Taxation Practice for Accountants provides students with knowledge of the taxation system and its administration in Australia and with necessary skills to work in the area of taxation practice. Topics covered reflect areas of taxation that are most frequently dealt with by accountants working in tax practice, and the teaching approach is designed to equip students with work-ready skills. Emphasis is placed on understanding compliance with statutory and professional requirements, and their application to current issues. This subject should be completed by students pursuing admission to Australian professional accounting bodies' programs.
|Academic unit:||Bond Business School|
|Subject title:||Taxation Practice for Accountants|
Delivery & attendance
|Attendance and learning activities:||Attendance at all sessions is strongly recommended. The classes run in a seminar format (not lectures & tutorials) and new material will be covered in each session. It is difficult to recover if you miss a session. Attendance will be monitored and could impact the final mark in this subject. This is an ADVANCED level subject. A significant amount of study outside class time is expected. Students may find that they need to dedicate more than the average recommended personal study hours if they wish to achieve a higher grade.|
|Prescribed resources:|| |
|[email protected] & Email:||[email protected] is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.|
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Know the sources of taxation regulation in Australia and describe the framework in which taxation is administered.
- Identify and describe the fundamentals of calculating the taxable income and tax payable for individuals and common tax entities.
- Identify and describe various types of taxation including income tax, capital gains tax, goods and services tax and fringe benefits tax.
- Apply knowledge of taxation regulation to perform basic taxation calculations for common tax entities.
- Describe the professional and statutory obligations associated with taxation practice and explain how they influence practitioner conduct.
- Describe and demonstrate the use of information systems in taxation practice.
|Online Quiz||Two online quizzes, each worth 5%||10%||Progressive||1, 2, 3, 4, 5, 6.|
|Written Report||Minor Assignment: Report to client on the GST & FBT implications on a range of transactions.||10%||Week 4||1, 2, 3, 4, 5.|
|Skills Assignment||Major Assignment: Preparation of an individual income tax return using Xero Tax software, supporting work papers and letter of advice to client.||30%||Week 9||1, 2, 3, 4, 6.|
|Paper-based Examination (Limited Open)||Final Examination Limited Open Book||50%||Final Examination Period||1, 2, 3, 4, 5.|
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
|High Distinction||85-100||Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.|
|Distinction||75-84||Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.|
|Credit||65-74||Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.|
|Pass||50-64||Usually awarded to students whose performance meets the requirements set for work provided for assessment.|
|Fail||0-49||Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.|
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Students must check the [email protected] subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.
Policy on plagiarism
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
History, structure & sources of Australian taxation law; Avoidance & Evasion; The role of Agents & Ethics; The taxation formula; Residence & Source.
GST registration and administration; Types of supplies; Calculation and reporting.
Types of benefits; Exclusions; Taxable value; Calculation & reporting.
Assessable income; income from personal services & employment; Income from business & property; Compensation.
Capital Gains Tax
General deductions; Specific deductions
Capital Allowances & Capital Works; Tax accounting & trading stock.
Levies, offsets & calculation tax payable; Preparation of tax return for individual taxpayer.
Xero Tax demonstration
Partnership & Trust structures; Tax treatment of partnership & trust income
Taxation of company profits & distributions; Franking accounts; Anti-avoidance provisions; Returns & Assessments; Tax collections, penalties & interest; Objections & Appeals; ATO Powers.
Putting it all together; Exam preparation.