Notice
As part of Phase 3 of our return to campus plan, most units will now run tutorials, seminars and other small group activities on campus, and most will keep an online version available to those students unable to return or those who choose to continue their studies online.
To check the availability of face-to-face and online activities for your unit, please go to timetable viewer. To check detailed information on unit assessments visit your unit's iLearn space or consult your unit convenor.
Unit convenor and teaching staff |
Unit convenor and teaching staff
Daisy Chen
Moderator
Zaman Khorseduzzaman
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Credit points |
Credit points
10
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Prerequisites |
Prerequisites
(ACCG614 or ACCG6014) and admission to MAccg or MAccLead or MAccg(Adv) or MProfAcc or MProfAccgLead
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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 examines the laws relating to income tax (including the taxation of capital gains), fringe benefits tax and the goods and services tax in Australia and their application to determine a particular entity’s tax liability. In completing this unit, students will be able to identify, explain, analyse and apply relevant tax legislation, case law and rulings to a variety of fact situations, making conclusions and recommendations. In addition, the tax issues specific to individuals, partnerships, trusts and companies are considered and compared. Specifically, students can identify, analyse and apply the law relating to income tax and determine a particular taxpayer's final income tax liability; identify, analyse and apply the law relating to GST and FBT and determine a particular taxpayer's GST and FBT liability; explain the relevant tax laws and related legal precedents and apply them to a problem or fact situation; present verbally and in writing conclusions as to the tax implications arising from a particular set of facts. |
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 assessment (for Case study) must also be submitted through Turnitin. 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 Policy must be made within 5 (five) business days of the due date and time.
Name | Weighting | Hurdle | Due |
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Class Participation | 5% | No | Throughout the Session |
Online Quiz | 15% | No | 26 March 2021 |
Case study | 30% | No | 7 May 2021 |
Online Final Exam | 50% | No | Examination period |
Assessment Type 1: Presentation
Indicative Time on Task 2: 2 hours
Due: Throughout the Session
Weighting: 5%
Requires students to make an oral and written presentation. Each student will be allocated a question and will be required to give one oral presentation analysing and answering the issues in the question. Presentations will be marked on the basis of the level of preparation, understanding, accuracy and ability to explain the key issues.
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 6 hours
Due: 26 March 2021
Weighting: 15%
This diagnostic quiz 1 will cover topics 1 to 3 and related tutorial questions. The quiz is designed to provide feedback as to the student’s understanding of key topics and to identify any particular learning challenges or areas of difficulty prior to the later assessment tasks.
Assessment Type 1: Report
Indicative Time on Task 2: 31 hours
Due: 7 May 2021
Weighting: 30%
(1) Group component (5%) The group component will assess students’ skills in using Xero computerised accounting software while working in a group.
(2) Individual component (25%) - Business report (20%) Students are required to write a 2,000 word business report that analyses a set of facts concerning a taxpayer’s circumstances and apply the Australian tax law to arrive a conclusion in form of a piece of advice. - Reflection report on Forage internship case study (5%) In addition to submitting a screenshot of the completion certificate from the selected Forage virtual experience program, students are required to submit a reflection report (500 words) about their experience with participating in the virtual experience program.
Assessment Type 1: Examination
Indicative Time on Task 2: 21 hours
Due: Examination period
Weighting: 50%
A two-hour online examination will be held during the University's 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
Classes
· The thirteen three-hour seminars will consist of a 2 hour lecture and 1 hour seminar 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.
Lecturer consultation sessions will be run online via Zoom.
Required and Recommended Texts and/or Materials
Prescribed textbooks:
All students must purchase the prescribed texts.
Recommended textbooks:
The following is not specifically required but may be used for additional reading.
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
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 ACCG8124’s i-Learn site.
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. The Lectures will be recorded on Echo 360 on a weekly basis.
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.
It is expected that ALL students have prepared answers to each week’s tutorial questions PRIOR to the seminar.
Week |
Lecture |
Presentation |
Assessment Due |
01 |
Lecture 1 Introduction to taxation law Tax formula, tax rates and tax offsets Administrative aspects of taxation |
No presentations |
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02 |
Lecture 2 International aspects of taxation General principles of income Income from personal exertion |
Questions relating to Lecture One |
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03 |
Lecture 3 Income from property Income from business
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Questions relating to Lecture Two |
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04 |
Lecture 4 Tax Accounting General deductions |
Questions relating to Lecture Three |
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05 |
Lecture 5 Specific deductions Trading stock |
Questions relating to Lecture Four |
Online quiz |
06 |
Lecture 6 Capital allowances and capital works Blackhole expenses Small business concessions Introduction to Capital Gains Tax |
Questions relating to Lecture Five |
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Mid-Session Break (5 April 2021- 16 April 2021) |
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07 |
Lecture 7 Capital Gains tax |
Questions relating to Lecture Six | |
08 |
Lecture 8 Goods and Services Tax
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Questions relating to Lecture Seven |
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09 |
Lecture 9 Trusts Taxation of minors |
Questions relating to Lecture Eight |
Case study
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10 |
Lecture 10 Partnerships Superannuation |
Questions relating to Lecture Nine |
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11 |
Lecture 11 Companies
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Questions relating to Lecture Ten |
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12 |
Lecture 12 Fringe benefits tax
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Questions relating to Lecture Eleven |
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13 |
Lecture 13 Revision |
Questions relating to Lecture Twelve
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14 |
EXAMINATION PERIOD |
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Macquarie University policies and procedures are accessible from Policy Central (https://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:
Students seeking more policy resources can visit Student Policies (https://students.mq.edu.au/support/study/policies). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.
To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/student-conduct
Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to help you improve your marks and take control of your study.
The Library provides online and face to face support to help you find and use relevant information resources.
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
For all student enquiries, visit Student Connect at ask.mq.edu.au
If you are a Global MBA student contact globalmba.support@mq.edu.au
For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/.
When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.
Unit information based on version 2021.03 of the Handbook