This unit introduces the Australian income tax system by exploring the operation of the tax statutes (and cases interpreting them), the underlying principles that 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; legislative responses to tax avoidance; and the ethical responsibilities of tax advisers. This unit is a prerequisite for Advanced Taxation Law.
2x2hr seminars/week for 10 weeks
Optional 2 hour mid-semester quiz (30%) and 2 hr final exam (70% or 100%)
Income Taxation: Commentary and Materials (Thomson Reuters, current edition)
LAWS3047 or LAWS5112