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Taxation of Property Transactions - ATAX0455
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Faculty: Faculty of Law
 
   
 
Course Outline: See below
 
 
Campus: ATAX Campus
 
 
Career: Postgraduate
 
 
Units of Credit: 6
 
 
EFTSL: 0.12500 (more info)
 
 
Indicative Contact Hours per Week: 0
 
 
Enrolment Requirements:
 
 
Restricted to students enrolled in Programs 9250 or 9260 or 9255
 
 
Excluded: ATAX0355, ATAX0555
 
 
Fee Band: 1 (more info)
 
 
Further Information: See Class Timetable
 
  

Description

Property transactions are one of the most common and significant dealings forming a large part of just about every Federal and State tax base. This course examines all income tax, CGT, GST, land tax and stamp duty consequences of acquiring, holding, developing, building on, leasing, disposing of or otherwise dealing with land and buildings, including various real property investment options. After introducing some broad property law concepts to assist in understanding, it examines the specific application of each taxing regime to property transactions. Income tax considerations dealt with include property sale or development whether one-off or as part of a business, income recognition, derivation of rent, lease incentives, building cost write-offs, depreciable property in buildings, home offices, other deductions and financing considerations. Property trust investments and structuring are examined. CGT and GST as they apply to freehold, leasehold, residential and commercial property are considered, including concessions or exemptions such as the CGT main residence exemption and GST going concern, margin scheme and commercial residential premises accommodation rules. State taxes such as stamp duty and land tax are covered, including their many special rules and exemptions.


Recommended Prior Knowledge

None

Course Objectives

At one level, a significant course aim is the development of specialist technical knowledge in the area of taxation of property transactions. However, on a wider level, it seeks to develop your ability to apply tax law in practice, through concentrating not so much on abstract learning of legislative provisions in a void, but rather on learning the law in the context of its application to real world factual circumstances and transactions. You will also develop an appreciation of the bringing together of the application of various tax laws to a single situation and how all of the potential tax consequences always need to be examined.

Main Topics

  • Property law concepts
  • Acquisition
  • Holding costs
  • Leasing
  • Expenses
  • Infrastructure
  • Property development
  • CGT on disposal
  • Structuring investments
  • Tax policy

Assessment

1 research paper
1 exam

Course Texts

Prescribed
There is no prescribed textbook for this course.

Acts
You must purchase or have access to the following publications:
  • Income Tax Assessment Act 1936
  • Income Tax Assessment Act 1997
  • A New Tax System (Goods and Services Tax) Act 1999
Citation and Style Guides
The following is a selection of acceptable citation and style guides, which you may use as the basis for your written work. You must purchase or have access to one of the following publications:
  • Rozenberg P, Australian guide to uniform legal citation (Sydney: Lawbook Co, 2nd ed, 2003)
  • Stuhmcke A, Legal referencing (Sydney: Butterworths, 3rd ed, 2005)
  • Australian guide to legal citation (Melbourne University Law Review Association, 2nd ed, 2002) - Available from http://mulr.law.unimelb.edu.au/aglc.asp
Recommended
  • Deutsch, Friezer, Fullerton, Gibson, Hanley & Snape, Australian Tax Handbook 2007 (Sydney: ATP, 2007)
  • Harvey K, Property Development - GST Handbook (Sydney: Taxability, 2004)
  • Egan B, GST Insights - Property Sales & Rentals (Sydney: Taxability, 2006)
  • Harvey K, Property Development - Income Tax Handbook (Sydney: Taxability, 2004)

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© The University of New South Wales (CRICOS Provider No.: 00098G), 2004-2011. The information contained in this Handbook is indicative only. While every effort is made to keep this information up-to-date, the University reserves the right to discontinue or vary arrangements, programs and courses at any time without notice and at its discretion. While the University will try to avoid or minimise any inconvenience, changes may also be made to programs, courses and staff after enrolment. The University may also set limits on the number of students in a course.