|Unit convenor and teaching staff||
Unit convenor and teaching staff
(20cp at 2000 level or above including (BUSL250 or BUSL251 or ACCG2051)) or 40cp in LAW units at 2000 level
This unit introduces students to the tax framework operating in Australia. It looks at the regulatory environment and the impact of the conceptual framework on key areas of taxation including income tax; goods and services tax; and fringe benefits tax. After completing this unit, students will be able to recognise, describe and analyse taxation issues and apply tax concepts to problems encountered in a contemporary setting.
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Late assessments (for the Case Study and reflection report)) must also be submitted through Turn-it-in. No extensions will be granted. There will be a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission incurs a 20% penalty).
Late submissions will not be accepted after solutions have been discussed and/or made available.
This penalty does not apply for cases in which an application for Special Consideration is made and approved.
Note: applications for Special Consideration must be made within 5 (five) business days of the due date and time.
|Online Quiz||10%||No||Mid week of Week 5|
|Case study||20%||No||Week 9|
|Online Final Exam||60%||No||University Examination Period|
The Assessed Coursework Task (10%) is comprised of two tasks: 5% for individual presentations to assigned Tutorial questions during Zoom Tutorial sessions. The other 5% is awarded for a Reflection Report (500-600 words) due in week 11 online via Turn-it-in.
The Online Quiz will consolidate students’ knowledge, skills, and capabilities in relation to the foundation principles of tax law and practice.
Students will be presented with a set of facts which will require them to identify the main tax issue(s), provide a detailed analysis of the tax issues, and apply relevant taxation laws to arrive at a conclusion in the form of a piece of advice. Students are required to communicate their professional tax advice via a 1500-word report.
A two-hour online examination (open book) will be held during the University Examination period.
1 If you need help with your assignment, please contact:
2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation
There are a number of general texts covering the content of this unit. Students are advised to acquire each of the texts appearing under the heading "PRESCRIBED TEXTS".
PRESCRIBED TEXTS (Students must have access to these books AT ALL TIMES).
|Unit Web Page:||
The ACCG3020 homepage is at: ilearn.mq.edu.au.
You can directly access the Unit Guide, and the Assessment Guide, the current lecture outlines, Echo 360 recordings, announcements related to the unit, library and other useful websites via the ACCG3020’s i-Learn site.
|Technology Used and Required:||Students will need access to the internet as lecture handouts and notices will be available from the unit’s web page.|
|Delivery Format and Other Details:||
Lectures and Tutorials
The main means of presentation is by way of 13 two-hour lectures and 12 weekly tutorials of one hour duration. Lectures cover the basic material as outlined in the listed topics, as well as noting where each topic fits into the overall framework of the tax regime. The Lectures will be recorded on Echo 360 on a weekly basis.
Each week’s lecture outlines (PowerPoint slides) will also be posted on i-Learn prior to the formal lecture. They are not intended to be a substitute for lecture attendance. These outlines are only core notes and they are NOT intended to be treated as stand alone resources nor in place of lecture attendance. They are provided for your convenience. You cannot rely on these outlines to the exclusion of the allocated reading tasks for each week. You are expected to prepare your own notes from the prescribed reading set out in this unit's Assessment Guide to supplement the material set out in the lecture outlines.
The Tutorial sessions will be run online via Zoom as well as in face-to-face modes. The Tutorial questions for each week's class are also to be found in the unit's Assessment Guide. The tutorial questions have been designed to provide a practical application of the principles discussed in lectures. Tutorials will involve an analysis and discussion of preset questions based on the previous week’s lecture. They therefore complement and consolidate the topics covered in lectures. It is essential that adequate preparation be undertaken BEFORE each tutorial in order for the full benefit to be gained.
Attendance and participation in Tutorials are compulsory. Students - (including those enrolled in the i-Lecture stream) - will therefore be expected to attend and to participate in tutorials through, contributions to class discussions, formal presentations during tutorials, and showing an interest in other learning activities conducted by the Tutor.
The acquisitions of the following are OPTIONAL. Students should consult the lecturer before making a purchase from books in this category.
Any of the following books may also be of use:
Note: It is pointless having an out of date edition of the textbook.
While references to the prescribed weekly readings for this Unit are set from standard textbooks on taxation, references will also be made during the lectures to reported cases, rulings and other pronouncements issued by the Australian Taxation Office.
(a) Commentaries: Both CCH and Thomson Reuters provide an on-line service covering a commentary on the relevant legislation, rulings and reports and other pronouncements of the Australian Taxation Office. These on-line tax services are also available in multi-volume loose-leaf formats.
The on-line service of CCH can be accessed from the University Library’s database.
(b) Useful Internet sites: Internet resources are a very valuable source of information relating to current developments on taxation issues. Some useful sites include:
(i) ATO website: The Australian Taxation Office Internet site www.ato.gov.au . This site offers access to:
(ii) Access to other internet sites which are relevant to tax issues can be located at:
(iii) Cases, rulings, and legislation can also be accessed from the following sites:
(c) Professional Reference Texts
Articles in legal and accounting journals are invaluable aids in keeping up to date with developments in tax law and practice.These include:
(e) Update on Tax Developments
For a weekly update on tax developments, students are advised to consult either CCH Tax Week or the Thomson Reuters Weekly Tax Bulletin; the former can be accessed from the University Library’s database
|Other Course Materials:|
|1||Operating Framework of the Australian Tax System:
The concept of income:
|3|| The Income Concept: Incidental Issues
|5|| Assessable Income:
Online Quiz - due mid-week of Week 5.
|Mid-Session Break (5 April 2021- 16 April 2021)|
|7||Allowable Deductions I
|8||Allowable Deductions II
Important Notice: The Take-home Case-Study Assignment will be posted on iLearn at the end of this week. The written responses must be submitted at the beginning of week 9 via Turn-it-in on this unit's iLearn facility.
Please refer to iLearn and to the Assessment Guide for further details.
|9||Goods and Services Tax|
|10||Taxation of Partnerships, Trust Estates and Beneficiaries, minors|
|12||Fringe Benefits Tax
|FINAL EXAMINATION PERIOD: 07 June - 21 June 2021.|
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Unit information based on version 2021.02 of the Handbook