Taxation of Small and Medium Enterprises (LAWS70049)
Graduate coursework level 7Points: 12.5Not available in 2020
For information about the University’s phased return to campus and in-person activity in Winter and Semester 2, please refer to the on-campus subjects page.
About this subject
Please refer to the LMS for up-to-date subject information, including assessment and participation requirements, for subjects being offered in 2020.
Overview
| Fees | Look up fees |
|---|
Small and medium business enterprises including high net worth families operating through groups of private companies, trusts and partnerships must deal with some of the most complex and challenging rules in the tax system, and face a high tax compliance and planning burden. This subject is aimed at tax professionals in general or those in specialist tax practice advising SMEs and high-wealth families. It equips participants with an advanced knowledge of tax rules and latest reforms for SMEs and high net worth families, integrating the technical law that participants learn in other subjects, including corporate tax, tax of trusts, capital gains tax and taxation of business and investment income. This subject involves consideration of complex and competing principles from numerous parts of the tax and other laws including indirect taxes, asset protection and estate and succession planning. It builds on the core content of other subjects, including Taxation of Business and Investment Income, Capital Gains Tax, Corporate Tax A, Taxation of Trusts and State Taxes. As a result, this subject may be best studied towards the end of your tax course.
This advanced subject is co-taught by leading practitioners with many years of experience advising the Australian SME and high net wealth families sector. They deliver an advanced, commercially essential subject through application of the tax law to topical case studies.
Principal topics include:
- Income tax and capital gains tax rules applicable to trusts, private companies and partnerships, when establishing a new business or making investments, its operation and ultimate sale, winding up or business succession
- Tax issues for private companies and shareholders, including Div 7A of the Income Tax Assessment Act 1936 (Cth)
- Tax issues relating to remuneration by and financing of SMEs
- Tax concessions for SMEs, in particular the capital gains tax small business concessions
- Trust streaming, trust loss and capital distribution rules affecting SMEs
- Tax integrity and anti-avoidance rules for SMEs, including trust anti-avoidance rules
- Tax planning for SME structuring, asset protection and estate and business succession, incorporating key state and federal tax, asset protection and estate issues
- Asset protection and some estate and succession planning for SME entities, their owners and high wealth families.
Intended learning outcomes
A student who has successfully completed this subject will:
- Have an advanced and integrated understanding of the tax law applicable to entities used by small and medium enterprises (SMEs) and high net wealth families, with a particular focus on taxation of private companies trusts, partnerships and unincorporated joint ventures
- Be able to critically examine, analyse, interpret and assess the effectiveness of these tax rules
- Be an engaged participant in debate regarding the tax law applicable to entities used by SMEs and high net wealth families.
- Have a sophisticated appreciation of the factors and processes driving reform of the tax framework
- Have an advanced understanding of application of tax to the different legal entities used by SMEs and high net wealth families.
- Have a detailed understanding of key planning and structuring issues for SMEs and high net work families.
- Have the cognitive and technical skills to generate critical and creative ideas relating to taxation of SMEs and high net wealth families.and to critically evaluate them
- Have the cognitive and technical skills to independently examine, research and analyse the practical application of the tax rules applying to SMEs and high net wealth families.
- Have the communication skills to clearly articulate and convey complex information regarding taxation of SMEs and high net wealth families.to relevant specialist and non-specialist audiences
- Be able demonstrate autonomy, expert judgment and responsibility as a practitioner and learner in the field of taxation of SMEs and high net wealth families.
Last updated: 3 November 2022
Eligibility and requirements
Prerequisites
None
Corequisites
None
Non-allowed subjects
None
Recommended background knowledge
Applicants without legal qualifications should note that subjects are offered in the discipline of law at an advanced graduate level. While every effort will be made to meet the needs of students trained in other fields, concessions will not be made in the general level of instruction or assessment. Most subjects assume the knowledge usually acquired in a degree in law (LLB, JD or equivalent). Applicants should note that admission to some subjects in the Melbourne Law Masters will be dependent upon the individual applicant’s educational background and professional experience.
Inherent requirements (core participation requirements)
The Melbourne Law Masters welcomes applications from students with disabilities. The inherent academic requirements for study in the Melbourne Law Masters are:
- The ability to attend a minimum of 75% of classes and actively engage in the analysis and critique of complex materials and debate;
- The ability to read, analyse and comprehend complex written legal materials and complex interdisciplinary materials;
- The ability to clearly and independently communicate in writing a knowledge and application of legal principles and interdisciplinary materials and to critically evaluate these;
- The ability to clearly and independently communicate orally a knowledge and application of legal principles and interdisciplinary materials and critically evaluate these;
- The ability to work independently and as a part of a group;
- The ability to present orally and in writing legal analysis to a professional standard.
Students who feel their disability will inhibit them from meeting these inherent academic requirements are encouraged to contact Student Equity and Disability Support.
Last updated: 3 November 2022
Assessment
Due to the impact of COVID-19, assessment may differ from that published in the Handbook. Students are reminded to check the subject assessment requirements published in the subject outline on the LMS
| Description | Timing | Percentage |
|---|---|---|
Assignment
| 8 April | 30% |
Take-home examination
| 6 May | 70% |
| Hurdle requirement: A minimum of 75% attendance | Throughout the teaching period | N/A |
Last updated: 3 November 2022
Quotas apply to this subject
Dates & times
Not available in 2020
Additional delivery details
This subject has a quota of 30 students.
Enrolment is on a first come, first served basis. Waitlists are maintained for subjects that are fully subscribed.
Students should note priority of places in subjects will be given as follows:
- To currently enrolled Graduate Diploma and Masters students with a satisfactory record in their degree
- To other students enrolling on a single subject basis, eg Community Access Program (CAP) students, cross-institutional study and cross-faculty study.
Please refer to the Melbourne Law Masters website for further information about the management of subject quotas and waitlists.
Last updated: 3 November 2022
Further information
- Texts
- Related Handbook entries
This subject contributes to the following:
Type Name Course Master of Commercial Law Course Graduate Diploma in Tax Course Master of Tax Course Master of Laws Course Graduate Diploma in Legal Studies - Links to additional information
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
Additional information for this subject
If required, please contact law-admissions@unimelb.edu.au for subject coordinator approval.
- Available to Study Abroad and/or Study Exchange Students
Last updated: 3 November 2022