Glossary

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Business Entity Taxation - LAWS3058

Faculty: Faculty of Law

School: Faculty of Law

Course Outline: See below

Campus: Sydney

Career: Undergraduate

Units of Credit: 6

EFTSL: 0.12500 (more info)

Indicative Contact Hours per Week: 3

Enrolment Requirements:

Pre-requisite: Elements of Income Tax Law (LAWS3147/JURD7351).

Equivalent: JURD7458

CSS Contribution Charge: 3 (more info)

Tuition Fee: See Tuition Fee Schedule

Further Information: See Class Timetable

View course information for previous years.

Description

This course follows on from Elements of Income Tax Law and deals specifically with the taxation of companies, trusts and partnerships, focusing on the income tax and companies. It also covers some tax accounting issues. There is an emphasis on tax policy as well as law and practice. The course provides a basic grounding in business taxation for students contemplating a career in tax law, or in commercial law practise.

Recommended Prior Knowledge

Pre-requisite: LAWS2051 or LAWS3147 Elements of Income Tax Law

Objectives

A candidate who has successfully completed this course should be able to:

Understand and explain the basic framework of the Australian taxation of business entities
Recognise and analyse income tax issues as they arise in the conduct of Australian business
Evaluate policy issues as they arise in the taxation of business
Advise taxpayers on business tax questions

Main Topics

Partnerships
- Tax issues on formation and operation
- Capital gains treatment
- Tax planning

Trusts
- Tax issues on formation and operation
- Capital gains treatment
- Tax planning

Companies
- Introduction
- Shares, Debt and Equity
- Distributions of profit and returns of capital
- Imputation
- Share transactions
- Treatment of company losses
- Treatment of consolidated groups

Other investment vehicles

The Goods and Services Tax

Teachers:

Philip Burgess, UNSW (former Associate Professor and currently Senior Visiting Fellow)

Assessment

Mid-session assignment on Partnership and Trusts approx 1500 words - 40%

End of session take-home on Companies etc approx 2000 words - 60%

Course Texts

Prescribed

Cooper Krever & Vann Commentary and Materials on Income Taxation, Thomson Reuters 6th edition 2009. NB: Philip Burgess is a co-author, but not the principal author, of this book.
Fundamental Tax Legislation (Thomson Reuters) or CCH Core Tax Legislation CCH Australia Ltd (2010 annual volume)

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