Skills come<br>from knowledge

Skills come
from knowledge

Course units

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Introduction to the Australian tax system

On completion of the introduction to the Australian tax system unit, you will be able to:

  • explain the basic structure of tax, including who pays tax and how a taxpayer’s tax liability is calculated
  • identify the sources of tax law, including the roles of the statutes, the ATO and the courts and tribunals
  • explain the basics of the various compliance obligations imposed on all taxpayers
  • discuss the characterisation and treatment of income, including the distinction between ordinary and statutory income
  • explain the requirements for a taxpayer to claim an amount as a general deduction, including the connection requirement and the impact of the four negative limbs
  • discuss the characterisation and treatment of expenses, including the distinction between general and specific deductions
  • discuss the impact of a taxpayer carrying on a business on the characterisation and treatment of its income and expenses
  • explain the impact of an amount being characterised as capital in nature (both from an income and deductibility perspective)
  • discuss basic concepts of the treatment of expenses, including being able to discuss and distinguish general and specific deductions as well as employment and business expenses
  • explain the limitations placed on an employee with respect to the deductibility of certain costs (eg. motor vehicle expenses)
  • explain the impact of tax offsets on a taxpayer’s tax liability. Identify where to access the required knowledge of the Tax Agent Services Act (TASA) 2009 and the Code of Professional Conduct.

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Tax Agents Services Act (TASA) 2009 and the Code of Professional Conduct

On completion of the Tax Agents Services Act (TASA) 2009 and the Code of Professional Conduct unit, you will be able to:

  • recall the objects of TASA 2009
  • relate the requirements of the registration process and eligibility to register as a tax agent and BAS agent under TASA 2009 to your own circumstances or that of your firm’s employees
  • identify the professional and ethical standards contained in the Code of Professional Conduct (the Code) in section 30-10 of TASA 2009
  • link the administrative sanctions that may be imposed for specific breaches of the Code
  • relate the civil penalty provisions to the contraventions of conduct of registered and unregistered agents
  • quantify the Tax Practitioners Board’s power to apply to the Federal Court for an injunction
  • list a registered tax agent's and BAS agent's obligations to notify the Tax Practitioners Board of a change of circumstances.

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Individuals

On completion of the individuals unit, you will be able to:

  • apply the different tax rates applicable to taxpayers
  • identify at what point a taxpayer is liable to pay the Medicare levy and surcharge and how this is calculated
  • recognise when a taxpayer is eligible for a tax offset and understand the calculations involved
  • determine the amount of HELP repayment to be made by a taxpayer for the year
  • explore the impact that reportable fringe benefits have on several tax calculations
  • explain the self-assessment system
  • gather all the information necessary to arrive at the taxable income and calculate the net tax payable/refundable for a taxpayer.

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Businesses

On completion of the businesses unit, you will be able to:

  • determine whether the activity undertaken is a business or a hobby
  • analyse the point at which income is derived and therefore included in the taxable income of the taxpayer
  • determine whether a business is a small business entity and what benefits may arise from the system
  • identify at what point a taxpayer may claim a loss on a non-commercial business activity
  • recognise and apply the special rules that apply to individuals who derive their income from personal efforts or skill
  • identify deductions particular to a business as well as specific deductions
  • recognise and apply capital allowance provisions, pre-payment rules, trading stock and bad debts
  • apply the special rules that relate to primary producers.

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Structures

On completion of the structures unit, you will be able to:

  • identify and apply relevant taxation legislation and guidelines in relation to the choice of business structures
  • apply these legislative rulings and guidelines in differing circumstances
  • interpret the basic consequences of each structure for the client
  • complete a return for a self-managed super fund (SMSF).

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Loans

On completion of the loans unit, you will be able to:

  • determine the key questions to ask a client when a loan exists
  • understand the basic issues around loans and apply the correct tax treatment
  • determine the criteria for determining the deductibility of interest
  • determine the tax treatment of borrowing costs
  • determine the tax treatment of leases and hire purchase agreements
  • determine the tax treatment of loans provided by a private company to its shareholders
  • understand the debt/equity rules and how that may affect the characterisation of a loan.

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Goods and services tax and payroll

On completion of the goods and services tax unit, you will be able to:

  • understand how GST works
  • identify and apply relevant GST legislation and guidelines to simple transactions that may involve GST
  • understand the impact of GST on a business
  • establish and maintain a payroll.

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Capital gains tax

On completion of the capital gains tax unit, you will be able to:

  • determine whether an asset is subject to CGT
  • determine any applicable CGT exemptions
  • identify the circumstances in which capital gains or losses can be deferred
  • calculate the amount of a capital gain or loss.

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Fringe Benefit Tax

On completion of the fringe benefits tax unit, you will be able to:

  • determine whether FBT liability arises for an employer with a particular focus on the provision of car fringe benefits to employees
  • calculate FBT liability in relation to car fringe benefits
  • identify the more common exemptions from FBT
  • understand how FBT interacts with GST
  • list the types of state taxes and identify the current rates and when the liability for each tax applies.

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Contact us

To contact our Education Division, submit a course enquiry, call
+61 2 8223 0038 or email taxeducation@taxinstitute.com.au to discuss your personal education requirements.

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