BUS303 - TJA Unit Guide PDF

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BUS303 Taxation

Unit Information and Learning Guide Teaching Period:

This information should be read in conjunction with the online learning materials which can be found on your MyUnits page.

Unit coordinator: Mellisa Lewis College of Arts, Business, Law and Social Sciences

© Published by Murdoch University, Perth, Western Australia.

This publication is copyright. Except as permitted by the Copyright Act no part of it may in any form or by any electronic, mechanical, photocopying, recording or any other means be reproduced, stored in a retrieval system or be broadcast or transmitted without the prior written permission of the publisher.

Contents Unit information Information about the unit Contact details How to study this unit Resources for the unit Study schedule Assessment

Learning guide Please refer to the LMS for information.

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Information about the unit Welcome to: BUS303 Taxation

Unit description This is an introductory unit in income tax. It covers key principles in income law as they apply to all taxpaying entities. Emphasis will be placed on the distinction between capital and income and the development of concepts of income and deductions in determining a tax quantum. Students are encouraged to develop skills in statutory interpretation and case law analysis that will provide them with a base for lifelong learning in a dynamic tax environment.

Prerequisites BUS160 or BUS170 Introduction to Accounting and BUS165 or BSL165 Principles of Commercial Law, and completion of at least 24 Points of Part II level units.

Aims of the unit The unit aims to give you an introductory understanding of the Australian income tax system as it applies to individuals and business enterprises. Upon successful completion of the unit, you will be able to understand how the key provisions of the Income Tax Assessment Act 1936 and 1997 and the Fringe Benefits Tax Assessment Act 1986, operate and interrelate. In addition, you will be able to advise on the assessment of receipts and the deduction of expenditures, and will be able to solve complex problems involving the computation of taxable income and tax liability.

Learning outcomes for the unit On successful completion of the unit you should be able to: LO1. Demonstrate knowledge of taxation LO2. Apply taxation knowledge in practical contexts LO3. Employ individual and team learning strategies that promote intentional learning LO4. Exhibit effective verbal, written and team interpersonal skills in working in a variety of contexts LO5. Evaluate issues and problems and structure

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Graduate attributes developed in the unit This unit will contribute to the development of the following Graduate Attributes. Communication Critical and creative thinking Social interaction Independent and lifelong learning In-depth knowledge of a field of study

What you need to know Generic information which students need to know is available at this “What you need to know” web page. The information includes:  links to the Assessment Policy  a description of Academic Integrity  links to information about: Examinations; Non-discriminatory language; Student appeals; Student complaints; Conscientious objection and assessment policy  determination of grades from components/marks  information for equity students

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Contact details Unit Coordinator’s contact details Name: Mellisa Lewis Email: [email protected]

Local Affiliate contact details You will be notified who your local affiliate will be at the beginning of the teaching period. They will provide you with their contact details directly.

Administrative contact details If you cannot get in touch with your unit coordinator, please contact: [email protected]

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How to study this unit As part of the blended learning format there will be no face to face lectures for this unit. It is the responsibility of the student to review the workshop material prior to coming to the workshop sessions. It will be very difficult to follow the workshop material or even succeed in this unit if a student does not regularly read the material and watch the podcasts. The workshop podcasts can be found on the LMS and should be viewed in conjunction with the workshop notes. Please note that the podcasts are only a snapshot of the key learning outcomes. It is mandatory to also read the relevant text, case and legislation that is assigned to each topic. In addition, students need to set aside enough time to attempt the workshop questions that will form the basis for workshop discussion. The following weekly allocation of time is recommended: Read text material 3 hours Read applicable sections of law 1 hour Read relevant cases noting key decisions/precedent 1 hour Watch Podcasts and review workshop notes 1 hour Study key concepts for tests and exam / work on written assessment 2 hours Complete workshop questions 2 hours

Contact time There are 6 x 3.5 hour workshops and 1 x 3 hour revision session, one every second week throughout the trimester. Students are required to complete reading and activities before and after each workshop. Each workshop has three interconnected components; preworkshop, workshop and post-workshop. Pre-workshop will include: video podcasts, online readings, discussion and other collaborative learning activities. Workshops will include: a review of the pre-workshop materials, discussion questions, case studies and other applied learning activities. Post-workshop will include: summarising, collaborating and reflecting on the topic/s covered.

Time commitment As this is a 3 credit point unit, we expect you to spend 150 hours overall working on this unit.

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Attendance requirements Students should attend and engage in as many of the workshops as possible. Please see the Study Schedule to review session times and contact the local affiliate if you have any queries.

Small group and interactive teaching and learning activities The learning activities may use small group discussions, group work and case study activities.

Unit changes in response to student feedback This unit has been adapted to accommodate student preferences for more online learning. Additional activities have been developed to support student engagement with the process of learning. Student feedback is encouraged and appreciated at all times via communication to the Unit Coordinator.

Non standard teaching period dates Not applicable to this unit.

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Resources for this unit To undertake study in this unit, you will need: Level 3 calculator Essential textbook: Principles of taxation Law 2021 Sadiq, Black, Hanegbi, Jogarajan, Krever, Obst, Ting Thomson Reuters Online resources Legislation, case law and tax rulings can be accessed online: 1. The Australian Taxation Office website – www.ato.gov.au 2. The Australasian Legal Information Institute website (www.austlii.edu.au)

The following will be provided during the teaching period: 1. Electronic copy of the unit information 2. Workshop slides 3. Workshop Podcasts 4. Workshop answers 5. Assessment information and guides 6. Marking rubrics

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Urkund Your Unit Coordinators may use software called Urkund when viewing work that you submit. Urkund is a pattern-matching system designed to compare work submitted by students with other sources from the internet, journals/periodicals, and previous submissions. Its primary purpose is to detect any submitted work that is not original and provide a thorough comparison between the submitted document and the original sources. Urkund replaced Turnitin (the previous pattern-matching software used by Murdoch) in 2016. More information about how to avoid plagiarism is contained within the Murdoch Academic Passport (MAP) unit http://our.murdoch.edu.au/Educational-Development/MurdochAcademic-Passport-MAP/ University policies on academic integrity can be accessed here: http://our.murdoch.edu.au/Educational-technologies/What-you-need-to-know/

Study schedule Session

1 2

3 4 5

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Topic

Topic/Project/Study theme

1.

Taxation Law

2.

Residence and Source

3.

Assessable Income 1

4.

Assessable Income 2

5.

Fringe benefits Tax 1

6.

Fringe benefits Tax 2

7.

Capital gains Tax 1

8.

Capital gains Tax 2

9.

General Deductions

10.

Specific Deductions

11.

Companies and Shareholders

12.

Business - Other

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REVISION SESSION

Assessment items

Due

Short Answer 10%

TBA

Mid test 20%

Short Answer 15%

Assignment 15% Final Exam 40%

Assessment Assessment for this unit is conducted in accordance with the Assessment Policy. http://www.murdoch.edu.au/index/policies/index?Filter=Assessment

Schedule of assessment items You will be assessed on the basis of:

Assessment item

Description

Engagement

Mid Test

Assignment - Individual

Final Test

Aligned Learning Outcomes

Value

Due

Online interaction

LO1 LO2 LO5

15%

Ongoing

Income FBT Capital gain Individual taxpayer Business taxpayer

LO1 LO2 LO5

25%

TBA

LO1 LO2 LO3 LO4 LO5

15%

TBA

Business taxpayer Individual taxpayer

LO1 LO2 LO5

45%

TBA

The final test could have an online written and uploaded presentation component

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Assessment details Engagement – 15% Individual, assessed by the local teaching staff based on online engagement and interaction. Online Mid Test, Open Book – 25% Individual, Date and details will be advised on LMS. Assignment – Individual – 15% - Prepare a report giving taxation advice based on a set of case facts, instructions and due date will be available on LMS. Online Final Test, Open Book – 45% Individual, Date and details will be advised on LMS.

Assignment submission Assignment submission will be completed through the LMS link under the Assignment section. A completed coversheet must be inserted into the first page of the assignment as a picture. Urkund will be used to detect text matching, plagiarism and potential academic conduct.

Determination of the final grade The final grade is made up of the sum of scores achieved across all assessment components. See Section 11 in the current Assessment Policy regarding grades. See in the current Assessment Policy regarding grades. http://www.murdoch.edu.au/index/policies/index?Filter=assessment

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