Outline

Overview

This advanced unit examines the policy and practical issues that arise in Australia for the taxation of income derived through partnerships and trusts which are generally transparent for tax purposes, with a twofold focus: first for private business and investment; secondly for collective investment. The unit covers: problems and policies for taxing entities (partnerships and trusts contrasted with companies); classification of entities for tax purposes; taxation of partners and trust beneficiaries in a private business/high wealth context; taxation of collective investment vehicles mainly in the form of trusts and partnerships, including Attribution Managed Investment Trusts, Corporate Collective Investment Vehicles, Managed Investment Trusts, listed investment companies, public trading trusts, limited partnerships, venture capital, foreign hybrids, and investment manager regime.

Unit details and rules

Unit code	LAWS6118
Academic unit	Law
Credit points	6
Prohibitions ?	None
Prerequisites ?	None
Corequisites ?	None
Assumed knowledge ?	It is assumed that students undertaking this unit have an understanding of Australian income taxation law commensurate with that which would be obtained from completing undergraduate study in Australian taxation law or five years working with Australian tax law in a law or accounting practice in an industry role or in the Australian Taxation Office. For students who do not have such knowledge or work experience they first should undertake LAWS6825 Introduction to Australian Business Tax before enrolling in this unit.
Available to study abroad and exchange students	No

Teaching staff

Coordinator	Richard Vann, richard.vann@sydney.edu.au
Lecturer(s)	Richard Vann, richard.vann@sydney.edu.au
Lecturer(s)	Celeste Black, celeste.black@sydney.edu.au

Type	Description	Weight	Due	Length
In-semester test (Take-home short release)	Problem-based test (40%) Problem- based questions, 1500 words	0%	Week 05 Due date: 02 Sep 2022 at 14:00	1 hour
Outcomes assessed:
Assignment	Optional capstone essay outline (0%) Outline for those who choose to do capstone in lieu of final exam	0%	Week 05 Due date: 30 Aug 2022 at 17:00	250 words
Outcomes assessed:
Final exam (Take-home short release)	Final exam (60%) Problem-based questions, 3000 words	0%	Week 09 Due date: 04 Oct 2022 at 14:00	2 hours
Outcomes assessed:
Assignment	Optional Capstone essay (60%) Optional Capstone essay, 7500 words	0%	Week 09 Due date: 04 Oct 2022 at 16:45 Closing date: 18 Oct 2022	7500 words
Outcomes assessed:
= Type D in-semester exam ? = Type D final exam ?

Assessment summary

1,500 word Problem-based test (40%)

A 90 minute test (including 30 minutes reading time) will be released at 14:00 on 2 September 2022. Upload time of 14 mintues and 59 seconds is in addition. The test is therefore due at 15:44:59 on 2 September 2022. The test will consist of three questions and will cover Problems 1-6. There is a total 1500 word limit on answers, and this will include: bibliography; footnote numbers; footnote citation; cover page, body text; headings and subheadings; quotations.

3,000 word Final exam (60%)

A 150 minute final exam (including 30 minutes reading time) will be released at 14:00 on 4 October 2022. Upload time of 14 mintues and 59 seconds is in addition. The test is therefore due at 16:44:59 on 4 October 2022. The material in the 90 minute test will not be directly examined again in the exam but may form necessary background to answering a question on another area of the unit. The exam will consist of three questions of which you are required to answer two questions. There is a total 3000 word limit on exam answers, and this will include: bibliography; footnote numbers; footnote citation; cover page, body text; headings and subheadings; quotations.

Optional Capstone Essay Outline (0%)

Students wishing to take the option of a Capstone Essay should reach agreement on an essay topic with the unit of study coordinator by 30 August 2022. This should take the form of a 250 word Outline of the proposed capstone essay.

Optional Capstone Essay (60%) in lieu of Final Exam, with permission

LLM students who are undertaking this unit towards the end of their degree, and need a capstone experience to complete their degree, may wish to apply to the unit coordinator to undertake the assessment option of a Capstone Essay. The Capstone Essay will replace the final exam (counting for 60% of the final mark) and be at least 7000 words with a maximum of 7,500 words (including footnotes but not including bibliography). Your essay should comply with Academic Integrity requirements, and be submitted in compliance with assignment submission requirements.

You are required to submit the Capstone Essay in electronic form via the Canvas site by 16:45 on 4 October 2022 [same date as final exam].

Your essay topic should respond to the material covered in the present unit. However, at the same time, in order to serve as a capstone for your LLM, it should build upon the learning that has taken place during your LLM studies more generally.

Assessment criteria

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100	Completely answers the question. Contains striking originality of approach or analysis. Demonstrates exhaustive or innovative research (where independent research required). Exceptionally well written, structured and expressed. Is otherwise exceptional in some way.
Distinction	75 - 84	Completely answers the question. Achieves a critical and evaluative approach to the issues. Content and structure is well organised in support of the argument. Demonstrates extensive research and analysis to support a well-documented argument. Generally well expressed and free from errors. Has a clear structure and is well articulated.
Credit	65 - 74	Covers main issues fairly well in answering the question. Contains no significant errors. Demonstrates an attempted critical approach to the issues. Demonstrates reasonably sound research and analysis in addressing the key issues. Has a clear structure and reasonably clear expression.
Pass	50 - 64	Identifies the key issues, but does not follow through with a reasoned argument. Contains some significant errors. Displays satisfactory engagement with the key issues. Offers a descriptive summary of material relevant to the question. Superficial use of material, and may display a tendency to paraphrase. Demonstrates little evidence of in-depth research or analysis. Adequate expression. Overall, demonstrates the minimum level of competence in the assessment and satisfies the requirements to proceed to higher-level studies in the degree or subject area.
Fail	0 - 49	Does not answer the question. Contains significant or numerous errors. Few or no identifiable arguments. Content that is inappropriate or irrelevant. Lack of research or analysis. Difficult or impossible to understand through poor grammar, expression or structure. Overall, does not demonstrate the minimum level of competence in the assessment.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

This unit has an exception to the standard University policy or supplementary information has been provided by the unit coordinator. This information is displayed below:

Capstone Essay: The late submission of a piece of assessment, without an approved extension, will attract a penalty of 10% of the total marks available for the piece of assessment per calendar day or part thereof. For example, a submission after 4.45pm but by 11:59pm on the due date for submission will attract a 10% penalty. A submission after midnight of the due date for submission will attract a 20% penalty. A submission on the following day after 12 midnight will attract a 30% penalty, and so on. Penalties for late submission will be applied strictly, subject to a 5 minute grace period. Canvas allows students to submit after the deadline, but all submissions after the due date and time will be recorded as late. The date and time of submission as recorded by Canvas is taken as the official and final record of a student's submission.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Weekly schedule

WK	Topic	Learning activity
Ongoing	Policy and classification of legal entities for tax purposes.	Seminar (6 hr)
	Partnerships and trusts in the SME/HWI context, addressing the following sub-topics: taxation of partners; taxation of trusts and beneficiaries; the start and end of trusts and trust interests, absolute entitlement, and fixed trusts; trust losses; and splitting, diversion and alienation of income through trusts and partnerships.	Seminar (10 hr)
	Trusts and partnerships in the CIV context, addressing the following sub-topics: taxation of unit trusts and unitholders; Managed Investment Trusts (MITs), Attribution Managed Investment Trusts (AMITs) and Corporate Collective Investment Vehicles (CCIVs); trusts and partnerships taxed as companies and the taxation of stapled structures; international influences on taxation of CIVs.	Seminar (10 hr)

Attendance and class requirements

Attendance: All students are required to attend 70% of classes (or as otherwise specified by the Unit Coordinator) to satisfy the pass requirements for each unit of study. Attendance requirements may be satisfied by online attendance as specified by the Unit Coordinator. Failure to meet this requirement may result in a student being precluded from sitting the final assessment.

For units offered in Intensive mode, participation in all scheduled sessions may be expected by a Unit Coordinator in order to satisfy the requirements of the unit.

Word count penalty: A piece of assessment which exceeds the prescribed word limit will attract a penalty of 10% of the total marks available for the piece of assessment for every 100 words, or part thereof. The total word count for essay and other written assessments will include: bibliography; footnote numbers; footnote citation; cover page, body text; headings and sub-headings; quotations.

Referencing: The Sydney Law School expects you to use the Australian Guide to Legal Citation (4th edition, 2018) for your footnoting style, although you should confirm this with your lecturer, and a link to the library website where this is set out comprehensively is available at https://libguides.library.usyd.edu.au/c.php?g=508212&p=3476376

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Students are required to have a copy of the Australian income tax and associated legislation This legislation is reproduced in annual three volume copies by commercial publishers (Thomson Reuters and Wolters Kluwer CCH) and online through various free and subscription websites via the university library law databases http://libguides.library.usyd.edu.au/az.php?s=95247) such as:

Austlii http://www.austlii.edu.au/au/legis/cth/consol_act/toc-I.html (free)

Federal Register of Legislation https://www.legislation.gov.au/ (free)

CCH IntelliConnect (law databases)

Checkpoint Thomson Reuters (law databases)

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. identify and critically assess the policies underlying the legal rules on taxation covered in this unit of study
LO2. interpret the current legal rules on taxation covered in this unit of study and justify your analysis
LO3. evaluate and suggest alternatives to the current legal rules on taxation covered in this unit of study
LO4. apply the current legal rules on taxation covered by this unit of study to practical problems

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

No changes have been made since this unit was last offered

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

LAWS6118: Taxation of Partnerships and Trusts

Intensive August, 2022 [Block mode] - Remote

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect