TBC9100

Income tax law

Mr Grant Richardson

One 3-hour session per week
* First semester
* Clayton

Objectives On completion of this subject the student should be able to understand the taxation concept of income, recognise the major income and deductions 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%

Prescribed texts

Income Tax Assessment Act
Nethercott L and Shaw G Australian taxation study manual 6th edn, CCH, 1996