GSB 750 Taxation Law
This unit provides a broad introduction to the law of taxation in Australia as it relates to business, based upon the general tax law model, where tax payable is a function of the excess of income derived over allowable deductions incurred.
Notions of income are considered, with what it means for it to be derived in a given tax period. The extent to which losses and expenses may be allowable deductions are considered, with what it means for them to have been incurred in a given tax period. The ways in which losses and expenses - otherwise deductible - might be excluded from deduction are considered.
From general key principles in each of those areas, the path through the unit crosses into more specific forms of deduction, together with rules for different classes of taxpayer including company, trust and partnership.
Key statutory provisions are reviewed, with relevant case law on issues of application of those provisions. The scope and role of important secondary materials is considered, including the effect and impact of private and public rulings by the Australian Taxation Office,
Learning outcomes are based on the application of legislation and case-law to practical, basic case studies.
An important focus of the unit is in its emphasis on:
- identifying tax-related issues that occur in typical cases;
- learning how to source and apply the legislative and other materials that determine the implications of those issues; and
- reaching correct conclusions - expressed in concise and verifiable terms.