriate for diverse purposes, contexts and audiences.
Teamwork & Self (TS)
4.1 Exercise self-reflection and accountability in applying knowledge and skills for own learning and effective practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across a range of complex activities and contexts.
Social, Ethical & Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices of business in critically analysing and effectively responding to complex business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues and critically reflect on the responsibilities and impacts of organisations in national and international business contexts.
Learning Approaches
Teaching and learning strategies are designed to facilitate the aims and learning outcomes of the unit. The emphasis in Taxation Law and Practice is to equip students with the necessary skills in order to research and solve tax-related problems.
The unit is taught as a three-hour block. The three hour block is broken up into a two hour lecture and a one hour workshop. Students are encouraged to attend the two hour lecture and one hour workshop each week. Detailed resources are provided on the unit Blackboard site.
To reinforce the lecture and to reach full understanding of each topic it is essential for students to keep up with the work by completing the required readings and workshop questions. Workshops represent an excellent opportunity for students to apply the concepts learnt in the preceding week to practical questions. Feedback gained in workshops will also assist students in identifying the areas they may have misunderstood.
Students are expected to also read the relevant sections of the 2019 CCH Australian Master Tax Guide as well as all relevant section references in the tax legislation, and relevant taxation rulings and taxation determinations. Additional reading material will be provided on the unit blackboard. Please note that research and further reading will be required to complete the group assignment.
Students are expected to engage in online (for external students) and classroom discussions (including the workshops). Past experience has indicated a strong correlation between a student's attendance at lectures and workshops and their success in this unit.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
The assessment aims to support your achievement of the learning outcomes for this Unit. It has been designed in order to allow you to both:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment); and
- demonstrate your learning in order to achieve a final grade (summative assessment).
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Online Case Examination
This assessment will assess the students' application of knowledge from topics 1-5 using case based online questions.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): HO (2.2)
Assessment: Group Research Project
In groups of 3 or 4, students will undertake a group research tax related project. This will involve each group completing (but not lodging) an individual client's 2019 income tax return using the electronic tax lodgement software package HandiTax. The project group processes will be assessed via a 15 minute viva with the unit co-ordinator and another academic about certain aspects of the tax return and the how the group as a whole worked together in completing the project.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.2), TS (4.2)
Assessment: Online Final Exam
Final examination based on the entire semester. The examination is open book.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.2), TS (4.2)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
Resource Materials
Prescribed text(s)
Fundamental Tax Legislation (2020) 28th Edition, Thomson Reuters, Pyrmont, N.S.W.
Due to the number of tax law changes over the past 12 months, students are strongly advised to buy the 2020 versions of each book listed above, not earlier versions. All lecture notes, examples, tutorial questions, exam questions and assignment is based on the 2020 income year.
Principles of Taxation Law (2020) 13th Edition, Thomson Reuters, Pyrmont, N.S.W.
Other
A microphone/headset may be required for external students who wish to participate in the Blackboard Collaborate sessions.
Unit resources are available for students to download from QUT's Blackboard site. Students are expected to read these materials each week prior to attending class.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or workshops 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.
Unit Outline: Semester 1 2020, Gardens Point, External
| Unit code: | AYN438 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | AYN456 or enrolment in BS11 Accountancy major (BS11MJR-ACCOUNT) |
| Equivalent: | AYQ438 |
| Coordinator: | Maureen Stapleton | maureen.stapleton@qut.edu.au |
Overview
This unit builds on students’ previous knowledge of business and corporations law to introduce the statutory framework of the Australian taxation system. Elements in the determination of taxable income and the levying 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.
Learning Outcomes
On successful completion of this unit you will be able to:
- Demonstrate and apply knowledge of the income tax framework including legislation, taxation rulings and determinations to real world taxation cases and contexts.
- Use software skills to correctly calculate a taxpayer's taxable income and tax liability in accordance with Australian tax laws and regulations.
- Apply information literacy and research skills to effectively search for and use information to make recommendations and provide advice relating to tax-related issues.
- Collaborate effectively with others to research, discuss and provide advice on tax-related issues.
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 GST
- Overview of the taxation of partnerships, trusts and companies
- Fringe benefits tax
- Tax administration
- Tax planning vs Tax avoidance vs Tax evasion
This unit will focus predominantly on Australian taxation law issues. However, in two of the topics (the taxation of partnerships, trusts and companies and the goods and services tax), we briefly consider the taxation law of overseas jurisdictions.
QUT Business Capabilities (Postgraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge & Technical Skills (KS)
1.1 Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
1.2 Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Higher Order Thinking Skills (HO)
2.1 Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
2.2 Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Professional Communication (PC)
3.1 Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
3.2 Use information literacy skills and communicate effectively and professionally in oral forms appropriate for diverse purposes, contexts and audiences.
Teamwork & Self (TS)
4.1 Exercise self-reflection and accountability in applying knowledge and skills for own learning and effective practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across a range of complex activities and contexts.
Social, Ethical & Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices of business in critically analysing and effectively responding to complex business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues and critically reflect on the responsibilities and impacts of organisations in national and international business contexts.
Learning Approaches
Teaching and learning strategies are designed to facilitate the aims and learning outcomes of the unit. The emphasis in Taxation Law and Practice is to equip students with the necessary skills in order to research and solve tax-related problems.
The unit is taught as a three-hour block. The three hour block is broken up into a two hour lecture and a one hour workshop. Students are encouraged to attend the two hour lecture and one hour workshop each week. Detailed resources are provided on the unit Blackboard site.
To reinforce the lecture and to reach full understanding of each topic it is essential for students to keep up with the work by completing the required readings and workshop questions. Workshops represent an excellent opportunity for students to apply the concepts learnt in the preceding week to practical questions. Feedback gained in workshops will also assist students in identifying the areas they may have misunderstood.
Students are expected to also read the relevant sections of the 2019 CCH Australian Master Tax Guide as well as all relevant section references in the tax legislation, and relevant taxation rulings and taxation determinations. Additional reading material will be provided on the unit blackboard. Please note that research and further reading will be required to complete the group assignment.
Students are expected to engage in online (for external students) and classroom discussions (including the workshops). Past experience has indicated a strong correlation between a student's attendance at lectures and workshops and their success in this unit.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
The assessment aims to support your achievement of the learning outcomes for this Unit. It has been designed in order to allow you to both:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment); and
- demonstrate your learning in order to achieve a final grade (summative assessment).
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Online Case Examination
This assessment will assess the students' application of knowledge from topics 1-5 using case based online questions.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): HO (2.2)
Assessment: Group Research Project
In groups of 3 or 4, students will undertake a group research tax related project. This will involve each group completing (but not lodging) an individual client's 2019 income tax return using the electronic tax lodgement software package HandiTax. The project group processes will be assessed via a 15 minute viva with the unit co-ordinator and another academic about certain aspects of the tax return and the how the group as a whole worked together in completing the project.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.2), TS (4.2)
Assessment: Online Final Exam
Final examination based on the entire semester. The examination is open book.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.2), TS (4.2)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
Resource Materials
Prescribed text(s)
Fundamental Tax Legislation (2020) 28th Edition, Thomson Reuters, Pyrmont, N.S.W.
Due to the number of tax law changes over the past 12 months, students are strongly advised to buy the 2020 versions of each book listed above, not earlier versions. All lecture notes, examples, tutorial questions, exam questions and assignment is based on the 2020 income year.
Principles of Taxation Law (2020) 13th Edition, Thomson Reuters, Pyrmont, N.S.W.
Other
A microphone/headset may be required for external students who wish to participate in the Blackboard Collaborate sessions.
Unit resources are available for students to download from QUT's Blackboard site. Students are expected to read these materials each week prior to attending class.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or workshops 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.
Unit Outline: Semester 2 2020, Gardens Point, Internal
| Unit code: | AYN438 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | AYN456 or enrolment in BS11 Accountancy major (BS11MJR-ACCOUNT) |
| Equivalent: | AYQ438 |
| Coordinator: | Bronwyn McCredie | bronwyn.mccredie@qut.edu.au |
Overview
This unit builds on students’ previous knowledge of business and corporations law to introduce the statutory framework of the Australian taxation system. Elements in the determination of taxable income and the levying 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.
Learning Outcomes
On successful completion of this unit you will be able to:
- Demonstrate and apply knowledge of the income tax framework including legislation, taxation rulings and determinations to real world taxation cases and contexts.
- Use software skills to correctly calculate a taxpayer's taxable income and tax liability in accordance with Australian tax laws and regulations.
- Apply information literacy and research skills to effectively search for and use information to make recommendations and provide advice relating to tax-related issues.
- Collaborate effectively with others to research, discuss and provide advice on tax-related issues.
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 (taxation aspects of superannuation)
- Overview of GST
- Overview of the taxation of partnerships, trusts and companies
- Fringe benefits tax
- Tax administration
- Tax planning vs Tax avoidance vs Tax evasion
- Ethical and professional responsibilities of tax agents including obligations under the Tax Agent Services Act 2009 (TASA) and Tax Agent Services Regulations 2009 (TASR)
This unit will focus predominantly on Australian taxation law issues. However, in two of the topics (the taxation of partnerships, trusts and companies and the goods and services tax), we briefly consider the taxation law of overseas jurisdictions.
QUT Business Capabilities (Postgraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge & Technical Skills (KS)
1.1 Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
1.2 Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Higher Order Thinking Skills (HO)
2.1 Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
2.2 Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Professional Communication (PC)
3.1 Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
3.2 Use information literacy skills and communicate effectively and professionally in oral forms appropriate for diverse purposes, contexts and audiences.
Teamwork & Self (TS)
4.1 Exercise self-reflection and accountability in applying knowledge and skills for own learning and effective practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across a range of complex activities and contexts.
Social, Ethical & Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices of business in critically analysing and effectively responding to complex business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues and critically reflect on the responsibilities and impacts of organisations in national and international business contexts.
Learning Approaches
Teaching and learning strategies are designed to facilitate the aims and learning outcomes of the unit. The emphasis in Taxation Law and Practice is to equip students with the necessary skills in order to research and solve tax-related problems.
The unit is taught as a three-hour block. The three hour block is broken up into a two hour lecture and a one hour workshop. Students are encouraged to attend the two hour lecture and one hour workshop each week. Detailed resources are provided on the unit Blackboard site.
To reinforce the lecture and to reach full understanding of each topic it is essential for students to keep up with the work by completing the required readings and workshop questions. Workshops represent an excellent opportunity for students to apply the concepts learnt in the preceding week to practical questions. Feedback gained in workshops will also assist students in identifying the areas they may have misunderstood.
Students are expected to also read all relevant section references in the tax legislation, and relevant taxation rulings and taxation determinations. Additional reading material will be provided on the unit blackboard. Please note that research and further reading will be required to complete the group assignment.
Students are expected to engage in online (for external students) and classroom discussions (including the workshops). Past experience has indicated a strong correlation between a student's attendance at lectures and workshops and their success in this unit.
COVID-19 restrictions may require changes to the planned Learning Approaches described here. Students should refer to the unit Blackboard site for the latest information.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
The assessment aims to support your achievement of the learning outcomes for this Unit. It has been designed in order to allow you to both:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment); and
- demonstrate your learning in order to achieve a final grade (summative assessment).
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Online Case Examination
This assessment will assess the students' application of knowledge from topics 1-5 using case based online questions.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): HO (2.2)
Assessment: Group Research Project
In groups of 3 or 4, students will undertake a group research tax related project. This will involve each group completing (but not lodging) an individual client's 2019 income tax return using the electronic tax lodgement software package HandiTax. The project group processes will be assessed via a 15 minute viva with the unit co-ordinator and another academic about certain aspects of the tax return and the how the group as a whole worked together in completing the project.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.2), TS (4.2)
Assessment: Final Examination
Final examination based on the entire semester.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.2), TS (4.2)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
Resource Materials
Prescribed text(s)
Fundamental Tax Legislation (2020) 28th Edition, Thomson Reuters, Pyrmont, N.S.W.
Due to the number of tax law changes over the past 12 months, students are strongly advised to buy the 2020 versions of each book listed above, not earlier versions. All lecture notes, examples, tutorial questions, exam questions and assignment is based on the 2020 income year.
Principles of Taxation Law (2020) 13th Edition, Thomson Reuters, Pyrmont, N.S.W.
Other
A microphone/headset may be required for external students who wish to participate in the Blackboard Collaborate sessions.
Unit resources are available for students to download from QUT's Blackboard site. Students are expected to read these materials each week prior to attending class.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or workshops 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.
Unit Outline: Semester 2 2020, Gardens Point, External
| Unit code: | AYN438 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | AYN456 or enrolment in BS11 Accountancy major (BS11MJR-ACCOUNT) |
| Equivalent: | AYQ438 |
| Coordinator: | Bronwyn McCredie | bronwyn.mccredie@qut.edu.au |
Overview
This unit builds on students’ previous knowledge of business and corporations law to introduce the statutory framework of the Australian taxation system. Elements in the determination of taxable income and the levying 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.
Learning Outcomes
On successful completion of this unit you will be able to:
- Demonstrate and apply knowledge of the income tax framework including legislation, taxation rulings and determinations to real world taxation cases and contexts.
- Use software skills to correctly calculate a taxpayer's taxable income and tax liability in accordance with Australian tax laws and regulations.
- Apply information literacy and research skills to effectively search for and use information to make recommendations and provide advice relating to tax-related issues.
- Collaborate effectively with others to research, discuss and provide advice on tax-related issues.
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 (taxation aspects of superannuation)
- Overview of GST
- Overview of the taxation of partnerships, trusts and companies
- Fringe benefits tax
- Tax administration
- Tax planning vs Tax avoidance vs Tax evasion
- Ethical and professional responsibilities of tax agents including obligations under the Tax Agent Services Act 2009 (TASA) and Tax Agent Services Regulations 2009 (TASR)
This unit will focus predominantly on Australian taxation law issues. However, in two of the topics (the taxation of partnerships, trusts and companies and the goods and services tax), we briefly consider the taxation law of overseas jurisdictions.
QUT Business Capabilities (Postgraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge & Technical Skills (KS)
1.1 Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
1.2 Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Higher Order Thinking Skills (HO)
2.1 Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
2.2 Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Professional Communication (PC)
3.1 Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
3.2 Use information literacy skills and communicate effectively and professionally in oral forms appropriate for diverse purposes, contexts and audiences.
Teamwork & Self (TS)
4.1 Exercise self-reflection and accountability in applying knowledge and skills for own learning and effective practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across a range of complex activities and contexts.
Social, Ethical & Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices of business in critically analysing and effectively responding to complex business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues and critically reflect on the responsibilities and impacts of organisations in national and international business contexts.
Learning Approaches
Teaching and learning strategies are designed to facilitate the aims and learning outcomes of the unit. The emphasis in Taxation Law and Practice is to equip students with the necessary skills in order to research and solve tax-related problems.
The unit is taught as a three-hour block. The three hour block is broken up into a two hour lecture and a one hour workshop. Students are encouraged to attend the two hour lecture and one hour workshop each week. Detailed resources are provided on the unit Blackboard site.
To reinforce the lecture and to reach full understanding of each topic it is essential for students to keep up with the work by completing the required readings and workshop questions. Workshops represent an excellent opportunity for students to apply the concepts learnt in the preceding week to practical questions. Feedback gained in workshops will also assist students in identifying the areas they may have misunderstood.
Students are expected to also read all relevant section references in the tax legislation, and relevant taxation rulings and taxation determinations. Additional reading material will be provided on the unit blackboard. Please note that research and further reading will be required to complete the group assignment.
Students are expected to engage in online (for external students) and classroom discussions (including the workshops). Past experience has indicated a strong correlation between a student's attendance at lectures and workshops and their success in this unit.
COVID-19 restrictions may require changes to the planned Learning Approaches described here. Students should refer to the unit Blackboard site for the latest information.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
The assessment aims to support your achievement of the learning outcomes for this Unit. It has been designed in order to allow you to both:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment); and
- demonstrate your learning in order to achieve a final grade (summative assessment).
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Online Case Examination
This assessment will assess the students' application of knowledge from topics 1-5 using case based online questions.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): HO (2.2)
Assessment: Group Research Project
In groups of 3 or 4, students will undertake a group research tax related project. This will involve each group completing (but not lodging) an individual client's 2019 income tax return using the electronic tax lodgement software package HandiTax. The project group processes will be assessed via a 15 minute viva with the unit co-ordinator and another academic about certain aspects of the tax return and the how the group as a whole worked together in completing the project.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.2), TS (4.2)
Assessment: Final Examination
Final examination based on the entire semester.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.2), TS (4.2)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
Resource Materials
Prescribed text(s)
Fundamental Tax Legislation (2020) 28th Edition, Thomson Reuters, Pyrmont, N.S.W.
Due to the number of tax law changes over the past 12 months, students are strongly advised to buy the 2020 versions of each book listed above, not earlier versions. All lecture notes, examples, tutorial questions, exam questions and assignment is based on the 2020 income year.
Principles of Taxation Law (2020) 13th Edition, Thomson Reuters, Pyrmont, N.S.W.
Other
A microphone/headset may be required for external students who wish to participate in the Blackboard Collaborate sessions.
Unit resources are available for students to download from QUT's Blackboard site. Students are expected to read these materials each week prior to attending class.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or workshops 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.