This unit introduces the Australian income tax system by exploring the operation of the income tax statutes, the underlying principles which those laws seek to implement, and fundamental issues in tax policy. Topics covered include the concept and categories of income, capital gains, fringe benefits, deductions and the treatment of capital expenditure, basic tax accounting principles, and legislative responses to tax avoidance. The unit also introduces the key concepts used to evaluate tax policy, including welfare economics, thereby providing students with a basic understanding of why taxation is of such fundamental concern in modern democratic societies. This unit is a prerequisite for Advanced Taxation Law.
2x2-hr seminars/week for 10 weeks (daytime stream), 1x3hr seminars/week for 13 weeks (evening stream)
Optional 2hr mid-semester quiz (30%) and 2hr final exam (70% or 100%) (daytime stream), compulsory 3 x online tests (30%) and 2 hr final exam (70%) (evening stream)
LAWS3047 or LAWS5112