General Information
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, critically analysing real world problems and providing expert judgment. The subject is designed around an applied approach to learning that focuses on authentic professional tasks and situations.
-
Details
Academic unit: Bond Business School Subject code: ACCT71-203 Subject title: Taxation Practice for Accountants Subject level: Postgraduate Semester/Year: May 2023 Credit points: -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Seminar: x12 (Total hours: 24) - Seminar 1
- Seminar: x12 (Total hours: 24) - Seminar 2
- Personal Study Hours: x12 (Total hours: 72) - Recommended study time & reviewing materials
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. -
Resources
Prescribed resources: Books
- Rami Hanegbi, Wes Obst, Jared Clements, Sonali Walpola, Kerrie Sadiq, Sunita Jogarajan, Celeste Black, Richard Krever (2023). Principles of Taxation Law 2023. n/a, Thompson Reuters
iLearn@Bond & Email: iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class 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
| Academic unit: | Bond Business School |
|---|---|
| Subject code: | ACCT71-203 |
| Subject title: | Taxation Practice for Accountants |
| Subject level: | Postgraduate |
| Semester/Year: | May 2023 |
| Credit points: |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| 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: | Books
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class 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 |
Enrolment requirements
| Requisites: |
Nil |
|---|---|
| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge. Assumed Prior Learning (or equivalent):
|
| Restrictions: |
Nil |
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 the sources of taxation regulation in Australia and the framework in which taxation is administered.
- Evaluate a range of taxation provisions including income tax, capital gains tax, goods and services tax and fringe benefits tax, and administrative regulations to determine the implications for taxpayers.
- Calculate income tax payable, 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.
- Evaluate the taxation issues associated with straight forward international transactions.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
-
Assessment details
Type Task % Timing* Outcomes assessed Computer-aided Test (Open) Online Test 1 MCQs and/or short answer questions 15.00% Week 5 2,3 Computer-aided Test (Open) Online Test 2 MCQs and/or short answer questions 20.00% Week 9 2,3 Computer-aided Test (Open) Online Test 3 MCQs and/or short answer questions 15.00% Week 12 1,6 Skills Assignment Preparation of a comprehensive income tax return using Xero Tax software, supporting work papers and a letter of advice to client 50.00% Week 12 1,2,3,4,5,7 - * 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.
-
Assessment criteria
Assessment criteria
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. Quality assurance
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.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Computer-aided Test (Open) | Online Test 1 MCQs and/or short answer questions | 15.00% | Week 5 | 2,3 |
| Computer-aided Test (Open) | Online Test 2 MCQs and/or short answer questions | 20.00% | Week 9 | 2,3 |
| Computer-aided Test (Open) | Online Test 3 MCQs and/or short answer questions | 15.00% | Week 12 | 1,6 |
| Skills Assignment | Preparation of a comprehensive income tax return using Xero Tax software, supporting work papers and a letter of advice to client | 50.00% | Week 12 | 1,2,3,4,5,7 |
- * 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.
Assessment criteria
| 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. |
Quality assurance
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.
Study Information
Submission procedures
Students must check the iLearn@Bond 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 the Lead Educator grants an extension. 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.
Academic Integrity
Bond University‘s Student Code of Conduct Policy , Student Charter, Academic Integrity Policy and our Graduate Attributes guide expectations regarding student behaviour, their rights and responsibilities. Information on these topics can be found on our Academic Integrity webpage recognising that academic integrity involves demonstrating the principles of integrity (honesty, fairness, trust, professionalism, courage, responsibility, and respect) in words and actions across all aspects of academic endeavour.
Staff are required to report suspected misconduct. This includes all types of plagiarism, cheating, collusion, fabrication or falsification of data/content or other misconduct relating to assessment such as the falsification of medical certificates for assessment extensions. The longer term personal, social and financial consequences of misconduct can be severe, so please ask for help if you are unsure.
If your work is subject to an inquiry, you will be given an opportunity to respond and appropriate support will be provided. Academic work under inquiry will not be marked until the process has concluded. Penalties for misconduct include a warning, reduced grade, a requirement to repeat the assessment, suspension or expulsion from the University.
Feedback on assessment
Feedback on assessment will be provided to students according to the requirements of the Assessment Procedure Schedule A - Assessment Communication Procedure.
Whilst in most cases feedback should be provided within two weeks of the assessment submission due date, the Procedure should be checked if the assessment is linked to others or if the subject is a non-standard (e.g., intensive) subject.
Accessibility and Inclusion Support
Support is available to students where a physical, mental or neurological condition exists that would impact the student’s capacity to complete studies, exams or assessment tasks. For effective support, special requirement needs should be arranged with the University in advance of or at the start of each semester, or, for acute conditions, as soon as practicable after the condition arises. Reasonable adjustments are not guaranteed where applications are submitted late in the semester (for example, when lodged just prior to critical assessment and examination dates).
As outlined in the Accessibility and Inclusion Policy, to qualify for support, students must meet certain criteria. Students are also required to meet with the Accessibility and Inclusion Advisor who will ensure that reasonable adjustments are afforded to qualifying students.
For more information and to apply online, visit BondAbility.
Additional subject information
This is a compulsory subject for eligibility requirements for Certified Practising Accountants Australia (CPA Australia) and Chartered Accountants Australia and New Zealand (CA ANZ). 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.
Subject curriculum
-
Taxation in Australia
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.
-
Goods and Services Tax
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.
-
Fringe Benefits Tax
The concept of a fringe benefit is introduced, including categories of benefits, exclusions identified in the legislation and associated calculations.
-
Concepts of Income
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.
-
Capital Gains Tax
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.
-
Deductions
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.
-
Deductions and Timing Issues
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.
-
Tax Payable, Levies and Offsets
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.
-
Tax Administration
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.
-
Xero Tax Software
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.
-
Partnerships and Trusts
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.
-
Superannuation
Examines the basic principles of how superannuation funds operate and how they are taxed. The different types of contributions and phases of superannuation funds are discussed along with the tax treatment of superannuation distributions to recipients.
-
Companies
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.