AYB203 Taxation
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: | AYB203 |
|---|---|
| Prerequisite(s): | 48 credit points of completed studies |
| Antirequisite(s): | LWB364, LLB347 |
| Equivalent(s): | AYB219, AYX219 |
| Credit points: | 12 |
| Timetable | Details in HiQ, if available |
| Availabilities |
|
| CSP student contribution | $2,040 |
| Pre-2021 CSP student contribution | $1,597 The pre-2021 commonwealth supported place (CSP) contribution amount only applies to students enrolled in a course prior to 2021. To learn more, visit our Understanding your fees page. |
| Domestic tuition unit fee | $3,024 |
| International unit fee | $4,044 |
Unit Outline: Semester 1 2024, Gardens Point, Internal
| Unit code: | AYB203 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | 48 credit points of completed studies |
| Equivalent: | AYB219, AYX219 |
| Anti-requisite: | LWB364, LLB347 |
| Coordinator: | Stephen Marsden | s.marsden@qut.edu.au |
Overview
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. AYB203 Taxation is a prerequisite for AYB320 Advanced Taxation Law.
Learning Outcomes
On successful completion of this unit you will be able to:
- Demonstrate and apply knowledge of the income tax framework including sources of Australian taxation law i.e. legislation, cases, taxation rulings and determinations.
- Prepare, explain and justify professional decisions and make recommendations to solve typical tax problems faced by tax accountants.
- Apply software skills to correctly calculate taxpayers' taxable income and tax liability in accordance with Australian tax laws and regulations.Relates to: UG Business Capabilities: HO (2.2)
- Apply teamwork knowledge and skills to work with others.Relates to: UG Business Capabilities: TS (4.2)
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 of termination payments
- Overview of the taxation of partnerships, trusts and companies
- Overview of the GST
- Fringe benefits tax
- Tax administration
- Tax planning v tax avoidance v tax evasion
- Overview of how to become a tax agent, including an overview of the Tax Practitioner's Board, the Tax Agent Services Act (2009), the Code of Professional Conduct, penalties for unregistered agents as well as the professional indemnity (PI) insurance requirements
This unit will focus predominantly on Australian taxation law issues. However, in two of the topics (the taxation of partnerships, trusts and companies and goods and services tax), we briefly consider the taxation law of overseas jurisdictions.
QUT Business Capabilities (Undergraduate)
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 and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues 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 is to equip students with the necessary skills so as to research and solve tax-related problems.
Lectures:
Students are expected to review the lecture notes and listen to the lecture recordings each week. Detailed lecture notes are provided to students on the AYB203 Canvas site for students to download. These lecture notes 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 Australian Taxation 1st edition 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.
Tutorials:
Students are expected to review and attempt the tutorial questions each week. Tutorials commence in Week 2. Tutorials provide students with an opportunity to develop a deeper understanding of key issues and concepts learnt in the preceding week. Each week students will need to complete the required readings and to draft their answers to the tutorial questions.
Students are encouraged to 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.
Please note that detailed tutorial solutions will not be posted on the AYB203 Canvas site nor made available to students at the end of the semester. The only way to have your questions answered will be to attend your designated tutorial.
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).
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Mid-Semester Online Exam
Mid-semester examination (being an online quiz) comprising 20 multiple-choice questions based on Topics 1 to 6. The exam is 75 minutes in duration. It will be an open-book exam.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1)
Assessment: HandiTax Group Project
Working as a team of accountants, you will complete an individual client's income tax return using the electronic tax lodgement software package HandiTax. Further, each team will research and provide advice to the client in respect of a specific tax issue that will be identified in the project, outline what sources of taxation law the group used to research the problem (ie. sections, cases, taxation rulings etc), and explain how the group collaborated and came to their final recommendation to the client.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.2), TS (4.2)
This is an assignment for the purposes of an extension.
Assessment: Final Examination
The final examination will assess your knowledge of income tax frameworks and your recommendations for solving tax related problems. The focus of the final exam is on the content contained in Topics 7 to 12. Whilst there is no formal question from the first six weeks on the final exam, students are still expected to know, remember and apply the tax concepts and principles learned in Topics 1 to 6.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.2), SE (5.1)
This examination will be an invigilated face-to-face exam undertaken either on campus or at an examination centre.
Academic Integrity
Students are expected to engage in learning and assessment at QUT with honesty, transparency and fairness. Maintaining academic integrity means upholding these principles and demonstrating valuable professional capabilities based on ethical foundations.
Failure to maintain academic integrity can take many forms. It includes cheating in examinations, plagiarism, self-plagiarism, collusion, and submitting an assessment item completed by another person (e.g. contract cheating). It can also include providing your assessment to another entity, such as to a person or website.
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.
Further details of QUT’s approach to academic integrity are outlined in the Academic integrity policy and the Student Code of Conduct. Breaching QUT’s Academic integrity policy is regarded as student misconduct and can lead to the imposition of penalties ranging from a grade reduction to exclusion from QUT.
Requirements to Study
Requirements
No additional requirements
Costs
No additional costs
Resources
Resource Materials
Prescribed text(s)
Lecture materials, tutorial questions and additional readings are available for students to download from QUT's Canvas site. Students are expected to print off these materials each week prior to attending class.
The prescribed textbook for this unit is: John Bevacqua, Stephen Marsden, Elizabeth Morton, Luke Xu, Ken Devos, Rob Whait, Australian Taxation - 2nd edition, Brisbane, QLD, 2022.
Other
Other Resources:
Students would normally be expected to purchase the prescribed textbooks and print lecture and tutorial materials, additional readings, practice mid-semester exam and assignment from the AYB203 Canvas 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.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Undergraduate)
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO2, ULO3, Final Examination
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination
KS (1.2): Technical and Technological Skills
Relates to: HandiTax Group Project
SE (5.1): Ethical and Legal Understanding
Relates to: ULO1, Final Examination
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO4, HandiTax Group Project
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS05 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO3, HandiTax Group Project - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: ULO2, Final Examination - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO4, HandiTax Group Project - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO1, Final Examination
BS06 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO3, HandiTax Group Project - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: ULO2, Final Examination - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO4, HandiTax Group Project - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO1, Final Examination
BS08 Bachelor of Business - International
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO3, HandiTax Group Project - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: ULO2, Final Examination - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO4, HandiTax Group Project - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO1, Final Examination
Unit Outline: Semester 1 2024, Online
| Unit code: | AYB203 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | 48 credit points of completed studies |
| Equivalent: | AYB219, AYX219 |
| Anti-requisite: | LWB364, LLB347 |
Overview
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. AYB203 Taxation is a prerequisite for AYB320 Advanced Taxation Law.
Learning Outcomes
On successful completion of this unit you will be able to:
- Demonstrate and apply knowledge of the income tax framework including sources of Australian taxation law i.e. legislation, cases, taxation rulings and determinations.
- Prepare, explain and justify professional decisions and make recommendations to solve typical tax problems faced by tax accountants.
- Apply software skills to correctly calculate taxpayers' taxable income and tax liability in accordance with Australian tax laws and regulations.Relates to: UG Business Capabilities: HO (2.2)
- Apply teamwork knowledge and skills to work with others.Relates to: UG Business Capabilities: TS (4.2)
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 of termination payments
- Overview of the taxation of partnerships, trusts and companies
- Overview of the GST
- Fringe benefits tax
- Tax administration
- Tax planning v tax avoidance v tax evasion
- Overview of how to become a tax agent, including an overview of the Tax Practitioner's Board, the Tax Agent Services Act (2009), the Code of Professional Conduct, penalties for unregistered agents as well as the professional indemnity (PI) insurance requirements
This unit will focus predominantly on Australian taxation law issues. However, in two of the topics (the taxation of partnerships, trusts and companies and goods and services tax), we briefly consider the taxation law of overseas jurisdictions.
QUT Business Capabilities (Undergraduate)
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 and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues 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 is to equip students with the necessary skills so as to research and solve tax-related problems.
Lectures:
Students are expected to review the lecture notes and listen to the lecture recordings each week. Detailed lecture notes are provided to students on the AYB203 Canvas site for students to download. These lecture notes 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 Australian Taxation 1st edition 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.
Tutorials:
Students are expected to review and attempt the tutorial questions each week. Tutorials commence in Week 2. Tutorials provide students with an opportunity to develop a deeper understanding of key issues and concepts learnt in the preceding week. Each week students will need to complete the required readings and to draft their answers to the tutorial questions.
Students are encouraged to 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.
Please note that detailed tutorial solutions will not be posted on the AYB203 Canvas site nor made available to students at the end of the semester. The only way to have your questions answered will be to attend your designated tutorial.
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).
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Mid-Semester Online Exam
Mid-semester examination (being an online quiz) comprising 20 multiple-choice questions based on Topics 1 to 6. The exam is 75 minutes in duration. It will be an open-book exam.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1)
Assessment: HandiTax Group Project
Working as a team of accountants, you will complete an individual client's income tax return using the electronic tax lodgement software package HandiTax. Further, each team will research and provide advice to the client in respect of a specific tax issue that will be identified in the project, outline what sources of taxation law the group used to research the problem (ie. sections, cases, taxation rulings etc), and explain how the group collaborated and came to their final recommendation to the client.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.2), TS (4.2)
This is an assignment for the purposes of an extension.
Assessment: Final Examination
The final examination will assess your knowledge of income tax frameworks and your recommendations for solving tax related problems. The focus of the final exam is on the content contained in Topics 7 to 12. Whilst there is no formal question from the first six weeks on the final exam, students are still expected to know, remember and apply the tax concepts and principles learned in Topics 1 to 6.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.2), SE (5.1)
This examination will be an invigilated face-to-face exam undertaken either on campus or at an examination centre.
Academic Integrity
Students are expected to engage in learning and assessment at QUT with honesty, transparency and fairness. Maintaining academic integrity means upholding these principles and demonstrating valuable professional capabilities based on ethical foundations.
Failure to maintain academic integrity can take many forms. It includes cheating in examinations, plagiarism, self-plagiarism, collusion, and submitting an assessment item completed by another person (e.g. contract cheating). It can also include providing your assessment to another entity, such as to a person or website.
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.
Further details of QUT’s approach to academic integrity are outlined in the Academic integrity policy and the Student Code of Conduct. Breaching QUT’s Academic integrity policy is regarded as student misconduct and can lead to the imposition of penalties ranging from a grade reduction to exclusion from QUT.
Requirements to Study
Requirements
No additional requirements
Costs
No additional costs
Resources
Resource Materials
Prescribed text(s)
Lecture materials, tutorial questions and additional readings are available for students to download from QUT's Canvas site. Students are expected to print off these materials each week prior to attending class.
The prescribed textbook for this unit is: John Bevacqua, Stephen Marsden, Elizabeth Morton, Luke Xu, Ken Devos, Rob Whait, Australian Taxation - 2nd edition, Brisbane, QLD, 2022.
Other
Other Resources:
Students would normally be expected to purchase the prescribed textbooks and print lecture and tutorial materials, additional readings, practice mid-semester exam and assignment from the AYB203 Canvas 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.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Undergraduate)
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO2, ULO3, Final Examination
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination
KS (1.2): Technical and Technological Skills
Relates to: HandiTax Group Project
SE (5.1): Ethical and Legal Understanding
Relates to: ULO1, Final Examination
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO4, HandiTax Group Project
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS05 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO3, HandiTax Group Project - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: ULO2, Final Examination - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO4, HandiTax Group Project - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO1, Final Examination
BS06 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO3, HandiTax Group Project - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: ULO2, Final Examination - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO4, HandiTax Group Project - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO1, Final Examination
BS08 Bachelor of Business - International
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO3, HandiTax Group Project - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: ULO2, Final Examination - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO4, HandiTax Group Project - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO1, Final Examination
Unit Outline: Semester 2 2024, Gardens Point, Internal
| Unit code: | AYB203 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | 48 credit points of completed studies |
| Equivalent: | AYB219, AYX219 |
| Anti-requisite: | LWB364, LLB347 |
| Coordinator: | Stephen Marsden | s.marsden@qut.edu.au |
Overview
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. AYB203 Taxation is a prerequisite for AYB320 Advanced Taxation Law.
Learning Outcomes
On successful completion of this unit you will be able to:
- Demonstrate and apply knowledge of the income tax framework including sources of Australian taxation law i.e. legislation, cases, taxation rulings and determinations.
- Prepare, explain and justify professional decisions and make recommendations to solve typical tax problems faced by tax accountants.
- Apply software skills to correctly calculate taxpayers' taxable income and tax liability in accordance with Australian tax laws and regulations.Relates to: UG Business Capabilities: HO (2.2)
- Apply teamwork knowledge and skills to work with others.Relates to: UG Business Capabilities: TS (4.2)
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 of termination payments
- Overview of the taxation of partnerships, trusts and companies
- Overview of the GST
- Fringe benefits tax
- Tax administration
- Tax planning v tax avoidance v tax evasion
- Overview of how to become a tax agent, including an overview of the Tax Practitioner's Board, the Tax Agent Services Act (2009), the Code of Professional Conduct, penalties for unregistered agents as well as the professional indemnity (PI) insurance requirements
This unit will focus predominantly on Australian taxation law issues. However, in two of the topics (the taxation of partnerships, trusts and companies and goods and services tax), we briefly consider the taxation law of overseas jurisdictions.
QUT Business Capabilities (Undergraduate)
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 and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues 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 is to equip students with the necessary skills so as to research and solve tax-related problems.
Lectures:
Students are expected to review the lecture notes and listen to the lecture recordings each week. Detailed lecture notes are provided to students on the AYB203 Canvas site for students to download. These lecture notes 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 Australian Taxation 1st edition 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.
Tutorials:
Students are expected to review and attempt the tutorial questions each week. Tutorials commence in Week 2. Tutorials provide students with an opportunity to develop a deeper understanding of key issues and concepts learnt in the preceding week. Each week students will need to complete the required readings and to draft their answers to the tutorial questions.
Students are encouraged to 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 face-to-face and online tutorials, detailed tutorial solutions will not be posted on the AYB203 Canvas site, nor made available to students at the end of the semester.
In this unit, students learn by 'doing'. You will get the most out of the tutorial questions if you attempt them yourself before attending your allocated tutorial. The only way to receive feedback about the tutorial questions and have your questions answered will be to attend tutorials each week.
However, for all students, each week we will post the tutorial recordings on the AYB203 Canvas site. This will allow students to understand the solutions to the tutorial questions and be able to listen to the explanation slowly at their own pace (and have the ability to pause, rewind or fast-forward sections of the recording. These tutorial recordings will be made available to all students on the Canvas site after the conclusion of the final tutorial each week.
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).
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Mid-Semester Online Exam
Mid-semester examination (being an online quiz) comprising 20 multiple-choice questions based on Topics 1 to 6. The exam is 75 minutes in duration. It will be an open-book exam.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1)
Assessment: HandiTax Group Project
Working as a team of accountants, you will complete an individual client's income tax return using the electronic tax lodgement software package HandiTax. Further, each team will research and provide advice to the client in respect of a specific tax issue that will be identified in the project, outline what sources of taxation law the group used to research the problem (ie. sections, cases, taxation rulings etc), and explain how the group collaborated and came to their final recommendation to the client.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.2), TS (4.2)
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Assessment: Final Examination
The final examination will assess your knowledge of income tax frameworks and your recommendations for solving tax related problems. The focus of the final exam is on the content contained in Topics 7 to 12. Whilst there is no formal question from the first six weeks on the final exam, students are still expected to know, remember and apply the tax concepts and principles learned in Topics 1 to 6.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.2), SE (5.1)
This examination will be an invigilated face-to-face exam undertaken either on campus or at an examination centre.
Academic Integrity
Students are expected to engage in learning and assessment at QUT with honesty, transparency and fairness. Maintaining academic integrity means upholding these principles and demonstrating valuable professional capabilities based on ethical foundations.
Failure to maintain academic integrity can take many forms. It includes cheating in examinations, plagiarism, self-plagiarism, collusion, and submitting an assessment item completed by another person (e.g. contract cheating). It can also include providing your assessment to another entity, such as to a person or website.
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.
Further details of QUT’s approach to academic integrity are outlined in the Academic integrity policy and the Student Code of Conduct. Breaching QUT’s Academic integrity policy is regarded as student misconduct and can lead to the imposition of penalties ranging from a grade reduction to exclusion from QUT.
Requirements to Study
Requirements
No additional requirements
Costs
No additional costs
Resources
Resource Materials
Prescribed text(s)
Lecture materials, tutorial questions and additional readings are available for students to download from QUT's Canvas site. Students are expected to print off these materials each week prior to attending class.
The prescribed textbook for this unit is: John Bevacqua, Stephen Marsden, Elizabeth Morton, Luke Xu, Ken Devos, Rob Whait, Australian Taxation - 2nd edition, Brisbane, QLD, 2022.
Other
Other Resources:
Students would normally be expected to purchase the prescribed textbooks and print lecture and tutorial materials, additional readings, practice mid-semester exam and assignment from the AYB203 Canvas 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.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Undergraduate)
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO2, ULO3, Final Examination
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination
KS (1.2): Technical and Technological Skills
Relates to: HandiTax Group Project
SE (5.1): Ethical and Legal Understanding
Relates to: ULO1, Final Examination
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO4, HandiTax Group Project
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS05 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO3, HandiTax Group Project - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: ULO2, Final Examination - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO4, HandiTax Group Project - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO1, Final Examination
BS06 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO3, HandiTax Group Project - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: ULO2, Final Examination - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO4, HandiTax Group Project - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO1, Final Examination
BS08 Bachelor of Business - International
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO3, HandiTax Group Project - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: ULO2, Final Examination - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO4, HandiTax Group Project - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO1, Final Examination
Unit Outline: Semester 2 2024, Online
| Unit code: | AYB203 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | 48 credit points of completed studies |
| Equivalent: | AYB219, AYX219 |
| Anti-requisite: | LWB364, LLB347 |
Overview
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. AYB203 Taxation is a prerequisite for AYB320 Advanced Taxation Law.
Learning Outcomes
On successful completion of this unit you will be able to:
- Demonstrate and apply knowledge of the income tax framework including sources of Australian taxation law i.e. legislation, cases, taxation rulings and determinations.
- Prepare, explain and justify professional decisions and make recommendations to solve typical tax problems faced by tax accountants.
- Apply software skills to correctly calculate taxpayers' taxable income and tax liability in accordance with Australian tax laws and regulations.Relates to: UG Business Capabilities: HO (2.2)
- Apply teamwork knowledge and skills to work with others.Relates to: UG Business Capabilities: TS (4.2)
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 of termination payments
- Overview of the taxation of partnerships, trusts and companies
- Overview of the GST
- Fringe benefits tax
- Tax administration
- Tax planning v tax avoidance v tax evasion
- Overview of how to become a tax agent, including an overview of the Tax Practitioner's Board, the Tax Agent Services Act (2009), the Code of Professional Conduct, penalties for unregistered agents as well as the professional indemnity (PI) insurance requirements
This unit will focus predominantly on Australian taxation law issues. However, in two of the topics (the taxation of partnerships, trusts and companies and goods and services tax), we briefly consider the taxation law of overseas jurisdictions.
QUT Business Capabilities (Undergraduate)
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 and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues 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 is to equip students with the necessary skills so as to research and solve tax-related problems.
Lectures:
Students are expected to review the lecture notes and listen to the lecture recordings each week. Detailed lecture notes are provided to students on the AYB203 Canvas site for students to download. These lecture notes 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 Australian Taxation 1st edition 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.
Tutorials:
Students are expected to review and attempt the tutorial questions each week. Tutorials commence in Week 2. Tutorials provide students with an opportunity to develop a deeper understanding of key issues and concepts learnt in the preceding week. Each week students will need to complete the required readings and to draft their answers to the tutorial questions.
Students are encouraged to 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 face-to-face and online tutorials, detailed tutorial solutions will not be posted on the AYB203 Canvas site, nor made available to students at the end of the semester.
In this unit, students learn by 'doing'. You will get the most out of the tutorial questions if you attempt them yourself before attending your allocated tutorial. The only way to receive feedback about the tutorial questions and have your questions answered will be to attend tutorials each week.
However, for all students, each week we will post the tutorial recordings on the AYB203 Canvas site. This will allow students to understand the solutions to the tutorial questions and be able to listen to the explanation slowly at their own pace (and have the ability to pause, rewind or fast-forward sections of the recording. These tutorial recordings will be made available to all students on the Canvas site after the conclusion of the final tutorial each week.
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).
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Mid-Semester Online Exam
Mid-semester examination (being an online quiz) comprising 20 multiple-choice questions based on Topics 1 to 6. The exam is 75 minutes in duration. It will be an open-book exam.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1)
Assessment: HandiTax Group Project
Working as a team of accountants, you will complete an individual client's income tax return using the electronic tax lodgement software package HandiTax. Further, each team will research and provide advice to the client in respect of a specific tax issue that will be identified in the project, outline what sources of taxation law the group used to research the problem (ie. sections, cases, taxation rulings etc), and explain how the group collaborated and came to their final recommendation to the client.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.2), TS (4.2)
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Assessment: Final Examination
The final examination will assess your knowledge of income tax frameworks and your recommendations for solving tax related problems. The focus of the final exam is on the content contained in Topics 7 to 12. Whilst there is no formal question from the first six weeks on the final exam, students are still expected to know, remember and apply the tax concepts and principles learned in Topics 1 to 6.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.2), SE (5.1)
This examination will be an invigilated face-to-face exam undertaken either on campus or at an examination centre.
Academic Integrity
Students are expected to engage in learning and assessment at QUT with honesty, transparency and fairness. Maintaining academic integrity means upholding these principles and demonstrating valuable professional capabilities based on ethical foundations.
Failure to maintain academic integrity can take many forms. It includes cheating in examinations, plagiarism, self-plagiarism, collusion, and submitting an assessment item completed by another person (e.g. contract cheating). It can also include providing your assessment to another entity, such as to a person or website.
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.
Further details of QUT’s approach to academic integrity are outlined in the Academic integrity policy and the Student Code of Conduct. Breaching QUT’s Academic integrity policy is regarded as student misconduct and can lead to the imposition of penalties ranging from a grade reduction to exclusion from QUT.
Requirements to Study
Requirements
No additional requirements
Costs
No additional costs
Resources
Resource Materials
Prescribed text(s)
Lecture materials, tutorial questions and additional readings are available for students to download from QUT's Canvas site. Students are expected to print off these materials each week prior to attending class.
The prescribed textbook for this unit is: John Bevacqua, Stephen Marsden, Elizabeth Morton, Luke Xu, Ken Devos, Rob Whait, Australian Taxation - 2nd edition, Brisbane, QLD, 2022.
Other
Other Resources:
Students would normally be expected to purchase the prescribed textbooks and print lecture and tutorial materials, additional readings, practice mid-semester exam and assignment from the AYB203 Canvas 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.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Undergraduate)
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO2, ULO3, Final Examination
KS (1.1): Discipline Knowledge
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination
KS (1.2): Technical and Technological Skills
Relates to: HandiTax Group Project
SE (5.1): Ethical and Legal Understanding
Relates to: ULO1, Final Examination
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO4, HandiTax Group Project
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS05 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO3, HandiTax Group Project - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: ULO2, Final Examination - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO4, HandiTax Group Project - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO1, Final Examination
BS06 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO3, HandiTax Group Project - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: ULO2, Final Examination - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO4, HandiTax Group Project - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO1, Final Examination
BS08 Bachelor of Business - International
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, ULO2, Mid-Semester Online Exam, Final Examination - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO3, HandiTax Group Project - Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Relates to: ULO2, Final Examination - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO4, HandiTax Group Project - Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
Relates to: ULO1, Final Examination