Unit convenor and teaching staff |
Unit convenor and teaching staff
Yega Muthu
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Credit points |
Credit points
10
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Prerequisites |
Prerequisites
(20cp at 2000 level or above including (BUSL250 or BUSL251 or ACCG2051)) or 40cp in LAW units at 2000 level
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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 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 |
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Online Final Exam | 60% | No | University Examination Period |
Case study | 20% | No | Week 9-16.05.2022 (before 5pm) |
Assessed Coursework | 10% | No | Weekly-27.05.2022 |
Online Quiz | 10% | No | Week 5-25.03.2022 (before12 noon) |
Assessment Type 1: Examination
Indicative Time on Task 2: 30 hours
Due: University Examination Period
Weighting: 60%
A two-hour online examination (open book) will be held during the University Examination period.
Assessment Type 1: Case study/analysis
Indicative Time on Task 2: 30 hours
Due: Week 9-16.05.2022 (before 5pm)
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: Weekly-27.05.2022
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.
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 10 hours
Due: Week 5-25.03.2022 (before12 noon)
Weighting: 10%
The Online Quiz will consolidate students’ knowledge, skills, and capabilities in relation to the foundation principles of tax law and practice.
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
Delivery and Resources
Required Text: 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). |
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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
Prizes
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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:
1. ATO website: The Australian Taxation Office Internet site www.ato.gov.au . This site offers access to:
1. Access to other internet sites which are relevant to tax issues can be located at:
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1. Professional Reference Texts |
contains relevant information including policy submissions canvassing tax reform.
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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: |
1. Journals |
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LECTURE TOPICS AND DATES IN THIS UNIT
Week Commencing |
Lecture |
Topic |
21 February 2022 |
1 |
Study Skills for Tax Law Operating Framework of the Australian Tax System:
Tax Administration: In brief
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28 February 2022 |
2 |
The concept of income:
Calculation of Tax Payable:
Tax collection mechanisms |
7 March 2022 |
3 |
The Income Concept: Incidental Issues
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14 March 2022 |
4 |
Assessable Deductions:
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21 March 2022 |
5 |
Assessable Deductions II:
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Important Notice: The Online Quiz is due on Friday 25 March 2021 on or before 12 noon. The online quiz opens at 12:00 noon on Thursday, 24 March 2022 and closes at 12:00 noon on Friday, 25 March 2021. |
Week Commencing |
Lecture |
Topic |
28 March 2022 |
6 |
Statutory Income:
Revision: How Topics 1-6 fit together |
4 April 2022 |
7 |
Other key Taxes such as Fringe Benefits Tax and Goods and Services Tax
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Mid-Session Break 11 April 2022 to 25 April 2022 Anzac Day 25 April 2022 |
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2 May 2022 |
8 |
Principles of Compensation
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Important Notice:
The Take-home Assignment (Case Study) will be posted on iLearn at 17:00 pm Wednesday, 11 May 2022. The written responses must be submitted at 17:00 on Monday, 16 May 2022 via Turn-it-in on this unit’s iLearn facility. |
9 May 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) |
16 May 2022 |
10 |
BUSINESS ENTITIES I: Sole Traders and Taxation of Partnerships
Superannuation
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Week Commencing |
Lecture |
Topic |
23 May 2022 |
11 |
ENTITIES II: Taxation of Companies and Shareholders:
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30 May 2022 |
12 |
Trust Estates and Beneficiaries; minors
International Taxation
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6 June 2022 |
13 |
Tax Administration Tax Lodgments, Assessments, Collection of Tax, Penalties, objections, reviews and appeals.
Anti-Avoidance Legislation and the Ethics of Tax Practice
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Revision: How the entire course fits together |
FINAL EXAMINATION PERIOD 6-24 June 2022 |
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TBA |
SUPPLEMENTARY EXAM PERIOD |
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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.
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Date | Description |
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11/02/2022 | information on delivery and resources were not previously included |
Unit information based on version 2022.03 of the Handbook