School: Business and Law

This unit information may be updated and amended immediately prior to semester. To ensure you have the correct outline, please check it again at the beginning of semester.

Your unit may be subject to government or third party COVID-19 vaccination requirements. Please consider this before enrolling in this unit, and speak with the unit coordinator if this raises any concerns.

  • Unit Title

    Income Tax Framework II
  • Unit Code

    LAW2410
  • Year

    2022
  • Enrolment Period

    1
  • Version

    1
  • Credit Points

    15
  • Full Year Unit

    N
  • Mode of Delivery

    On Campus
    Online
  • Unit Coordinator

    A/Prof Prafula Raychand PEARCE

Description

Income Tax Framework provides a practical introduction to Australian taxation law. Students will identify legislation including income tax, consumption taxes, goods and services tax, capital gains tax, fringe benefits tax and determine the tax payable for individuals and business entities, companies, trusts and minors.

Prerequisite Rule

Students must have passed LAW1100.

Learning Outcomes

On completion of this unit students should be able to:

  1. Demonstrate the ability to develop analytic and problem solving skills.
  2. Demonstrate an understanding of the fundamental legal principles relating to Income Tax, Goods and Services Tax and Fringe Benefits Tax.
  3. Demonstrate an ability to apply the fundamental legal principles relating to Income Tax, Goods and Services Tax and Fringe Benefits Tax to practical situations including the ability to ascertain the taxable income of and tax payable by taxpayers.
  4. Discuss the main features of the Income Tax Assessment Acts.

Unit Content

  1. Introduction - Constitutional basis, Sources of Taxation Law and Institutional framework of Tax Administration in Australia.
  2. Goods and Services Tax.
  3. Income: ordinary income, statutory income, exempt income and non-assessable non-exempt income, income from personal exertion, income from property and income from a business, revenue versus capital distinction, and offsets.
  4. Deductions: general and specific deductions, deductions in carrying on a business, trading stock calculation and valuation.
  5. Uniform Capital Allowances: Depreciating assets using the prime cost method and diminishing value method; explain and calculate balancing adjustments
  6. Capital Gains Tax (CGT): Basic CGT concept including CGT exemptions and concessions; the application of gains and losses and the calculation of the discount; calculating a taxpayer's capital gain or loss.
  7. Partnership: Determine what a partnership is and discuss the general tax principles for partnerships; to calculate the net income of a partnership including the partner's share of net income
  8. Minors and Trusts: Income of Minors, identify common types of trusts, calculate the net income or loss of a trust, and how the net income of a trust is taxed.
  9. Goods and Services Tax (GST): The administration and compliance of GST, and its interaction with Income Tax; GST Framework and calculate net GST payable/refundable.
  10. Fringe Benefits Tax (FBT) and Employment remuneration: The FBT Framework and calculate FBT payable, pay as you go (PAYG)/pay as you earn (PAYE) system of taxation collection and the treatment of allowances to individual taxpayers; tax treatment of salary sacrifice into superannuation
  11. International Transactions: Taxation issues associated with non-complex international transactions; tax payable by taxpayers in receipt of foreign income

Learning Experience

ON-CAMPUS

Students will attend on campus classes as well as engage in learning activities through ECU's LMS

JoondalupMount LawleySouth West (Bunbury)
Semester 113 x 2 hour lectureNot OfferedNot Offered
Semester 113 x 1 hour tutorialNot OfferedNot Offered
Semester 213 x 2 hour lectureNot OfferedNot Offered
Semester 213 x 1 hour tutorialNot OfferedNot Offered

For more information see the Semester Timetable

ONLINE

Students will engage in learning experiences via ECU’s LMS as well as additional ECU learning technologies

Additional Learning Experience Information

Students will learn to access a vast array of online resources at the Australian Taxation Office website, including various Tax Legislation, Public Rulings, Determinations and Guidelines from the Legal Databases.

Assessment

GS1 GRADING SCHEMA 1 Used for standard coursework units

Students please note: The marks and grades received by students on assessments may be subject to further moderation. All marks and grades are to be considered provisional until endorsed by the relevant School Progression Panel.

ON CAMPUS
TypeDescriptionValue
Tutorial PresentationTutorial Participation10%
TestMid Term Test30%
ExaminationFINAL EXAMINATION60%
ONLINE
TypeDescriptionValue
ExaminationFINAL EXAMINATION60%
Tutorial PresentationTutorial Participation10%
TestMid Term Test30%

Disability Standards for Education (Commonwealth 2005)

For the purposes of considering a request for Reasonable Adjustments under the Disability Standards for Education (Commonwealth 2005), inherent requirements for this subject are articulated in the Unit Description, Learning Outcomes and Assessment Requirements of this entry. The University is dedicated to provide support to those with special requirements. Further details on the support for students with disabilities or medical conditions can be found at the Access and Inclusion website.

Academic Integrity

Integrity is a core value at Edith Cowan University, and it is expected that ECU students complete their assessment tasks honestly and with acknowledgement of other people's work. This means that assessment tasks must be completed individually (unless it is an authorised group assessment task) and any sources used must be referenced.

Breaches of academic integrity can include:

Plagiarism

Copying the words, ideas or creative works of other people, without referencing in accordance with stated University requirements. Students need to seek approval from the Unit Coordinator within the first week of study if they intend to use some of their previous work in an assessment task (self-plagiarism).

Unauthorised collaboration (collusion)

Working with other students and submitting the same or substantially similar work or portions of work when an individual submission was required. This includes students knowingly providing others with copies of their own work to use in the same or similar assessment task(s).

Contract cheating

Organising a friend, a family member, another student or an external person or organisation (e.g. through an online website) to complete or substantially edit or refine part or all of an assessment task(s) on their behalf.

Cheating in an exam

Using or having access to unauthorised materials in an exam or test.

Serious outcomes may be imposed if a student is found to have committed one of these breaches, up to and including expulsion from the University for repeated or serious acts.

ECU's policies and more information about academic integrity can be found on the student academic integrity website.

All commencing ECU students are required to complete the Academic Integrity Module.

Assessment Extension

In some circumstances, Students may apply to their Unit Coordinator to extend the due date of their Assessment Task(s) in accordance with ECU's Assessment, Examination and Moderation Procedures - for more information visit https://askus2.ecu.edu.au/s/article/000001386.

Special Consideration

Students may apply for Special Consideration in respect of a final unit grade, where their achievement was affected by Exceptional Circumstances as set out in the Assessment, Examination and Moderation Procedures - for more information visit https://askus2.ecu.edu.au/s/article/000003318.

LAW2410|1|1

School: Business and Law

This unit information may be updated and amended immediately prior to semester. To ensure you have the correct outline, please check it again at the beginning of semester.

Your unit may be subject to government or third party COVID-19 vaccination requirements. Please consider this before enrolling in this unit, and speak with the unit coordinator if this raises any concerns.

  • Unit Title

    Income Tax Framework II
  • Unit Code

    LAW2410
  • Year

    2022
  • Enrolment Period

    2
  • Version

    1
  • Credit Points

    15
  • Full Year Unit

    N
  • Mode of Delivery

    On Campus
    Online
  • Unit Coordinator

    A/Prof Prafula Raychand PEARCE

Description

Income Tax Framework provides a practical introduction to Australian taxation law. Students will identify legislation including income tax, consumption taxes, goods and services tax, capital gains tax, fringe benefits tax and determine the tax payable for individuals and business entities, companies, trusts and minors.

Prerequisite Rule

Students must have passed LAW1100.

Learning Outcomes

On completion of this unit students should be able to:

  1. Demonstrate the ability to develop analytic and problem solving skills.
  2. Demonstrate an understanding of the fundamental legal principles relating to Income Tax, Goods and Services Tax and Fringe Benefits Tax.
  3. Demonstrate an ability to apply the fundamental legal principles relating to Income Tax, Goods and Services Tax and Fringe Benefits Tax to practical situations including the ability to ascertain the taxable income of and tax payable by taxpayers.
  4. Discuss the main features of the Income Tax Assessment Acts.

Unit Content

  1. Introduction - Constitutional basis, Sources of Taxation Law and Institutional framework of Tax Administration in Australia.
  2. Goods and Services Tax.
  3. Income: ordinary income, statutory income, exempt income and non-assessable non-exempt income, income from personal exertion, income from property and income from a business, revenue versus capital distinction, and offsets.
  4. Deductions: general and specific deductions, deductions in carrying on a business, trading stock calculation and valuation.
  5. Uniform Capital Allowances: Depreciating assets using the prime cost method and diminishing value method; explain and calculate balancing adjustments
  6. Capital Gains Tax (CGT): Basic CGT concept including CGT exemptions and concessions; the application of gains and losses and the calculation of the discount; calculating a taxpayer's capital gain or loss.
  7. Partnership: Determine what a partnership is and discuss the general tax principles for partnerships; to calculate the net income of a partnership including the partner's share of net income
  8. Minors and Trusts: Income of Minors, identify common types of trusts, calculate the net income or loss of a trust, and how the net income of a trust is taxed.
  9. Goods and Services Tax (GST): The administration and compliance of GST, and its interaction with Income Tax; GST Framework and calculate net GST payable/refundable.
  10. Fringe Benefits Tax (FBT) and Employment remuneration: The FBT Framework and calculate FBT payable, pay as you go (PAYG)/pay as you earn (PAYE) system of taxation collection and the treatment of allowances to individual taxpayers; tax treatment of salary sacrifice into superannuation
  11. International Transactions: Taxation issues associated with non-complex international transactions; tax payable by taxpayers in receipt of foreign income

Learning Experience

ON-CAMPUS

Students will attend on campus classes as well as engage in learning activities through ECU's LMS

JoondalupMount LawleySouth West (Bunbury)
Semester 113 x 2 hour lectureNot OfferedNot Offered
Semester 113 x 1 hour tutorialNot OfferedNot Offered
Semester 213 x 2 hour lectureNot OfferedNot Offered
Semester 213 x 1 hour tutorialNot OfferedNot Offered

For more information see the Semester Timetable

ONLINE

Students will engage in learning experiences via ECU’s LMS as well as additional ECU learning technologies

Additional Learning Experience Information

Students will learn to access a vast array of online resources at the Australian Taxation Office website, including various Tax Legislation, Public Rulings, Determinations and Guidelines from the Legal Databases.

Assessment

GS1 GRADING SCHEMA 1 Used for standard coursework units

Students please note: The marks and grades received by students on assessments may be subject to further moderation. All marks and grades are to be considered provisional until endorsed by the relevant School Progression Panel.

ON CAMPUS
TypeDescriptionValue
Tutorial PresentationTutorial Participation10%
TestMid Term Test30%
ExaminationFINAL EXAMINATION60%
ONLINE
TypeDescriptionValue
ExaminationFINAL EXAMINATION60%
Tutorial PresentationTutorial Participation10%
TestMid Term Test30%

Disability Standards for Education (Commonwealth 2005)

For the purposes of considering a request for Reasonable Adjustments under the Disability Standards for Education (Commonwealth 2005), inherent requirements for this subject are articulated in the Unit Description, Learning Outcomes and Assessment Requirements of this entry. The University is dedicated to provide support to those with special requirements. Further details on the support for students with disabilities or medical conditions can be found at the Access and Inclusion website.

Academic Integrity

Integrity is a core value at Edith Cowan University, and it is expected that ECU students complete their assessment tasks honestly and with acknowledgement of other people's work. This means that assessment tasks must be completed individually (unless it is an authorised group assessment task) and any sources used must be referenced.

Breaches of academic integrity can include:

Plagiarism

Copying the words, ideas or creative works of other people, without referencing in accordance with stated University requirements. Students need to seek approval from the Unit Coordinator within the first week of study if they intend to use some of their previous work in an assessment task (self-plagiarism).

Unauthorised collaboration (collusion)

Working with other students and submitting the same or substantially similar work or portions of work when an individual submission was required. This includes students knowingly providing others with copies of their own work to use in the same or similar assessment task(s).

Contract cheating

Organising a friend, a family member, another student or an external person or organisation (e.g. through an online website) to complete or substantially edit or refine part or all of an assessment task(s) on their behalf.

Cheating in an exam

Using or having access to unauthorised materials in an exam or test.

Serious outcomes may be imposed if a student is found to have committed one of these breaches, up to and including expulsion from the University for repeated or serious acts.

ECU's policies and more information about academic integrity can be found on the student academic integrity website.

All commencing ECU students are required to complete the Academic Integrity Module.

Assessment Extension

In some circumstances, Students may apply to their Unit Coordinator to extend the due date of their Assessment Task(s) in accordance with ECU's Assessment, Examination and Moderation Procedures - for more information visit https://askus2.ecu.edu.au/s/article/000001386.

Special Consideration

Students may apply for Special Consideration in respect of a final unit grade, where their achievement was affected by Exceptional Circumstances as set out in the Assessment, Examination and Moderation Procedures - for more information visit https://askus2.ecu.edu.au/s/article/000003318.

LAW2410|1|2