Students
ACCG924 – Taxation Law
2014 – S1 Day
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Lecturer
Patrick Gallagher
Contact via patrick.gallagher@mq.edu.au
Unit Convenor
Catriona Lavermicocca
Contact via catriona.lavermicocca@mq.edu.au
E4A308
Staff teaching in the unit will be available for individual consultation with students. A timetable of when staff will be available will be posted on the unit’s iLearn site.
Lecturer
Shirley Murphy
Contact via shirley.murphy@mq.edu.au
Lecturer
Victoria Lakis
Contact via victoria.lakis@mq.edu.au
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| Credit points |
Credit points
4
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| Prerequisites |
Prerequisites
(ACCG614 or ACCG854) and (admission to MAcc(Prof) or MAcc(CPA) or MAcc(Prof)MCom)
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| Corequisites |
Corequisites
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| Co-badged status |
Co-badged status
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| Unit description |
Unit description
This unit details and analyses the laws relating to income tax, fringe benefits tax and the goods and services tax in Australia. Students completing this unit will review legislative provisions, case law and rulings and apply their knowledge of the taxation laws to a variety of fact situations and case studies as well as participate in group discussion.
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Important Academic Dates
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
Learning Outcomes
On successful completion of this unit, you will be able to:
- Identify and apply the law relating to income taxation.
- Identify and apply the law relating to GST.
- Identify and apply the law relating to FBT.
- Explain the relevant tax laws and related legal precedents and apply them to a problem or fact situation.
- Determine a particular taxpayer's final income tax, GST and FBT liability.
- Present verbally and in writing conclusions as to the tax implications arising from a particular set of facts.
Assessment Tasks
| Name | Weighting | Due |
|---|---|---|
| 1. Class Participation | 10% | In Class |
| 2. Quiz | 15% | 28 March 2014 5pm |
| 3. Case Study | 25% | 9 May 2014 5pm |
| 4. Final Examination | 50% | Examination Period |
1. Class Participation
Due: In Class
Weighting: 10%
Requires students to make an oral and written presentation.
Submission: Must be submitted in your designated seminars.
Extension: No extensions will be granted.
Penalties: Students who have not submitted the task prior to the deadline will be awarded a mark of 0 for the task, except for cases in which an application for special consideration is made and approved.
On successful completion you will be able to:
- Identify and apply the law relating to income taxation.
- Identify and apply the law relating to GST.
- Identify and apply the law relating to FBT.
- Explain the relevant tax laws and related legal precedents and apply them to a problem or fact situation.
- Determine a particular taxpayer's final income tax, GST and FBT liability.
- Present verbally and in writing conclusions as to the tax implications arising from a particular set of facts.
2. Quiz
Due: 28 March 2014 5pm
Weighting: 15%
Submission: Due online 28 March 5pm. Completed via ilearn.
Extension: No extensions will be granted.
Penalties: Students who have not submitted the task prior to the deadline will be awarded a mark of 0 for the task, except for cases in which an application for special consideration is made and approved.
On successful completion you will be able to:
- Identify and apply the law relating to income taxation.
- Explain the relevant tax laws and related legal precedents and apply them to a problem or fact situation.
3. Case Study
Due: 9 May 2014 5pm
Weighting: 25%
Submission: Due on 9 May 2014 at 5pm. Lodged via ilearn and Turnitin.
Extension: No extensions will be granted
Penalties: Students who have not submitted the task prior to the deadline will be awarded a mark of 0 for the task, except for cases in which an application for special consideration is made and approved.
On successful completion you will be able to:
- Identify and apply the law relating to income taxation.
- Explain the relevant tax laws and related legal precedents and apply them to a problem or fact situation.
- Determine a particular taxpayer's final income tax, GST and FBT liability.
- Present verbally and in writing conclusions as to the tax implications arising from a particular set of facts.
4. Final Examination
Due: Examination Period
Weighting: 50%
The final exam is 3 hours plus 10 minutes reading time and held during the formal examination period 16 June 2014 to 4 July 2014. The final exam will cover lecture topics 6 to 12 and related tutorial questions
To pass the unit students must PASS the final exam and achieve an overall passing mark.
University final exam conditions apply.
If a Supplementary Examination is granted as a result of the Special Consideration process the examination will be scheduled as per the Supplementary Examination timetable of the Faculty of Business and Economics. Please note that the supplementary examination will be of a similar format as the final examination.
Materials that may be taken into the exam
You are permitted to take the following materials into the final examination
- Your own handwritten notes.
- A calculator.
- Barkoczy, S. Core Tax Legislation and Study Guide 2014 CCH. This may be written on, marked up by hand or tagged as you see fit.
You are NOT permitted to take into the tests or the exam any other items – you are not, for example, allowed to take your textbook Australian Taxation Law into the exam. Similarly, no photocopies are permitted nor any computer downloads or printed output of any type.
On successful completion you will be able to:
- Identify and apply the law relating to income taxation.
- Identify and apply the law relating to GST.
- Identify and apply the law relating to FBT.
- Explain the relevant tax laws and related legal precedents and apply them to a problem or fact situation.
- Determine a particular taxpayer's final income tax, GST and FBT liability.
Delivery and Resources
Classes
· The thirteen three-hour seminars will consist of a 2 hour lecture and 1 hour tutorial component each week as detailed later in this unit guide.
· The timetable for classes can be found on the University web site at: http://www.timetables.mq.edu.au/
· Class attendance for this unit is compulsory.
Staff teaching in the unit will be available for individual consultation with students. A timetable of when staff will be available will be posted on the unit’s iLearn site.
Students experiencing significant difficulties with any topic in the unit must seek assistance immediately. You are encouraged to seek help at a time that is convenient to you from a staff member teaching on this unit during their regular consultation hours. In special circumstances, an appointment may be made outside regular consultation hours. Staff will not conduct consultations by email. You may, however, phone staff during their consultation hours.
Tutor consultation sessions will be run at the Consultation Room at E4B104.
In order to gain access to staff located at levels 1, 2 and 3 of building E4A during their consultation hours please ring the staff member from the phones available in the lobby (phone numbers of relevant staff members will be provided on iLearn and are available next to the phones).
Required and Recommended Texts and/or Materials
Prescribed textbooks:
- Woellner, Barkoczy, Murphy, Evans and Pinto Australian Taxation Law 2014 CCH 24rd Edition
- Barkoczy, S. Core Tax Legislation and Study Guide 2014 CCH.
All students must purchase the prescribed texts.
Recommended textbooks:
The following is not specifically required but must be used for additional reading.
- Australian Master Tax Guide 2014 52nd Edition CCH
- Nethercott LJ and others Australian Tax Study Manual: Questions and Suggested Solutions 23rd Edition CCH (2013)
- Barkoczy S Australian Tax Casebook 2014 12th Edition CCH
The prescribed and recommended texts can be purchased from the Macquarie University Co-op Bookshop and are available in the Macquarie Library.
Additional Resources:
The University library has numerous resources relating to taxation law however you may find particularly useful the on-line resources ‘Tax’ resources available through the library databases, specifically CCH-Online.
Additional resources will be made available on the ilearn unit website for you to download and read.
Unit Web Page
Course material is available on the learning management system (ilearn)
Learning and Teaching Activities
Each week, lecture notes will be placed on i-learn before the class. These notes are only the core notes and they are NOT intended to stand alone nor in place of lecture attendance. They are provided for your convenience. You must also properly construct your own notes based on your own readings and any additional comments, supplements and corrections to these notes which may occur during lectures – and which you MUST attend.
You are not entitled to rely on lecturer provided notes for full study purposes nor as the final indicator of exam content. You are required to and expected to read all text and legislative references and also to take into account comments, additional materials and illustrations and examples which may also be given in lectures.
The three-hour seminars will consist of a 2 hour lecture component and 1 hour tutorial component. It is expected that ALL students have prepared answers to each week’s tutorial questions PRIOR to the seminar.
Changes since Last offering
The assessment tasks have changed since session 2 2013. Specifically the two class tests have been replaced with an Online Quiz and Case Study.
The technical content covered is substantially the same although the learning outcomes have been reworded.
Unit Schedule
|
Week |
Lecture |
Presentation |
Seminar date |
|
01 |
Lecture 1 Introduction to taxation law Tax formula, tax rates and tax offsets Administrative aspects of taxation |
No presentations |
Week commencing 3 March |
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02 |
Lecture 2 General principles of income Income from personal exertion |
Q 1, 2, 3, 4 and 5 relating to Lecture 1 |
Week commencing 10 March |
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03 |
Lecture 3 Income from property Income from business International aspects of taxation |
Q 1, 2, 3 and 4 relating to Lecture Two |
Week commencing 17 March |
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04 |
Lecture 4 Tax Accounting General deductions |
Q 1, 2, 3 and 4 relating to Lecture Three |
Week commencing 24 March |
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05 |
Lecture 5 Specific deductions Trading stock |
Q 1, 2, 3 and 4 relating to Lecture Four |
Week commencing 31 March |
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06 |
Lecture 6 Capital allowances and capital works Blackhole expenses Small business concessions Introduction to Capital Gains Tax |
Q 1, 2, 3 and 4 relating to Lecture Five |
Week commencing 7 April |
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Mid-Semester Break |
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14 April to 25 April |
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07 |
Lecture 7 Capital Gains Tax
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Q 1, 2, 3, 4, 5 and 6 relating to Lecture Six |
Week commencing 28 April |
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08 |
Lecture 8 Goods and Services Tax
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Q 1, 2, 3 and 4 relating to Lecture Seven |
Week commencing 5 May |
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09 |
Lecture 9 Trusts Taxation of minors |
Q 1, 2, 3, 4 and 5 relating to Lecture Eight |
Week commencing 12 May
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10 |
Lecture 10 Partnerships
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Q 1, 2, 3 and 4 relating to Lecture Nine |
Week commencing 19 May |
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11 |
Lecture 11 Companies
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Q 1, 2, 3, 4 and 5 relating to Lecture Ten |
Week commencing 26 May |
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12 |
Lecture 12 Fringe benefits tax
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Q 1, 2, 3, 4 and 5 relating to Lecture Eleven |
Week commencing 2 June |
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13 |
Lecture 13 Revision |
Q 1, 2, 3, 4 and 5 relating to Lecture Twelve *As Monday 9 June 2014 is a public holiday students in the Monday class should attend an alternative seminar that week |
Week commencing 9 June * |
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14 |
EXAMINATION PERIOD STARTS |
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16 June 2014 |
Policies and Procedures
Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html
Assessment Policy http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html
Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Student Code of Conduct
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Academic Honesty
The nature of scholarly endeavour, dependent as it is on the work of others, binds all members of the University community to abide by the principles of academic honesty. Its fundamental principle is that all staff and students act with integrity in the creation, development, application and use of ideas and information. This means that:
- all academic work claimed as original is the work of the author making the claim
- all academic collaborations are acknowledged
- academic work is not falsified in any way
- when the ideas of others are used, these ideas are acknowledged appropriately.
Further information on the academic honesty can be found in the Macquarie University Academic Honesty Policy at http://www.mq.edu.au/policy/docs/academic_honesty/policy.html
Grades
Macquarie University uses the following grades in coursework units of study:
- HD - High Distinction
- D - Distinction
- CR - Credit
- P - Pass
- F - Fail
Grade descriptors and other information concerning grading are contained in the Macquarie University Grading Policy which is available at:
http://www.mq.edu.au/policy/docs/grading/policy.html
Grading Appeals and Final Examination Script Viewing
If, at the conclusion of the unit, you have performed below expectations, and are considering lodging an appeal of grade and/or viewing your final exam script please refer to the following website which provides information about these processes and the cut off dates in the first instance. Please read the instructions provided concerning what constitutes a valid grounds for appeal before appealing your grade.
Special Consideration Policy
The University is committed to equity and fairness in all aspects of its learning and teaching. In stating this commitment, the University recognises that there may be circumstances where a student is prevented by unavoidable disruption from performing in accordance with their ability. A special consideration policy exists to support students who experience serious and unavoidable disruption such that they do not reach their usual demonstrated performance level. The policy is available at:
http://www.mq.edu.au/policy/docs/special_consideration/policy.html
If a Supplementary Examination is granted as a result of the Special Consideration process the examination will be scheduled as per the Supplementary Examination timetable of the Faculty of Business and Economics. Please note that the supplementary examination will be of a similar format as the final examination.
Student Support
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Student Services and Support
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
Student Enquiries
For all student enquiries, visit Student Connect at ask.mq.edu.au
IT Help
For help with University computer systems and technology, visit http://informatics.mq.edu.au/help/.
When using the University's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students.
Graduate Capabilities
PG - Discipline Knowledge and Skills
Our postgraduates will be able to demonstrate a significantly enhanced depth and breadth of knowledge, scholarly understanding, and specific subject content knowledge in their chosen fields.
This graduate capability is supported by:
Learning outcomes
- Identify and apply the law relating to income taxation.
- Identify and apply the law relating to GST.
- Identify and apply the law relating to FBT.
- Explain the relevant tax laws and related legal precedents and apply them to a problem or fact situation.
- Determine a particular taxpayer's final income tax, GST and FBT liability.
Assessment tasks
- 1. Class Participation
- 2. Quiz
- 3. Case Study
- 4. Final Examination
PG - Critical, Analytical and Integrative Thinking
Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.
This graduate capability is supported by:
Learning outcomes
- Explain the relevant tax laws and related legal precedents and apply them to a problem or fact situation.
- Determine a particular taxpayer's final income tax, GST and FBT liability.
- Present verbally and in writing conclusions as to the tax implications arising from a particular set of facts.
Assessment tasks
- 1. Class Participation
- 2. Quiz
- 3. Case Study
- 4. Final Examination
PG - Capable of Professional and Personal Judgment and Initiative
Our postgraduates will demonstrate a high standard of discernment and common sense in their professional and personal judgment. They will have the ability to make informed choices and decisions that reflect both the nature of their professional work and their personal perspectives.
This graduate capability is supported by:
Learning outcomes
- Identify and apply the law relating to income taxation.
- Identify and apply the law relating to GST.
- Identify and apply the law relating to FBT.
- Explain the relevant tax laws and related legal precedents and apply them to a problem or fact situation.
- Determine a particular taxpayer's final income tax, GST and FBT liability.
- Present verbally and in writing conclusions as to the tax implications arising from a particular set of facts.
Assessment tasks
- 1. Class Participation
- 2. Quiz
- 3. Case Study
- 4. Final Examination
Research and Practice
This unit gives you opportunities to conduct your own research and gives you practice in applying research findings in your assessment tasks. Students will be required to use library resources to research beyond the required reading each week. The lecture notes will refer to additional readings. These provide some guidance to references that could be used to research particular issues.