Handbook

Tax affects all of business and investment. Do you want to have a good knowledge of how tax affects those involved with businesses and investments, and understand how the government raises revenue? This course will help you understand the tax regulatory framework and the tax rules operating in the context of a business and investments. You will acquire and develop analytical skills in applying tax rules to commercial transactions. Topics include: brief coverage of tax administration rules; legal obligations of tax agents; income tax formula and tax liability, and liability for other levies and charges; concept of income and assessable income including net capital gains; overview of exempt income; general deduction provision and allowable deductions generally; specific deduction regimes that either supplement the general deduction rule (e.g. capital allowance regimes) or deny a deduction otherwise available; tax accounting rules, and tax treatment of trading stock; taxation of taxable income made through partnerships, trusts and corporations; selected specific anti-avoidance rules and overview of the general anti-avoidance rule; overview of cross border transactions and international tax rules; brief coverage of goods and services tax (GST), fringe benefits tax (FBT) and how these taxes interact with income tax; and the tax treatment of superannuation.