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:||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
There are no co-requisites.
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.
- 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.
- 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.
- Create an individual tax return using professional tax preparation software and create a set of supporting working papers.
- Demonstrate the ability to professionally communicate taxation information to clients and other parties in writing.
- Explain the professional and statutory obligations associated with taxation practice and the expectations for practitioner conduct.
|Online Quiz||Online quiz||5%||Week 4||1, 2, 3, 6.|
|Written Report||Report to client on the GST & FBT implications on a range of transactions.||10%||Week 5||1, 2, 3, 5.|
|Online Quiz||Online quiz||5%||Week 8||1, 2, 3, 6.|
|Skills Assignment||Preparation of an individual income tax return using Xero Tax software supporting work papers and a letter of advice to the client.||30%||Week 10||1, 2, 3, 4, 5.|
|Paper-based Examination (Limited Open)||Comprehensive final examination. Students are allowed to bring the text book for reference during the exam, but notes are not permitted.||50%||Final Examination Period||1, 2, 3, 5, 6.|
- * 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.
An introduction to the purpose of taxation, including a brief history of Australian Taxation Law. Guidance will be provided on how to approach taxation law questions before presenting “The taxation formula” and the concepts of residence and source.
Outline the GST regime, and fundamental legislative concepts, such as categories of supplies, input tax credits, creditable acquisitions and the treatment of importations. While the focus will be on the calculation of GST liability, administration, registration and reporting requirements will also be addressed.
The concept of a fringe benefit is introduced, including categories of benefits, exclusions identified in the legislation and associated calculations.
Income tax is levied on taxable Income. The key component of taxable income is assessable income which may be derived from personal services and employment, business and property and/or compensation. Examines legislation, case law and ATO rulings that differentiate between capital and revenue receipts and affect the classification of receipts as ordinary or statutory income.
Introduces a range of capital gains tax (CGT) events, exemptions and rules that determine the calculation methods available to taxpayers. The options available regarding CGT and methods for calculating assessable capital gains on a range of assets are also considered.
Assessable income is reduced by allowable deductions to reach a taxable income figure. Allowable deductions can be categorised as general deductions or specific deductions. This topic explores the requirements that must be satisfied before a deduction is available. Students will analyse a range of expenses and determine if a taxpayer is able to claim a deduction under the general or specific provisions.
Explores the timing of a variety of transactions, accounting methods available to business taxpayers, and the definition, treatment and valuation of trading stock. Capital allowances and 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.
The Australian tax system also provides a mechanism for collection of various other amounts payable by Australian residents and relief is available to some taxpayers in the form of offsets. Students will calculate income tax liabilities and a selection of levies and offsets for individual taxpayers. The approach to the calculation of taxable income and net income tax payable will be demonstrated using a comprehensive example.
Xero Tax software is used to demonstrate the preparation of an income tax return for an individual taxpayer. The focus will be on the use of correct reporting labels and the use of supporting schedules and worksheets within the return.
Investigates partnership and 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.
Explores taxation of company profits and distributions to shareholders, along with the use of franking accounts to track imputation credits attached to dividends. Special rules relating to companies, including the use of carried forward losses, is also considered. Students will differentiate between tax avoidance and tax evasion and investigate a selection of anti-avoidance provisions. A range of administrative aspects of the Australian taxation system will be analysed.