Study guide: fourth edition
Australia Taxation is designed to provide you with an awareness of the key provisions of the relevant taxation legislation, and enable you to apply the relevant legislative concepts to determine taxation consequences. It is important to consider the taxation impact on individuals, partnerships, companies, trusts and superannuation funds.
A professional accountant is required to possess fundamental tax law knowledge and skills. Australia Taxation introduces fundamental concepts of income tax law. It provides an in-depth understanding of relevant Australian tax laws and their application in the areas of income tax law for individuals and simple business structures, capital gains tax, goods and services tax, and fringe benefits tax.
This subject also covers the tax administration system. This includes the ethical and professional obligations a tax (financial) adviser and a registered tax agent must comply with under the requirements of the Tax Practitioners Board and as a member of a professional accounting organisation.
On completion of this subject, you should be able to:
- understand the key administrative components of the Australian taxation system and the basic principles of Australian income tax, fringe benefit tax and goods and services taxation legislation
- analyse, discuss and resolve issues relating to the determination of assessable income and allowable deductions
- explain taxation law that relates to the taxation of individuals, companies, partnerships, trusts and superannuation funds
- analyse events and apply the relevant legislation to determine tax liability.
The Australia Taxation subject reflects legislation in place as at 1 January 2021. Exam questions will be based upon the 2020-2021 tax year and the FBT year ending 31 March 2021.
If you have previously completed Advanced Taxation prior to Semester 2 2018, you are unable to enrol in Australia Taxation.
The Australia Taxation exam consists of multiple-choice questions and extended response questions.
The weighting column in the following table provides an indication of the emphasis placed on each module in the exam. The proportion of study time column is a guide for you to allocate your study time for each module.
|Module||Recommended proportion of study time (%)||Weighting (%)|
|1. Legal, ethical and regulatory fundamentals||6||6|
|2. Principles of assessable income||10||10|
|3. Principles of general and specific deductions||8||8|
|4. Capital allowances||7||7|
|5. CGT fundamentals||15||15|
|6. Taxation of individuals||15||15|
|7. Taxation of SBEs and partnerships||6||6|
|8. Taxation of trusts, companies and superannuation funds||9||9|
|9. FBT fundamentals||7||7|
|10. GST fundamentals||8||8|
|11. Administration of the tax system||9||9|
For further information, see the subject outline below
The role of CPA Australia in tax policy
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ATO’s data matching ramps up and focuses on SME reporting
Here’s how to ensure your clients are correctly accounting for their income and use of assets.article
TPB review: What it means for tax practitioners
The final report of the Review of the TPB has many noteworthy recommendations but more consultation is needed on implementation.article
Historical year-end tax resources
Resources for tax agents preparing tax returns for Australian clients for financial years before 2020
New Zealand’s Inland Revenue targets tax compliance burden
IRD seeks input from tax practitioners and professional bodies as part of its bid to improve service.article
Are you an employee, contractor, investor, in business or lodging your first tax return? Check out our tax tips for 2021