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This course is designed to:

• Provide students with the fundamental concepts of Australian income tax law and tax planning
• Apply critical thinking and problem solving skills to resolve income tax and tax planning issues
• Assist students to communicate effectively orally income tax information and solutions to income tax and tax planning issues
• Assist students to communicate effectively in writing income tax information and solutions to income tax and tax planning issues
• Explain the different approaches to accounting for business income
• Explain the income tax treatment of trading stock, capital allowances, small business entity system, prepayment, black-hole expenditure and the company and trust loss rules
• Explain and highlight the different taxation issues that arise on both the acquisition and disposal of a business, including the CGT small business concessions, GST and stamp duty issues
• Assist students understand typical documents used in estate planning, the legal requirements to establish these documents and consequences if these documents are not in place
• Distinguish between 'estate' and 'non estate' assets and their effect on estate planning
• Understand specific strategies in estate planning including the use of inter vivos trusts, testamentary trusts, protective trusts and life interests
• Understand the interaction of superannuation with estate planning, including the establishment of superannuation proceeds trusts and funding life insurance through superannuation
• Learn what is involved in the estate administation process
• Understand how deceased estate are taxed and the tax benefits that can be obtained within a testamentary trust and within the superannuation environment
• Understand the general concepts of personal and business succession planning

Required reading will be provided in the course folder and advised to students during the course

Reference Books
Australian Financial Planning Handbook 2013-14, Thomson Reuters, Australia
Australian Master Financial Planning Guide 2013/14, 16th Edition, CCH Australia

Prior to each seminar, students will be expected to have reviewed the topics to be discussed and attempted any set questions/exercises.

There is a strong assumption that students will engage in seminar discussions in an informed way.

The University expects full-time students (ie those taking 12 units per semester) to devote a total of 48 hours per week to their studies.  This means that you are expected to commit approximately 12 hours for a three-unit course of private study outside of your regular seminars.

Students in this course are expected to attend all seminars.

TAX PLANNING
Topic 1 – Overview of the Australian Tax System & Tax Planning
1. Historical background
2. Scheme of the tax legislation
3. Administration of the tax system
4. Outline of the tax process & tax compliance
5. Core concepts of income tax
6. Core concepts of anti-avoidance
7. Basic principles of tax planning

Topic 2 – Taxation of Employee Remuneration
1. Employee as an individual taxpayer entity
2. Employee assessable income
3. Employee deductions
4. Employee tax offsets
5. Fringe benefits tax (FBT)
6. Tax planning issues for employee remuneration

Topic 3 – Taxation of Investment Income
1. Investment assessable income
2. Investment & capital gains tax (see topic 4)
3. Investment deductions
4. Investment tax offsets
5. Tax planning issues for investment income

Topic 4 – Investment & Capital Gains Tax
1. Overview of capital gains tax (CGT)
2. Determining whether a capital gain or capital loss has been made
3. Working out the capital gain or capital loss
4. Working out the net capital gain or capital loss
5. Working out the tax payable on a net capital gain
6. Tax planning issues for CGT

Topic 5 – Taxation of Investment Structures
1. Tax entities that must pay income tax
2. Individuals
3. Companies
4. Partnerships
5. Trusts
6. Tax planning issues for investment structures

Topic 6 – International Taxation
1. Residence of tax entities
2. Source of assessable income
3. Foreign income of Australian resident individuals
4. Effect of International Tax Agreements
5. Tax planning issues for international taxation


BUSINESS TAX PLANNING
Topic 1 – Tax Differences between entities and Tax Accounting for Business Income
1. Tax differences between entities
2. Tax accounting


Topic 2 – Income Tax Issues for Business
1. Trading stock issues
2. Capital allowance rules
3. Small Business entity rules
4. Black-hole expenditure rules

Topic 3 – Specific Anti-avoidance Issues
1. Personal services income rules
2. Non commercial loss rules
3. Prepayment rules
4. Company loss rules
5. Trust loss rules

Topic 4 – Business Acquisition Issues
1. Stamp Duty
2. Goods and Services Tax (GST)
3. Income Tax - trading stock and depreciable assets

Topic 5 – Business Disposal Issues
1. Capital Gains Tax (CGT)
2. CGT small business concessions
3. GST and Stamp Duty
4. Sale of assets versus a sale of equity
5. General anti-avoidance rules

ESTATE AND WEALTH PLANNING
Topic 1 – Introduction to Estate Planning
1. Wills, probate and succession
2. The law of wills
3. The law of intestacy
4. Family Provision Legislation and Strategies to Manage potential claims
5. Administration of estates

Topic 2 – Complex Estate Planning
1. Joint Tenants and Tenants in Common
2. Tax and Social Security aspects of inter vivos transfers
3. Inter vivos Trusts
4. Testamentary trusts
5. Distributions to minor beneficiaries
6. Life interests
7. Assets in Foreign Jurisdictions
8. Spendthrift Dependents

Topic 3 – Powers of Attorney and Guardianship

Topic 4 – Superannuation
1. Treatment of death benefits from superannuation
2. Taxation implications of a superannuation death benefit and death benefit termination payments

3. Superannuation Proceeds Trusts
4. Funding Life insurance through superannuation

Topic 5 – Taxation Implications of Deceased Estates

Topic 6 – Personal and Business Insurance

3 hour open book exam	50%	Learning Outcomes 1 -4
Assignment 1	25%	Learning Outcomes 5 - 7
Assignment 2	25%	Learning Outcomes 8 - 14

Students must complete ALL assessment components for this course.

To gain a pass in the course, a mark of at least 50% overall is required.  There is no requirement that a particular part of the assessment must be passed.

Due to the intensive nature of this course it is a requirement that students attend at least 80% of the scheduled seminars.  Consideration will be given to medical and compassionate reasons for non attendance, but supporting documentation will need to be presented with these requests.  If at least 80% attendance is not met for each seminar, then students will be be eligible to undertake the assessment for that seminar, ie not sit for the exam and or not submit the assignments.

Assignment 1
This will consist of 9 problem type questions.  The assessment criteria include the extent to which the student identigies relevant legal issues and the application of these legal issues to a given set of facts, and whether the student demonstrates sound reasoning in support of their conclusions.  Research skills will also be assessed as to the level in which each student demonstrates further research into relevant topics of the course along with communciation skills as to whether the answers are clearly set out and easy to read and understand.

Assignment 2
This will consist of a 2000 word research essay on a problem question.  The assessment criteria include the extent to which the essay identifies relevant issues and sets out sound reasoning in support of the discussion, the extent to which the essay demonstrates research into relevant topics of the course and whether the essay is easy to read and understand.

Presentation of Assignments

• Please retain a copy of all assignments submitted
• Please attach an Assignment Cover Sheet, which is siged and dated by you before submission

Lecturers can refuse to accept assignment, which do not have a signed acknwledgemrnt of the University's policy on plagarism.


Assignment Guidelines including Referencing Details
A copy of the Postgraduate Programs: Communication Skills Guide will have been given to you at the beginning of your program. This guide will assist you structure your assignments. A copy of the guide can also be downloaded from:  

This publication also provides guidelines on a range of other important communication skills including writing essays and management reports, making oral presentations etc.

In preparing any written piece of assessment for your postgraduate studies it is important to draw on the relevant ‘literature’ to support critical analysis. Also essential is to reference the literature used. Correct referencing is important because it identifies the source of the ideas and arguments that you present, and sometimes the source of the actual words you use, and helps to avoid the problem of plagiarism. (Further information on plagiarism is provided later in this course outline.)
The Harvard system is widely used in the Business School. Guidelines for the use of this style of referencing can be found in the Communication Skills Guide.

Further assistance with referencing is available from the Faculty’s Learning Support Advisors. The contact details are provided on page 6 of the Communication Skills Guide.

Late Assignment Submission
Students are expected to submit their work by the due date to maintain a fair and equitable system. Extensions will generally only be given for medical or other serious reasons. All requests for extensions must be emailed to the lecturer in charge of the course before the due date. Each request will be assessed on its merits. A late assignment (without prior arrangement) will be penalised by a 5% mark reduction for each day that it is late.

Return of Assignments
Lecturer’s aim to mark and return assignments to students within two (2) weeks of the due date with written feedback. Students are responsible for collecting their marked assignments as advised via email. If assignments aren’t collected after two (2) weeks, the assignments will be available at the Student Hub for two (2) weeks. The remaining assignments will only be posted out to the students, if the correct mailing addresses are on the assignments.