One Semester

3 Hours per Week

Lilydale

Credit Points: 12.5 Credit Points

Related Course/s:

Effective 2010, current students refer to unit outline

This is a prescribed unit of study in the Business Major/s. It may also be undertaken as a unit of study in any other Swinburne degree program, subject to the prerequisite and degree requirements.

Aims & Objectives:

The overall unit objective is to develop in students an understanding and awareness of the Income Tax Assessment Act and its complexities, together with those acts which are complementary to the Assessment Act such as related legislation and relevant case law. Specifically, the course will:
• Familiarise students with recent court and Administrative Appeals Tribunal decisions in the area of income taxation
• Develop analytical and problem solving skills in developing arguments for the solution of practical problems and case studies
• Develop research skills in students in relation to current and landmark taxation cases
• Develop in students the ability to demonstrate and apply an understanding of the practical and theoretical issues of income, capital and deductions for various taxable entities

Teaching Methods:

This unit will be taught in a variety of modes including face to face, online, distance and blended modes. Delivery of this unit may be through a mixture of lectures, tutorials, laboratories, seminars and online.

Assessment:

Mid-semester test 10 - 20%
Assignment 20 - 30%
Final exam 50 - 60%

Generic Skills Outcomes:

The teaching/learning methods and approaches used in LBC301 are designed to help students attain particular understandings, abilities and skills considered desirable in a Swinburne graduate. These include the following key generic skills:
• teamwork skills
• analysis skills
• problem solving skills
• communications skills
• ability to tackle unfamiliar problems
• ability to work independently

Content:

Topics covered include the nature of assessable income, specific income types, source, residency and derivation, eligible termination payments, capital gains tax, allowable deductions and the provisions relating to companies, partnerships, individuals and an introduction to Fringe Benefits Tax.

Module 1 Income:
Introduction to the ITAA Source, Residency and Derivation. Income and Capital. Assessable Income. Eligible Termination Payments. Capital Gains Tax

Module 2
Deductions: Deductions - Part one. Deductions - Part two. Specific Deductions and Substantiation. Trading Stock and Capital Allowances

Module 3
Taxable Entities: Taxation of Individuals and Partnerships. Taxation of Companies and Shareholders

Module 4 Other Taxes: Introduction to Fringe Benefits Tax

Textbooks:

Recommended Reading:

References: