Taxation of unincorporated enterprises
Mr John Glover
One 2-hour seminar per week * Second semester * City * Prerequisite: LAW4201
Objectives Upon completion of this subject, 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.
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; and comparison of trust, partnership and joint venture taxation regimes in comparable countries.
Assessment Research paper (5000 words): 50% * Class participation\presentation: 10% * Final examination (2.5 hours): 40%
Texts
Printed materials will be issued to students
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