Taxation (TAX AU) Taxation Australia. Module outline. Last updated: 19 December 2016 taxau316_moduleoutline

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1 Taxation (TAX AU) Taxation Australia Module outline Last updated: 19 December 2016 taxau316_moduleoutline

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3 Chartered Accountants Program Taxation Taxation Australia (TAX AU) Introduction The Taxation Australia (TAX AU) module is a technical module in the Chartered Accountants Program. The module examines and applies relevant Australian taxation law to various tax entities. It is practical in nature with candidates required to explain and calculate the taxation consequences applicable to a range of real-life simulated scenarios, including a comprehensive case study which integrates the various units. Units The TAX AU module comprises the following units: Unit Name of unit Approximate Hours 1 Australian taxation fundamentals 8 2 Trading stock 3 3 GST and other taxes 8 4 Taxation of employment remuneration 8 Online assessment 1 5 Capital gains tax (CGT) fundamentals 7 6 CGT exemptions, rollovers and special topics 9 7 Deductions for capital expenditure 6 8 Small business entities (SBEs) 3 9 Taxation of individuals 3 Online assessment 2 10 Taxation of companies 8 11 Taxation of partnerships 6 12 Taxation of trusts 6 13 Taxation of superannuation funds 4 14 Tax consolidation regime 9 Online assessment 3 15 Taxation of financial transactions 7 16 International taxation issues 7 17 International tax: anti-avoidance 6 18 Tax planning and anti-avoidance provisions 3 19 Tax administration in Australia 3 20 Recent developments and tax reconciliation 6 Final examination 120 Module outline Page 1

4 Taxation Chartered Accountants Program How is the TAX AU module taught? The TAX AU module is 12 weeks in duration and offers flexible learning options with the delivery of materials online through mylearning. mylearning is accessible after you enrol in the module by logging into myaccount and selecting mylearning. Assessment The assessment components are outlined below: 3 online assessments 20%. Final examination 80% (3 hours plus 15 minutes reading time, open book). To pass the module, candidates must pass the final examination (achieve 50% or more of the available marks), and pass the module overall (achieve 50% or more of the available marks). Time allocation The expected workload for this module is a minimum of 10 hours per week over 12 weeks, or 120 hours in total, excluding module orientation, optional virtual classrooms, online assessments and study time for online assessments, and final exam and study time for the final exam. Candidates are advised to plan their enrolment carefully around work and other commitments, to ensure they are able to devote the time required to their studies. Assumed knowledge It is assumed that candidates would have a good understanding of basic taxation principles from their tertiary studies. Detailed below is a summary of the assumed knowledge of the module: Undertake research on taxation-related issues, which includes identifying sources of tax law and key cases. Define the principles of assessable income and identify the difference between revenue and capital receipts as well as between ordinary, statutory and exempt income, and demonstrate an awareness of timing issues. Define the principles of allowable deductions and identify the difference between revenue and capital outgoings and between general and specific deductions with an awareness of timing issues. Understand the taxation implications of individuals, companies, trusts, partnerships and superannuation funds. Describe the administration of taxation in Australia, which includes issues regarding determining the residency of taxpayers and the consequences of tax avoidance or tax evasion. Explain the nature and incidence of fringe benefits tax. Explain the nature and incidence of capital gains tax. Explain the nature and incidence of the goods and services tax. Candidates can check their assumed knowledge for the module by taking the Quiz in mylearning and if necessary, using the recommended resources to refresh their learning. Page 2 Module outline

5 Chartered Accountants Program Taxation Learning resources and supports Each technical module has a range of resources and supports available for candidates, including: Online learning material: Introduction. Core content. Worked examples. Activities. Tax Takes technical videos. Technical issue of the week. Exam preparation series. Unit Quiz. Readings. Quick Reference Guides. Mindmaps. Additional supports: Optional virtual classrooms in weeks 3, 6, 9 and 11 for 1 hour each. The focus will be on fundamental principles and exam preparation. Recordings of the virtual classrooms will also be available these can be accessed by all candidates, regardless of whether or not they attended these sessions. Candidate Study Guide after enrolment in a technical module, candidates will receive a Study Guide containing the core content, readings and activities for that module. Discussion forums Unit forums where candidates can post specific technical questions. Peer-to-peer forum where candidates can form study groups or discuss issues with other candidates. Prior exam papers to help candidates prepare for the final exam there will be prior exam papers and suggested solutions available to download. Prescribed textbook Woellner R, Barkoczy S, Murphy S, Evans C and Pinto D, 2016 Australian taxation law, 26th edn, Oxford University Press, South Melbourne, Victoria. Optional textbook Barkoczy, S, Core Tax Legislation and Study Guide th edn, Oxford University Press, South Melbourne, Victoria. Note: The prescribed textbook 2016 Australian Taxation Law, does not provide access to the text of relevant tax legislation which is referred to as part of required and further reading. This can be accessed by either referring to: (i) Core Tax Legislation and Study Guide 2016 (optional textbook); or (ii) Online at: Australian Taxation Office legal database Legal database Australian Legal Information Institute (AustLII) When accessing the relevant tax legislation online you will need to refer to the law that is applicable to the income tax year ended 30 June 2016 and the fringe benefits tax year ended 31 March 2016, as these are the years covered in the current offering of the module (i.e. TAX316) Module outline Page 3

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