792-238 Taxation Practice

Credit Points

HECS Band

Coordinator

Semester

Contact

Subject Description

The objective of this subject is to develop participants' ability to:

• understand the relevance of the taxation system in the Australian economy;

• determine if a taxpayer is entitled to primary production concessions;

• understand the concept of taxable income and allowable deductions;

• determine the taxable income of a primary producer;

• calculate tax payable applying to primary producers under the averaging provision including provisional tax;

• indicate how the taxation position may be managed through planning strategies;

• state how information should be given to an accountant or tax agent for the preparation of income tax returns; and

• state whether or not capital gain tax or fringe benefits tax would be payable.

The content includes the Australian taxation system; taxation of primary producers; various aspects to establish primary producer status; taxation forms; rates of tax; leaven and rebates; accessible income; allowable deductions; taxable income; depreciation; substantiation; special concessions: averaging of income, income equalisation deposits, elections etc.; provisional tax; capital gains tax; fringe benefits tax; tax planning strategies; and professional tax advice.

Assessment

Internal students: 2-hour examination (50%); assignment (50%). External students: two assignments (40%, 60%).