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Unit of study_

LAWS6825: Introduction to Australian Business Tax

Semester 2a, 2023 [Block mode] - Camperdown/Darlington, Sydney

This unit introduces the basic elements of Australia's income tax (including fringe benefits tax and capital gains tax) and Goods and Services Tax, with an emphasis on their impact on businesses, whether conducted directly or via a partnership, trust or company. The unit covers the following topics: the main structural features of the tax system; assessability of business revenue; treatment of business expenses; timing rules for revenue and expense recognition; trading forms (companies, partnerships, trusts), capital raising and costs of servicing invested capital; cross-border issues; and anti-avoidance rules.

Unit details and rules

Unit code LAWS6825
Academic unit Law
Credit points 6
Prohibitions
? 
None
Prerequisites
? 
None
Corequisites
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

No

Teaching staff

Coordinator Micah Burch, micah.burch@sydney.edu.au
Type Description Weight Due Length
Participation Structured Class Participation (10%)
On-call Structured Class Participation
10% Multiple weeks n/a
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
Small test In-class test (30%)
In-class test
30% Week 02
Due date: 10 Aug 2023 at 09:00
1hr - 45min (writing)/15min (reading)
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
Supervised exam
? 
Final exam (60%)
Final exam
60% Week 07 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6

Assessment summary

Structured Class Participation (10%): Participation marks will be assessed primarily, but not only, on a student’s participation when on call. Students who are "on-call" should prepare to discuss and review assigned problem(s) on a seminar topic. 

In-class test (30%): Students will complete a 45 minute in-class test. The duration will be 45 minutes with an additional 15 minutes of reading time (total 1 hour). The test will be held on August 10 commencing at 9.00am Sydney, Australia time. It will be conducted via pen and paper.

Final Exam (60%) The final exam will be held on-campus supervised and hand-written pen to paper. The final exam will be 2 hours (plus 30 minutes reading time). The Final Exam will take place during the week commencing Monday 11 September 2023 (Week 7). The exam timetable will be released by the Exams Office in due course. For further information, please refer to Exam Timetables https://www.sydney.edu.au/students/exams/timetables.html.



Special consideration: Successful grants of Special Consideration may involve alternative tasks, as appropriate. 

Assessment requirements to pass a unit of study: A student must make a genuine attempt at all assessment tasks set out in this Unit of Study in order to obtain a Pass mark and grade (or above); otherwise an Absent Fail grade will be recorded as the student’s result for this Unit of Study. 

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

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 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.
  • Demonstrates the minimum level of competence and satisfies the requirements to proceed to higher-level studies.

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 sydney.edu.au/students/guide-to-grades.

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:

Late penalties do not apply to exams and tests and any late submission will not be accepted.

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.

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.

WK Topic Learning activity Learning outcomes
Ongoing Intro to Australian Tax System; concepts of income; Studying tax law: research and writing Block teaching (4 hr) LO1 LO2 LO3 LO4 LO5 LO6
SCANA [Student Communication and Needs Assessment]. A short online activity designed to give you insights into your academic language skills and connect you with relevant academic support to help you optimize your participation in your studies Independent study (1 hr) LO1 LO2 LO3 LO4 LO5 LO6
Investment income; Capital gains tax Block teaching (4 hr) LO1 LO2 LO3
The existence of a business and business income; Business expenses: relevance, Capital v current expenses Block teaching (3.5 hr) LO1 LO2 LO3
Transactions with inventory (trading stock); capital allowances: depreciation and buildings; Labour costs and Fringe Benefits Tax Block teaching (3.5 hr) LO1 LO2 LO3
Taxation of income derived through entities: partnerships, companies and trusts Block teaching (3.5 hr) LO1 LO2 LO3 LO4 LO5 LO6
International tax: Taxing non-residents and taxing residents on income from offshore Block teaching (3.5 hr) LO1 LO2 LO3
Tax accounting; Basics of tax administration; Ethical conduct and rules to control tax avoidance; Goods and Services Tax Block teaching (4 hr) LO1 LO2 LO3 LO4 LO5 LO6

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 in person attendance as specified by the Unit Coordinator. Failure to meet this requirement may result in a student being precluded from sitting the final assessment.  

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

Legislation
You are required to have access to an up-to-date (2023) version of the income tax legislation. The student editions of the legislation (one volume) will contain most of the necessary provisions:
Core Tax Legislation & Study Guide (Oxford University Press) (latest edition)
or
Fundamental Tax Legislation (Thomson Reuters) (latest edition) (may be purchased as a bulk pack with the required text)


Required Text
Cooper, Dirkis, Stewart & Vann, Income Taxation: Commentary and Materials, 10th edition (Thomson Reuters, 2023)
The readings for each topic are listed on Canvas.


Cases, rulings and additional statutory materials
Most Australian cases can now be accessed via AustLII: http://www.austlii.edu.au/
Tax rulings and other administrative materials are available from the ATO’s legal database: https://www.ato.gov.au/law/#Law
Statutory material (including the explanatory memorandum to a bill) can be found at the Federal Register of Legislation: https://www.legislation.gov.au/Home

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.

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

  • LO1. demonstrate your understanding of the operation of the Australian income tax law for business, whether conducted directly or via a company, partnership or trust
  • LO2. apply Australian income tax law to a broad range of common domestic commercial transactions, including the timing (tax accounting) rules that apply thereto
  • LO3. recognise and analyse common income tax issues which could arise in international commercial transactions
  • LO4. demonstrate your understanding of the operation of the Goods and Services Tax and the Fringe Benefits Tax
  • LO5. demonstrate an understanding of the framework for the administration of the income tax
  • LO6. demonstrate an awareness of the ethical responsibilities of tax advisors under the Tax Agent Services Act.

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
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

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.