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This core tax subject examines the fundamentals of taxation, with a focus on Australia’s most important tax: the personal income tax. It engages with the tax law that is most relevant to legal and tax practice for individuals and businesses.
This subject equips students to interpret statutory tax rules and apply judicial approaches, and to understand the policy and implications of tax reform in this fast-changing and challenging area of law. Foundations of Tax Law is a required subject for international tax students and is recommended for all masters students who have had little previous study or experience in tax law and wish to gain a solid grounding in the area
Principal topics include:
- Overview of federal and state taxes in Australia, how tax laws are made, sources of tax law, tax policy and design principles and reform
- The structure of the income tax, concept of income and tax rates
- Income tax law, including calculation of taxable income; definition of income from services, property and business, capital gains, deductions and treatment of business and investment assets
- Overview of income tax of business and investment entities
- Tax avoidance and evasion, and the general anti-avoidance rule.
Intended learning outcomes
A student who has successfully completed this subject will:
- Have an integrated understanding of the Australian taxation system, with a focus upon the federal income tax
- Be able to critically examine, analyse, interpret and apply the core Australian income tax rules as they apply to a range of commonly encountered circumstances
- Have a sophisticated appreciation of tax policy and design principles, and in particular the application of those principles to the taxation of income
- Be an engaged participant in debate regarding the application of tax principles, particularly as they apply to the taxation of income
- Have the cognitive and technical skills to independently examine, research and analyse fundamental Australian income tax rules
- Have the communication skills to clearly articulate and convey complex information regarding the Australian income tax rules to relevant specialist and non-specialist audiences
- Be able to demonstrate autonomy, expert judgment and responsibility as a practitioner and learner in the field of income taxation.
Last updated: 3 November 2022