MA613 - Taxation Law
Credit Points: 15 credit points
Workload: 36 hours
Prerequisite: MA506 Business And Company Law
Aims & Objectives
This is a Year 2, Core Unit in the Master of Professional Accounting. For Course Learning Outcomes and further information relating to Master of Professional Accounting program please visit our website: http://www.mit.edu.au/study-with-us/programs/master-professional-accounting.
More precisely, this unit will cover the following topics:
- Fundamental income tax principles
- Tax administration (TPB, TASA)
- Ethical responsibilities of tax agents
- Goods & Services tax
- Concepts of income, specific income types
- Income and capital
- Capital gains tax
- Fringe benefits tax
- Source, residency and derivation
- International tax agreements (DTA’s)
- General deductions and non-deductions
- Specific deductions
- Taxation of companies and shareholders
- Taxation of individuals, partnerships and trusts
Course Learning Outcomes
The Course learning outcomes applicable to this unit are listed on the Melbourne Institute of Technology’s website: https://www.mit.edu.au/study-with-us/programs/master-professional-accounting.
Unit Learning Outcome
At the completion of this unit, students will be able to:
a. Appreciate and understand the factors influencing the creation and interpretation of income tax legislation and their relationship to accounting concepts and practice.
b. Explain and discuss income tax law in Australia and more particularly the taxation of capital gains, fringe benefits tax, goods and services tax and small business tax concessions.
c. Explain and demonstrate how to calculate the taxable income for different types of taxable entities.
d. Apply technical knowledge and analytical skills to evaluate and solve tax problems.
e. Communicate knowledge of the importance of income tax law within the practice of accounting to specialist and non-specialist audiences.
|Assessment Task||Due Date||A||B||Unit Learning Outcomes|
|1. Contribution and Participation||Weeks 1-12||-||6%||a-e|
|2. Formative Assessment||Week 3||-||4%||a|
|3. Assignment [Individual]||Week 7||20%||-||a-d|
|4. Assignment [Group]||Week 11||20%||-||a-e|
|5. Case Study Analysis [Individual] (3 hours)||TBA||-||50%||a-e|
Task Type: Type A: unsupervised, Type B: supervised.
Contribution and Participation (6%)
This unit has class participation as an assessment. The assessment task and marking rubric will follow the Guidelines on Assessing Class Participation (https://www.mit.edu.au/about-us/governance/institute-rules-policies-and-plans/policies-procedures-and-guidelines/Guidelines_on_Assessing_Class_Participation). Further details will be provided in the assessment specification on the type of assessment tasks and the marking rubrics.
NOTE: All School of Business units 3-hour workshops Flipped Classroom Mode.
Textbook and Reference Materials
Note: Students are required to purchase the prescribed textbook and have it available each week in class.
Copies of the textbook are available in the MIT Library.
Prescribed Text Book
- Barkoczy, S. (2020), Foundations of Taxation Law, (12th ed.), Sydney, NSW, Oxford University Press
Other recommended texts
- Sadiq, K., Black, C., Hanegbi, R., Jogarajan, S., Krever, R., Obst, W., Teoh, J., Ting, A., (2020). Principles of Taxation Law. Sydney, NSW: Thomson Reuters.
- Barkoczy, S. (2020) Core Tax Legislation & Study Guide (23rd ed.) Sydney, NSW: Oxford University Press.
- Barkoczy, S. (2020) Australian Tax Casebook, (14th ed.), Sydney, NSW, Oxford University Press.
- Australian Master Tax Guide, CCH Australia Ltd, 2020
- 2020 Australian Income Tax Assessment Act, Oxford University Press, Core Legislation (as amended).
- Nethercott, Devos & Richardson , Australian Taxation Study Manual 28th Ed Oxford University Press.
- CCH, Australian Federal Tax Reporter, CCH Australia Ltd (On-line) (Library).
- Woellner, Barkoczy, Murphy & Evans Australian Taxation Law, 2020 Oxford University Press.
Journal and Business Articles
- CCH, Australian Tax Cases, CCH Australia Ltd (On-line) (Library).
- ATO Website: www.ato.gov.au.
Check the unit Moodle page for additional recommended readings throughout the trimester.
The Referencing style for this unit is APA: See the MIT Library Referencing webpage: https://library.mit.edu.au/referencing/APA and the Unit Moodle page for additional referencing support material and weblinks.
MIT is committed to ensure the course is current, practical and relevant so that graduates are “work ready” and equipped for life-long learning. In order to accomplish this, the MIT Graduate Attributes identify the required knowledge, skills and attributes that prepare students for the industry.
The level to which Graduate Attributes covered in this unit are as follows:
|Ability to communicate||Independent and Lifelong Learning||Ethics||Analytical and Problem Solving||Cultural and Global Awareness||Team work||Specialist knowledge of a field of study|
|Levels of attainment||Extent covered|
|The attribute is covered by theory and practice, and addressed by assessed activities in which the students always play an active role, e.g. workshops, lab submissions, assignments, demonstrations, tests, examinations.|
|The attribute is covered by theory or practice, and addressed by assessed activities in which the students mostly play an active role, e.g. discussions, reading, intepreting documents, tests, examinations.|
|The attribute is discussed in theory or practice; it is addressed by assessed activities in which the students may play an active role, e.g. lectures and discussions, reading, interpretation, workshops, presentations.|
|The attribute is presented as a side issue in theory or practice; it is not specifically assessed, but it is addressed by activities such as lectures or tutorials.|
|The attribute is not considered, there is no theory or practice or activities associated with this attribute.|