Monash University Handbook 2011 Undergraduate - Unit

Refer to the specific census and withdrawal dates for the semester(s) in which this unit is offered.

Synopsis

This unit introduces value added tax (VAT) and includes an examination of the taxation of non-residents, farmers, sole traders and partnerships, close corporations and companies. It also includes an examination of capital allowances and trading stock. This unit is a requirement for those students following the route to the qualification of a Chartered Accountant (South Africa).

Objectives

The learning goals associated with this unit are to:

1. describe the rules and sections of the act regarding value added tax (VAT) and to apply them to calculate VAT in a variety of business transactions and practical scenarios
2. calculate the tax payable on businesses
3. differentiate between categories of business for tax purposes, such as sole traders, partnerships, companies and close corporations
4. explain and describe how farmers are taxed and calculate the tax payable by farmers
5. identify and explain capital allowances available and calculate these allowances and
6. explain and describe how non-residents are taxed in South Africa and calculate the relevant taxes.

Assessment

Within semester assessment: 30%
Examination (3 hours): 70%

Contact hours

39 contact hours

Prerequisites

Students must have passed BTW2301 before undertaking this unit