Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Daisy Chen
Contact via busl320@mq.edu.au
Please see iLearn
Moderator
Hope Ashiabor
Hope Ashiabor
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Credit points |
Credit points
3
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Prerequisites |
Prerequisites
(6cp at 200 level or above including (BUSL250 or BUSL251)) or 12cp in LAW units at 200 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 provides an introduction 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. This unit enhances the ability of students to recognise, describe and analyse taxation issues and apply concepts to problems encountered in a contemporary setting.
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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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Assessed coursework | 10% | No | Twice Weekly |
Online Quiz | 10% | No | Friday, 13 December 2019 |
Take-home Assignment | 20% | No | Friday, 10 January 2020 |
Final Examination | 60% | No | University Examination Period |
Due: Twice Weekly
Weighting: 10%
The Assessed Coursework is comprised of two components: weekly hand-written submissions to individual tutorial questions and presentations during tutorials.
1) Twice-weekly hand-written submissions to individual tutorial questions (4.5%)
2) Presentation during tutorials (5.5%)
Type of Collaboration: Individual Submission:Hand-written responses to tutorial questions will be collected in class weekly prior to the commencement of the tutorial. No extensions will be granted. All 9 written submissions to Tutorial questions will be taken into account, and will be weighted at 0.5 marks for each submitted task (Total 4.5%)
The remaining 5.5% will b allocated for satisfactory presentations and discussion. A Presentation Feedback form will be used in awarding marks to each component of the presentations and class discussions.
Late Submission:No extensions will be granted.
Students who do not submit their written responses prior to the deadline will be awarded a mark of zero for the task, except for cases in which an application for special consideration is made and approved.
Important Note: Students enrolled in the i-Lecture stream are expected to attend weekly tutorials and to participate in completing the "Assessed Coursework" components of this unit.
Due: Friday, 13 December 2019
Weighting: 10%
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.
Due: Friday, 10 January 2020
Weighting: 20%
A feedback report for this assessment task will be posted on iLearn.
The Take-home assignment will be posted on the unit's iLearn page at 14:00 on Monday, 6 January 2020.
Length: 1,500 words Penalties: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 - 20% penalty).
This penalty does not apply for cases in which an application for special consideration is made and approved.
Late Submission:
No submission will be accepted after solutions have been posted.
Due: University Examination Period
Weighting: 60%
This assessment task is comprised of case study and essay type questions. The exam covers material taught in Lectures 6-13 and related tutorial questions. - (Partial open book).
Students should however note that the ability to compute tax liability or refund entitlement is an integral part of any tax unit. Students will therefore be expected to demonstrate an ability to apply the principles covered in Lectures 1-6 in the context of different taxpayers.
Type of Collaboration: Individual Submission: Formal Examination Conditions Apply. Supplementary Examinations:Where 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.
Please note that the supplementary examination will be of a similar format to the final examination.
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 BUSL320 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 BUSL320’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 TutorialsThe main means of presentation is by way of 10 two-hour lectures and 9 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 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 questions for each 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. Students - (including those enrolled in the i-Lecture stream) - will also be expected to participate in tutorials through the submission of hand-written responses (to the questions in Tutorials 2 - 10), contributing to class discussions, formal presentations during tutorials, and showing an interest in other learning activities conducted by the tutor. Classes
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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. (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
(d) Journals 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: |
Week | Topic |
1 | Operating Framework of the Australian Tax System:
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The concept of income:
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3 | The Income Concept: Incidental Issues
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4 | Assessable Income:
Online Quiz: Opens: Thursday 12 December 2019, at 5:00pm Closes: Friday 13 December 2019, at 11pm |
5 | Assessable Income:
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6 | Statutory Income:
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Mid-session break: 23 December 2019 - 3 January 2020 Important Notice: The Take-home Assignment will be posted on iLearn at 14:00am Monday, 6 January 2020. The written responses must be submitted at 15:00 on Friday, 10 January 2020 via Turn-it-in on iLearn. |
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7 | Allowable Deductions
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8 |
Goods and Services Tax Taxation of Partnerships, |
9 |
Trust Estates and Beneficiaries, minors Companies:
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10 | Fringe Benefits Tax
Anti-Avoidance Legislation
Revision |
FINAL EXAMINATION PERIOD: 17 January - 25 January 2020. | |
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We want our graduates to have emotional intelligence and sound interpersonal skills and to demonstrate discernment and common sense in their professional and personal judgement. They will exercise initiative as needed. They will be capable of risk assessment, and be able to handle ambiguity and complexity, enabling them to be adaptable in diverse and changing environments.
This graduate capability is supported by:
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This graduate capability is supported by:
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The two separate documents (i.e. - the Assessment Guide, and the Tutorial Guide), used in previous offerings of this unit have been merged into a single document - the Assessment Guide.
This unit addresses global and sustainability issues as direct areas of study and as necessary implications arising from the materials, assessment and academic discussion and debate in classes/seminars. We promote sustainability by developing ability in students to research and locate information within the accounting and legal disciplines. We aim to provide students with an opportunity to obtain skills which will benefit them throughout their career.
The unit materials have a reference list at the end of each chapter/module/text containing all references cited by the author. These provide some guidance to references that could be used to research particular issues.