LAW7053 - Taxation of trusts and partnerships

Leader: Associate Professor John Glover/ Mr Paul Sokolowski

Offered

City First semester 2007 (Evening)

Synopsis

* Relative tax-efficiency of corporate and unincorporated entities in the conduct of businesses.

• The law relating to the income and capital gains taxation of business trusts, not including unit trusts.
• Current income and capital gains taxation of partnerships, not including limited partnerships.
• Consideration of the joint venture phenomenon and various income and capital gains taxation alternatives it accommodates.
• Comparison of trust, partnership and joint venture taxation regimes in comparable countries.

Objectives

Upon completion of this unit, a student should

1. be familiar with the taxation consequences of different business structures and the situations where an unincorporated enterprise may be preferred;
2. understand the provisions of the Income Tax Assessment Act 1936 (Cth) relevant to the taxation of trusts (other than unit trusts), including present entitlement, deemed present entitlement and the attribution regimes for transferor trusts, controlled foreign trusts and foreign investment funds;
3. understand provisions of the Income Tax Assessment Act 1936 (Cth) relevant to the taxation of persons conducting business in partnership;
4. understand provisions of the Income Tax Assessment Act 1936 (Cth) which supply alternative regimes for persons conducting business as a joint venture;
5. be able to identify principles, laws and precedents bearing on the taxation consequences of choosing an unincorporated business structure; and
6. have developed skills of oral presentation of legal policy, rules and argument in an interactive seminar context, including considerations of fairness, symmetry and efficiency.

Assessment

Research paper (3,750) words: 50% Class participation/presentation: 10% Final examination (2.5 hours): 40%