This course introduces students to the main principles of Australia's income tax system. In order to understand the critical function of taxation in the Australian community, the taxation system is studied in its legal, economic, social and political context. Given the speed with which changes are made to the technical details of tax law, this course seeks to provide students with an understanding of the principles of the income tax system rather than knowledge of a particular but limited set of technical rules.

Topics to be considered include:

• the concept of income;
• personal services income;
• business income;
• property income;
• the deductions;
• the taxation of capital gains;
• the taxation of fringe benefits;
• residency, source and double tax agreements;
• the taxation of trusts and partnerships;
• the anti-avoidance measures; and
• tax administration.

At the conclusion of this course students should be able to:

• demonstrate an understanding of the main principles of Australia's income tax law;
• identify the relevant tax issues that arise on a given set of facts;
• make arguments about the way in which those legal issues are likely to be resolved, noting contrary arguments and their strengths;
• provide case authorities for propositions of law that they use in those arguments;
• apply case law and legislation to a given set of facts;
• where applicable, distinguish the facts in decided cases from those in a given set of facts and build this into argument;
• structure an answer to a problem question in a logical and effective way; and
• comment critically on the outcome and reasoning in cases studied during the course and identify the considerations of policy that may underpin them.

The proposed means of assessment for this course will involve two pieces of assessment, with one piece during the semester.  More information about the means of assessment, including the relationship between the assessment and the learning outcomes of the course, will be available on the course home page by the first week of semester.

The course consists of three hours of lectures per week. Students are generally expected to devote approximately 10 hours overall per week to this course.

Completed or completing five LAWS courses at 1000 level.

It would be helpful but not compulsory for students to have completed Corporations Law prior to commencing this course.

Kobetsky, et al, Income Tax: Text, Materials and Essential Cases (7^th ed) (2008), Fundamental Tax Legislation (2011). 

This course has been accredited by both the Institute of Chartered Accountants in Australia and the Australian Society of Certified Practicing Accountants.