This unit introduces the Australian income tax system by exploring the operation of the tax statutes, the underlying principles which those laws seek to implement, and fundamental issues in tax policy. The topics covered include the concept and categories of income, the calculation and treatment of capital gains, the taxation of remuneration including fringe benefits, business income, deductions, the basics of trading stock accounting and depreciation, an introduction to the taxation of partnerships, trusts and companies, the tax assessment process, the Goods and Services Tax and legislative responses to tax avoidance. This unit is a prerequisite for Advanced Taxation Law.
2x2hr seminars/week for 10 weeks
Daytime stream: optional 2 hour mid-semester quiz (30%) and 2 hr final exam (70% or 100%); Evening stream: compulsory 3 x online tests (30%) and 2hr final exam (70%).
LAWS3047 or LAWS5112