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 | $3,480 |
| International unit fee | $4,860 |
Unit Outline: Semester 1 2024, 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 unit also provides a brief overview of the taxation of partnerships, trusts and companies, the goods and services tax (GST), and fringe benefits tax (FBT). Emphasis is placed on developing students' practical skills and problem solving through research, analysis and application of taxation legislation.
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.Relates to: PG Business Capabilities: KS (1.2)
- 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
- Tax administration
- Tax planning vs Tax avoidance vs Tax evasion
- Ethical and professional responsibilities of tax agents
- Residency, derivation and source
- Assessable income
- Capital gains tax
- Allowable deductions
- Eligible termination payments
- Tax accounting and calculation of tax payable
- Overview of the taxation of sole traders, partnerships, trusts and companies
- Overview of goods and services tax (GST)
- Overview of fringe benefits tax (FBT)
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.
Detailed resources are provided on the unit Canvas site. To reinforce and reach full understanding of each topic it is essential for students to keep up with the work by completing the required readings and weekly tasks. Additional reading material including tax legislation, relevant taxation rulings and taxation determinations will be provided on the unit Canvas. Please note that reading and analysing this material will be required to complete the group assignment.
Students are expected to engage in course discussions. Past experience has indicated a strong correlation between a student's engagement with the course 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).
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: Online Examination
This assessment will assess the students' application of knowledge from topics 1-4 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 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 (if possible) about certain aspects of the tax return and the how the group as a whole worked together in completing the project.
No extension is available for this assignment as the tax return must be submitted by the due date for the scheduled viva to take place.
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)
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.
Resources
Resource Materials
Prescribed text(s)
Principles of Taxation Law (2023) 16th Edition, Thomson Reuters, Pyrmont, N.S.W.
Reference book(s)
Fundamental Tax Legislation (2023) 31st 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 latest versions of each book listed, not earlier versions. All lecture notes, examples, tutorial questions, exam questions and assignment are based on the current year of income.
Other
A microphone/headset may be required for external students who wish to participate in the Canvas Collaborate sessions.
Unit resources are available for students to download from QUT's Canvas 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.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Postgraduate)
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO1, ULO3, ULO4, Online Examination, Final Examination
KS (1.1): Discipline and Professional Practice Knowledge
Relates to: ULO1, Final Examination
KS (1.2): Technical, Technological and Research Skills
Relates to: ULO2, ULO3, Group Research Project
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO4, Group Research Project, Final Examination
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS79 Graduate Diploma in Business
- Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1 - Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2, ULO3 - 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.
Relates to: ULO1, ULO3, ULO4
Unit Outline: Semester 1 2024, Online
| Unit code: | AYN438 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | AYN456 or enrolment in BS11 Accountancy major (BS11MJR-ACCOUNT) |
| Equivalent: | AYQ438 |
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 unit also provides a brief overview of the taxation of partnerships, trusts and companies, the goods and services tax (GST), and fringe benefits tax (FBT). Emphasis is placed on developing students' practical skills and problem solving through research, analysis and application of taxation legislation.
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.Relates to: PG Business Capabilities: KS (1.2)
- 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
- Tax administration
- Tax planning vs Tax avoidance vs Tax evasion
- Ethical and professional responsibilities of tax agents
- Residency, derivation and source
- Assessable income
- Capital gains tax
- Allowable deductions
- Eligible termination payments
- Tax accounting and calculation of tax payable
- Overview of the taxation of sole traders, partnerships, trusts and companies
- Overview of goods and services tax (GST)
- Overview of fringe benefits tax (FBT)
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.
Detailed resources are provided on the unit Canvas site. To reinforce and reach full understanding of each topic it is essential for students to keep up with the work by completing the required readings and weekly tasks. Additional reading material including tax legislation, relevant taxation rulings and taxation determinations will be provided on the unit Canvas. Please note that reading and analysing this material will be required to complete the group assignment.
Students are expected to engage in course discussions. Past experience has indicated a strong correlation between a student's engagement with the course 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).
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: Online Examination
This assessment will assess the students' application of knowledge from topics 1-4 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 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 (if possible) about certain aspects of the tax return and the how the group as a whole worked together in completing the project.
No extension is available for this assignment as the tax return must be submitted by the due date for the scheduled viva to take place.
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)
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.
Resources
Resource Materials
Prescribed text(s)
Principles of Taxation Law (2023) 16th Edition, Thomson Reuters, Pyrmont, N.S.W.
Reference book(s)
Fundamental Tax Legislation (2023) 31st 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 latest versions of each book listed, not earlier versions. All lecture notes, examples, tutorial questions, exam questions and assignment are based on the current year of income.
Other
A microphone/headset may be required for external students who wish to participate in the Canvas Collaborate sessions.
Unit resources are available for students to download from QUT's Canvas 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.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Postgraduate)
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO1, ULO3, ULO4, Online Examination, Final Examination
KS (1.1): Discipline and Professional Practice Knowledge
Relates to: ULO1, Final Examination
KS (1.2): Technical, Technological and Research Skills
Relates to: ULO2, ULO3, Group Research Project
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO4, Group Research Project, Final Examination
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS79 Graduate Diploma in Business
- Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1 - Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2, ULO3 - 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.
Relates to: ULO1, ULO3, ULO4
Unit Outline: Semester 2 2024, Gardens Point, Internal
| Unit code: | AYN438 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | AYN456 or enrolment in BS11 Accountancy major (BS11MJR-ACCOUNT) |
| Equivalent: | AYQ438 |
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 unit also provides a brief overview of the taxation of partnerships, trusts and companies, the goods and services tax (GST), and fringe benefits tax (FBT). Emphasis is placed on developing students' practical skills and problem solving through research, analysis and application of taxation legislation.
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.Relates to: PG Business Capabilities: KS (1.2)
- 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
- Tax administration
- Tax planning vs Tax avoidance vs Tax evasion
- Ethical and professional responsibilities of tax agents
- Residency, derivation and source
- Assessable income
- Capital gains tax
- Allowable deductions
- Eligible termination payments
- Tax accounting and calculation of tax payable
- Overview of the taxation of sole traders, partnerships, trusts and companies
- Overview of goods and services tax (GST)
- Overview of fringe benefits tax (FBT)
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.
Detailed resources are provided on the unit Canvas site. To reinforce and reach full understanding of each topic it is essential for students to keep up with the work by completing the required readings and weekly tasks. Additional reading material including tax legislation, relevant taxation rulings and taxation determinations will be provided on the unit Canvas. Please note that reading and analysing this material will be required to complete the group assignment.
Students are expected to engage in course discussions. Past experience has indicated a strong correlation between a student's engagement with the course 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).
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: Online Examination
This assessment will assess the students' application of knowledge from topics 1-4 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 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 (if possible) about certain aspects of the tax return and the how the group as a whole worked together in completing the project.
No extension is available for this assignment as the tax return must be submitted by the due date for the scheduled viva to take place.
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)
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.
Resources
Resource Materials
Prescribed text(s)
Principles of Taxation Law (2023) 16th Edition, Thomson Reuters, Pyrmont, N.S.W.
Reference book(s)
Fundamental Tax Legislation (2023) 31st 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 latest versions of each book listed, not earlier versions. All lecture notes, examples, tutorial questions, exam questions and assignment are based on the current year of income.
Other
A microphone/headset may be required for external students who wish to participate in the Canvas Collaborate sessions.
Unit resources are available for students to download from QUT's Canvas 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.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Postgraduate)
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO1, ULO3, ULO4, Online Examination, Final Examination
KS (1.1): Discipline and Professional Practice Knowledge
Relates to: ULO1, Final Examination
KS (1.2): Technical, Technological and Research Skills
Relates to: ULO2, ULO3, Group Research Project
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO4, Group Research Project, Final Examination
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS79 Graduate Diploma in Business
- Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1 - Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2, ULO3 - 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.
Relates to: ULO1, ULO3, ULO4
Unit Outline: Semester 2 2024, Online
| Unit code: | AYN438 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | AYN456 or enrolment in BS11 Accountancy major (BS11MJR-ACCOUNT) |
| Equivalent: | AYQ438 |
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 unit also provides a brief overview of the taxation of partnerships, trusts and companies, the goods and services tax (GST), and fringe benefits tax (FBT). Emphasis is placed on developing students' practical skills and problem solving through research, analysis and application of taxation legislation.
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.Relates to: PG Business Capabilities: KS (1.2)
- 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
- Tax administration
- Tax planning vs Tax avoidance vs Tax evasion
- Ethical and professional responsibilities of tax agents
- Residency, derivation and source
- Assessable income
- Capital gains tax
- Allowable deductions
- Eligible termination payments
- Tax accounting and calculation of tax payable
- Overview of the taxation of sole traders, partnerships, trusts and companies
- Overview of goods and services tax (GST)
- Overview of fringe benefits tax (FBT)
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.
Detailed resources are provided on the unit Canvas site. To reinforce and reach full understanding of each topic it is essential for students to keep up with the work by completing the required readings and weekly tasks. Additional reading material including tax legislation, relevant taxation rulings and taxation determinations will be provided on the unit Canvas. Please note that reading and analysing this material will be required to complete the group assignment.
Students are expected to engage in course discussions. Past experience has indicated a strong correlation between a student's engagement with the course 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).
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: Online Examination
This assessment will assess the students' application of knowledge from topics 1-4 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 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 (if possible) about certain aspects of the tax return and the how the group as a whole worked together in completing the project.
No extension is available for this assignment as the tax return must be submitted by the due date for the scheduled viva to take place.
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)
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.
Resources
Resource Materials
Prescribed text(s)
Principles of Taxation Law (2023) 16th Edition, Thomson Reuters, Pyrmont, N.S.W.
Reference book(s)
Fundamental Tax Legislation (2023) 31st 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 latest versions of each book listed, not earlier versions. All lecture notes, examples, tutorial questions, exam questions and assignment are based on the current year of income.
Other
A microphone/headset may be required for external students who wish to participate in the Canvas Collaborate sessions.
Unit resources are available for students to download from QUT's Canvas 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.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Postgraduate)
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO1, ULO3, ULO4, Online Examination, Final Examination
KS (1.1): Discipline and Professional Practice Knowledge
Relates to: ULO1, Final Examination
KS (1.2): Technical, Technological and Research Skills
Relates to: ULO2, ULO3, Group Research Project
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO4, Group Research Project, Final Examination
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS79 Graduate Diploma in Business
- Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1 - Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2, ULO3 - 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.
Relates to: ULO1, ULO3, ULO4