Unit convenor and teaching staff |
Unit convenor and teaching staff
Daisy Chen
Kara Hay
|
---|---|
Credit points |
Credit points
10
|
Prerequisites |
Prerequisites
(20cp at 2000 level or above including (BUSL250 or BUSL251 or ACCG2051)) or 40cp in LAW units at 2000 level
|
Corequisites |
Corequisites
|
Co-badged status |
Co-badged status
|
Unit description |
Unit description
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:
Name | Weighting | Hurdle | Due |
---|---|---|---|
Online Final Exam | 60% | No | 7-25 November 2022 |
Online Quiz | 10% | No | 22.08.22 |
Case study | 20% | No | Week 9 |
Assessed Coursework | 10% | No | Week 13 |
Assessment Type 1: Examination
Indicative Time on Task 2: 30 hours
Due: 7-25 November 2022
Weighting: 60%
A two-hour online examination (open book) will be held during the University Examination period.
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 10 hours
Due: 22.08.22
Weighting: 10%
The Online Quiz will consolidate students’ knowledge, skills, and capabilities in relation to the foundation principles of tax law and practice.
Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 30 hours
Due: Week 9
Weighting: 20%
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.
Assessment Type 1: Participatory task
Indicative Time on Task 2: 15 hours
Due: Week 13
Weighting: 10%
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.
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
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. |
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.
Classes
(3) weeks through the e- Student system and only when there is a vacancy in that class.
Prizes
|
Recommended Readings: RECOMMENDED TEXTBOOKS
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. REFERENCE MATERIALS
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.
1. 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.
1. Useful Internet sites: Internet resources are a very valuable source of information relating to current developments on taxation issues. Some useful sites include:
Chartered Accountants Australia and New Zealand: https://www.charteredaccountantsan z.com/.
1. Professional Reference Texts |
|
This site contains relevant information including policy submissions canvassing tax reform.
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 |
1. Update on Tax Developments |
Articles in legal and accounting journals are invaluable aids in keeping up to date with developments in tax law and practice. These include:
|
Sadiq, Kerrie & Krever, Richard Edward (2022) Australian Employee Share Schemes: A Concession in Search of a Rationale. Tax Notes International, 106(3), pp. 401-403, 18 April 2022.
Krever, Richard Edward, Sadiq, Kerrie, & McCredie, Bronwyn (2022) Identifying Tax Aggressive Behaviour: Testing the Proxies. Australian Tax Forum: a journal of taxation policy, law and reform, 37(1), pp. 27-64.
Sadiq, Kerrie & Krever, Richard (2021) Does tax policy fit in the portfolio of COVID-19 responses? Pacific Accounting Review, 33(2), pp. 212-220.
Sadiq, Kerrie (2021) Communities of practice as a multidisciplinary response in times of crisis: adapting to successful online learning practices. Accounting Research Journal, 34(2), pp. 134-145.
|
Tax Law Journal reference list
|
Professional Text Guide
Week Commencing |
Lecture |
Topic |
25 July 2022 |
1 |
Study Skills for Tax Law
Operating Framework of the Australian Tax System:
Tax Administration: In brief
|
1 August 2022 |
2 |
The concept of income:
Calculation of Tax Payable:
Tax collection mechanisms |
8 August 2022 |
3 |
The Income Concept: Incidental Issues
|
15 August 2022 |
4 |
Assessable Deductions:
|
22 August 2022 |
5 |
Assessable Deductions II:
|
Week Commencing |
Lecture |
Topic |
29 August 2022 |
6 |
Statutory Income:
Revision:
How Topics 1-6 fit together |
5 September 2022 |
7 |
Other key Taxes such as Fringe Benefits Tax and Goods and Services Tax
|
Mid-Session Break 12 September to 25 September 2022
|
||
26 September 2022 |
8 |
Principles of Compensation
|
Important Notice:
The Take-home Assignment (Case Study) will be posted on iLearn at 12:00 pm Monday, 3 October 2022. The written responses must be submitted at 12:00 pm on Tuesday 4 October 2022 via Turn-it-in on this unit’s iLearn facility. |
3 October 2022 |
9 |
Timing Issues:
Tax accounting-derivation, cash v accruals, dividends, prepaid
Trading Stock:
Accounting method, ‘on hand’, work in progress, lost or destroyed stock, value of closing stock, spare parts and consumables, ‘arm’s length’, small business entities (SBE) |
10 October 2022 |
10 |
BUSINESS ENTITIES I:
Sole Traders and Taxation of Partnerships
Superannuation
|
17 October 2022 |
11 |
ENTITIES II:
Taxation of Companies and Shareholders:
|
24 October 2022 |
12 |
Trust Estates and Beneficiaries; minors
International Taxation
|
31 October 2022 |
13 |
Tax Administration
Tax Lodgments, Assessments, Collection of Tax, Penalties, objections, reviews and appeals.
Anti-Avoidance Legislation and the Ethics of Tax Practice
|
|
||
|
|
Revision:
How the entire course fits together |
FINAL EXAMINATION PERIOD 7-25 November 2022 |
||
TBA |
SUPPLEMENTARY EXAM PERIOD |
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
At Macquarie, we believe academic integrity – honesty, respect, trust, responsibility, fairness and courage – is at the core of learning, teaching and research. We recognise that meeting the expectations required to complete your assessments can be challenging. So, we offer you a range of resources and services to help you reach your potential, including free online writing and maths support, academic skills development and wellbeing consultations.
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
The Writing Centre provides resources to develop your English language proficiency, academic writing, and communication skills.
The Library provides online and face to face support to help you find and use relevant information resources.
Macquarie University offers a range of Student Support Services including:
Got a question? Ask us via AskMQ, or contact Service Connect.
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 2022.04 of the Handbook