This subject provides an overview of the Australian taxation system and the conceptual framework in which it operates. The topics include essential areas of taxation that are most frequently dealt with by accountants working in tax practice, including compliance with statutory and professional obligations and their application. The subject is designed around an applied approach to learning that focuses on authentic professional tasks and situations.
|Academic unit:||Bond Business School|
|Subject title:||Taxation Practice for Accountants|
Delivery & attendance
|Attendance and learning activities:||Acquisition of the current version of the prescribed textbook is essential. Students will be provided with free access to tax preparation software for completion of the major assignment. Attendance at all class sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible.|
|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:
- Explain and cite the sources of taxation regulation in Australia and describe the framework in which taxation is administered.
- Interpret and apply a range of taxation provisions including income tax, capital gains tax, goods and services tax and fringe benefits tax, and administrative regulations, and explain the implications for taxpayers.
- Analyse and solve taxation problems and calculate income tax, capital gains tax, fringe benefits tax, goods and services tax and other associated liabilities for a range of individuals and common tax entities.
- Use professional tax preparation software to generate an income tax return and create a set of supporting working papers.
- Communicate technical advice to clients and other parties regarding the taxation implications of proposed transactions in a professionally written report.
- Explain the professional and statutory obligations associated with taxation practice and the implications for practitioner conduct expectations.
|Written Report||Report to a client on the GST & FBT implications of a range of transactions||15%||Week 4||1, 2, 3, 5.|
|Skills Assignment||Create a set of work papers, use tax preparation software to prepare an individual income tax return, and write a letter of advice to client.||35%||Week 10||1, 2, 3, 4, 5.|
|Paper-based Examination (Open) ^||Comprehensive Final examination. Students are allowed to bring the textbook and other reference materials into the exam.||50%||Final Examination Period||1, 2, 3, 5, 6.|
Students must pass the final examination to pass the subject.
- ^ Students must pass this assessment to pass the subject
- * 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.
Additional subject information
As part of the requirements for Business School quality accreditation, the Bond Business School employs 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.
An introduction to the purpose of taxation, along with a brief history and the structure and sources of Australian Taxation Law, the taxation formula and the concepts of residence & source.
Outline the GST regime operating in Australia, including the fundamental concepts contained in the legislation such as categories of supplies, input tax credits, creditable acquisitions and the treatment of importations. GST administration, registration and reporting requirements will be discussed.
Investigate the operation of the FBT regime. Explore the concept of a fringe benefit, categories of benefits and exclusions identified in the legislation, before calculating the taxable value, grossed-up taxable value and FBT payable by employers.
Use legislation, case law and ATO rulings to differentiate between capital and revenue receipts and classify receipts from a variety of sources as ordinary income, statutory income, exempt income or non-assessable non-exempt (NANE) income.
Introduce a range of CGT Events, exemptions and rules that determine the options and calculation methods available to taxpayers who realise a capital gain.
Explore a range of general and specific deductions and the requirements that must be satisfied before a deduction is available to a taxpayer.
Capital Allowances & Capital Works expand on the area of the specific deductions and looks at the rules and methods available to claim deductions for certain capital assets over time. This topic also explores the timing of a variety of transactions, accounting methods available to business taxpayers, and the definition, treatment and valuation of trading stock.
The Australian tax system also provides a mechanism for collection of taxes levied and various other amounts payable by Australian residents. Relief is available to some taxpayers in the form of offsets. Calculate income tax liabilities and apply a selection of levies and offsets for individual taxpayers.
Investigate Partnership & Trust structures and their legal status under both common and taxation law. Special issues arising from the use of these structures will be discussed and the calculation and distribution of taxable income to partners and beneficiaries will be demonstrated.
Explore the taxation of company profits and distributions to shareholders, along with the use of Franking accounts to track imputation credits attached to dividends. Introduce some special rules relating to the companies, including their ability to utilise carried forward losses. Investigate the role of tax agents and professional ethics and a range of anti-avoidance provisions and administrative aspects of the Australian taxation system.