Authorised by Academic Registrar, April 1996
Objectives On completion of this subject the student should be able to understand the taxation concept of income, recognise the major income and deducations components comprising taxable income; identify the main taxable entities and understand how they are taxed; understand and apply the administrative aspects of law; demonstrate an awareness of current tax developments.
Synopsis The subject will consider the following topics; the tax concept of assessable income including consideration of receipts in relation to employment and fringe benefits; capital gains tax, trading stock; the tax concept of allowable deductions including consideration of Section 51; substantiation; repairs; depreciation; other deductions and carry forward losses; dividends and company taxation; partnerships and trusts; administrative provisions and tax avoidance.
Assessment Written: 20% + Examination (3 hours): 80% + Series of class discussion problems