TABL2013 TAXATION OF COMPANIES . - UNSW Business School

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Business SchoolSchool of Taxation & Business LawTABL2013TAXATION OF COMPANIES,TRUSTS AND PARTNERSHIPSCourse OutlineSemester 2, 2015Semester 2, 2015

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsEdition Semester 2, 2015 Copyright The University of New South Wales, 2015No part of this publication may be reproduced or transmitted in anyform or by any means, electronic or mechanical, includingphotocopying, recording, or by any information storage and retrievalsystem, without the prior written permission of the Head of School.Copyright for acknowledged materials reproduced herein is retained by the copyrightholder.All readings in this publication are copied under licence in accordance with Part VBof the Copyright Act 1968.AUTHORSHelen HodgsonBBus (WAIT), PostGradDip Business (Curtin)MTax (UNSW), FCPA; FTIAYuri GrbichLLM(VUW), PhD(LSE)Michael BlissendenBA LLB (UNSW), LLM (Sydney), GradDipTaxLaw(Riverina College of Advanced Education) FTIAREVISIONS FOR 2015 BY:Fiona Martin(Materials updated as at June 2015)Educational Design & Desktop Publishing by:Blueprint Educational Services P/Lhttp://www.b-print.com.auP.O. Box 54Stanhope Gardens NSW, 2768Outline Page 2Atax

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsContentsCOURSE OUTLINEAbout the lecturer. 4Letter of introduction . 5Introduction to the course. 6Student learning outcomes and goals . 8How to use this package . 11Key to instructional icons. 12Profile of this course . 13Course description . 13Textbooks and references . 14Supporting your learning. 16Conferencing. 16School of Taxation & Business Law Website . 17Atax Student Guide . 17Library and resources. 17Online learning in this course . 18Other support . 19Academic Integrity at UNSW . 20Assessment: Undergraduate Students (TABL2013) . 22Assignments . 22Suggested study schedule. 29Appendix A—Assignment preparation and submissionSample Examination PaperSTUDY GUIDEAtaxModule 1Tax on companiesModule 2Tax on shareholderModule 3Module 4TrustPartnershipModule 5The big picture—comparing structuresOutline Page 3

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsAbout the lecturerFiona MartinLLB (Hons) (UTS) LLM (Hons) (UniSyd) PhD (UNSW) CTADr Fiona Martin, CTA is an Associate Professor in the School ofTaxation and Business Law, at the Business School, UNSW Australia.Her PhD thesis was an evaluation of the application of income taxprinciples to mining payments under the Native Title Act. This workwas published as a book by Wolters Kluwer in 2014.Before commencing as an academic Dr Martin was a solicitor in bothprivate practice and for the Australian Government Solicitor's Office.Her main areas of professional practice were revenue law and taxationlitigation. She has published over 50 journal articles in scholarly andprofessional tax journals in the areas of charity law, income tax andproperty development and the GST particularly as it relates tocharities. Examples of her articles include ‘The Legal Concept ofCharity in the Context of Australian Taxation Law: The Public Benefitand Commercial Activity, Important Issues for Indigenous Charities’(2010) Australian Tax Forum and ‘Prescribed Bodies Corporate underthe Native Title Act 1993 (Cth): Can they be Exempt from Income Taxas Charitable Trusts?’ (2007) University of New South Wales LawJournal. Dr Martin has also published a number of book chapters inthe charity and revenue law area and co-authored Taxation LawManual: A Tax Workbook.Dr Martin has received numerous research awards including the 2009International Fiscal Association Award for comparative tax research ina doctorate. She was also awarded the Vice Chancellor’s Award forTeaching Leadership from the Queensland University of Technology.Her principal research interest is the taxation treatment of charities.She is regularly asked to present at Australian and internationalconference relating to taxation law, indigenous economic developmentand charity law.Outline Page 4Atax

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsLetter of introductionWelcome to Taxation of Companies, Trusts and Partnerships.This is an exciting course to teach, and because of its combination ofthe various business entities is hopefully an exciting course to study.This course aims to provide a base of knowledge concerning thetaxation implications of the use of companies, trusts and partnerships.It complements your study in TABL2009/5909 The Law ofCompanies, Trusts and Partnerships and builds upon the legalframework of these entities covered in that course.We will not only be looking at the technical aspects of these entities,but in the final module of the course we will look at how thedifferences affect decisions relating to the choice of the appropriateentity to operate a particular business. I look forward to working withyou!Fiona MartinAtaxOutline Page 5

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsIntroduction to the courseTABL2013/5913 builds on TABL2009/5909 The Law of Companies,Trusts and Partnerships.This course is an introduction to taxation of the company, partnershipand trust. The course provides a brief introduction to the key conceptsand legal framework of each of these business and investment vehicles,with emphasis on the concept of legal personality. It pulls together thebasic structural elements of the key business vehicles and provides acomparative overview of their key features and taxation. It coverspractical problems arising from the taxation of the company and trust.This includes tax on the company itself, including restrictions on thecarry-forward of losses and taxation of profits distributed to members.The course looks at the income taxation of the partnership or, moreaccurately, the partners. This includes the basis for allocating incomeand losses between partners. It deals with the basic capital gains taxframework on each of the vehicles. It gives a brief overview of themain heads of entity tax avoidance.Relationship to other courses in programStudents are advised to have completed TABL1001/5901 Principles ofAustralian Taxation Law prior to undertaking this course.Students enrolled in the Bachelor of Taxation are required to havecompleted or be currently enrolled in TABL2009/5909 The Law ofCompanies Trusts and Partnerships. Other students who haveenrolled in this course without completion of TABL2009/5909 mayfind it necessary to refer to the materials used in that course to assist intheir studies. These materials will be made available on Moodle. Dueto copyright restrictions we are unable to reproduce the textbooks usedin that course, but they are are listed as recommended references.This course is part of the foundation of tax training for professionals.Outline Page 6Atax

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsCourse objectivesThis course will help you develop the following skills and knowledge: an understanding of the legal status of companies, trust andpartnerships with specific understanding of the concept of legalpersonality an understanding of the essential principles of taxation lawapplying to companies, trusts and partnerships and the ability toapply the legislative provisions that relate to each of thesestructures an ability to compare and contrast the tax and legal implicationsof investing via one or other of companies, trusts andpartnerships, from the perspective of the investor/shareholderand in the case of companies and trusts that of the investmentvehicle itself and provide clear, reasoned advice on the taxconsequences an ability to recognise and solve legal and tax problems and tocommunicate your findings effectively.Student responsibilities and conductStudents are expected to be familiar with and to adhere to universitypolicies in relation to attendance, and general conduct and behaviour,including maintaining a safe, respectful environment; and tounderstand their obligations in relation to workload, assessment andkeeping informed.You are expected to conduct yourself with consideration and respectfor the needs of your fellow students and teaching staff. Moreinformation on student conduct is available Students.htmlGuide to online behaviour: https://student.unsw.edu.au/online-studyYou should take note of all announcements made in lectures, tutorials,the Atax Bulletin, or on the course Website (Moodle). From time totime, the School or the University will send important announcementsto your university e-mail address without providing you with a papercopy. You will be deemed to have received this information. It is alsoyour responsibility to keep the University informed of all changes toyour contact details.Information and policies on these topics can be found in the ‘A-ZStudent Guide: https://my.unsw.edu.au/student/atoz/A.html andspecific information for students studying taxation programmes can befound in the Atax Student Guide. See, especially, information onAttendance and Absence, Academic Misconduct, AssessmentInformation, Examinations, Student Responsibilities, Workload andpolicies such as Occupational Health and Safety.AtaxOutline Page 7

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsStudent learning outcomes and goalsLearning outcomes are what you should be able to do by the end ofthis course if you participate fully in learning activities andsuccessfully complete the assessment items. The learning outcomes inthis course will help you to achieve some of the overall learning goalsfor your program. These program learning goals are what we want youto be or have by the time you successfully complete your degree. Thefollowing is a list of the Business School program learning goals forboth undergraduate and postgraduate students.Undergraduate Program Learning Goals1.2.3.4.5.Outline Page 8Knowledge: Our graduates will have in-depth disciplinaryknowledge applicable in local and global contexts.You should be able to select and apply disciplinary knowledgeto business situations in a local and global environment.Critical thinking and problem solving: Our graduates will becritical thinkers and effective problem solvers.You should be able to identify and research issues in businesssituations, analyse the issues, and propose appropriate and welljustified solutions.Communication: Our graduates will be effective professionalcommunicators.You should be able to:a) Prepare written documents that are clear and concise,using appropriate style and presentation for theintended audience, purpose and context, andb) Prepare and deliver oral presentations that are clear,focused, well-structured, and delivered in a professionalmanner.Teamwork: Our graduates will be effective team participants.You should be able to participate collaboratively andresponsibly in teams, and reflect on your own teamwork, and onthe team’s processes and ability to achieve outcomes.Ethical, social and environmental responsibility: Ourgraduates will have a sound awareness of the ethical, social,cultural and environmental implications of business practice.You should be able to:a) Identify and assess ethical, environmental and/orsustainability considerations in business decisionmaking and practice, andb) Identify social and cultural implications of businesssituations.Atax

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsThe following table shows how your Course Learning Outcomes relateto the overall Program Learning Goals, and indicates where these aredeveloped and assessed:Program LearningGoalsThis course helps you toachieve the followinglearning goals:123a3bKnowledgeCritical thinkingand nCourse Learning OutcomesOn successful completion of the course, youshould be able to:This learning outcomewill be assessed in thefollowing items:Demonstrate an understanding of the legalstatus of companies, trusts and partnerships inthe context of the taxation treatment of variousbusiness entities.Module ActivitiesCompare and contrast the tax and legalimplications of investing via one or other ofcompanies, trusts and partnerships, from theperspective of the investor/shareholder and, inthe case of companies and trusts, that of theinvestment vehicle itself.Module ActivitiesRecognise and resolve legal and tax problems.AssignmentsDevelop clear, effective and well-reasonedanalysis of the tax consequences of practicalscenarios using the conventions of formalwritten legal sExaminationAssignmentProduce a video presentation outlining ananalysis of tax consequences of a practicalscenario that is clear, persuasive and engaging.4TeamworkNot specifically addressed in this course.5a.Ethical,environmentaland sustainabilityresponsibilityNot specifically addressed in this course.5b.Social andculturalawarenessNot specifically addressed in this course.AtaxCourseAssessment ItemOutline Page 9

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsCourse evaluation and quality enhancementThe School of Taxation & Business Law’s quality enhancementprocess involves regular review of its courses and study materials bycontent and educational specialists, combined with feedback fromstudents. Towards the end of the semester, you will be asked tocomplete an online survey via myUNSW to evaluate the effectivenessof your course lecturer and the actual course content. These surveysare administered as part of the UNSW Course and Teaching Evaluationand Improvement process (‘CATEI’). Your input into this qualityenhancement process through the completion of these surveys isextremely valuable in assisting us in meeting the needs of our studentsand in providing an effective and enriching learning experience. Theresults of all surveys are carefully considered and do lead to actiontowards enhance the quality or course content and delivery.This course was restructued in 2008 to omply with the 12 week semesterintroduced in that year. At that time the assessment was restructuredhaving regard to feedback received. Results from subsequent surveyshave been very positive and this course has received a high satisfactionrating. The delivery mode was reviewed in 2013, with the number ofaudioconferences being increased and the regional class being removed.In 2015, learning and teaching will occur through webinars delivered bythe lecturer.Outline Page 10Atax

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsHow to use this packageIf you are new to flexible learning you should carefully read thisCourse Outline. It contains most of the relevant information abouthow this course will be run and the expectations of you as a student.You should also refer to the Suggested Study Schedule at the end ofthis Course Outline as a guide to completing your coursework. So as toget the most out of your study we recommend that you follow thisstudy schedule through the course and fit various time demands into awell-organised diary. Systematic study through the Semester is the keyto success in a flexible learning program.The Study Materials (which includes this Course Outline and theindividual Modules and is sometimes referred to as the study materialsor course materials) can help you in three ways.1.It sets out a clear path of study over the Semester and helps youplan your workload. It also identifies learning outcomes and keyconcepts at the start of each module and provides a series ofactivities to help you learn actively and manage your ownprogress through the course.2.It contains the core content for the course (often withreference to legislation, textbooks and other relevant material).The structure and layout of the Study Materials is designed tohighlight key points and assist your revision for assignments,research papers and examinations.3.It tells you when to refer to textbooks, legislation and otherreadings, giving precise details of what you should read.Features of the Study MaterialsEach module includes a range of features to assist you in managingyour learning and developing study skills. These features include: Overview page Heading levels Learning outcomes and key concepts Module text Activities and feedback Readings Margin notes Instructional iconsPlease familiarise yourself with the Key to Instructional Icons on thefollowing page. These icons are intended to help you navigate thestudy materials and to encourage active learning.AtaxOutline Page 11

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsKey to instructional iconscompulsory readingoptional readingnote this important pointrecall earlier workdiscussaccess Moodle orthe internetuse video resourceuse softwarewrite responses outsidethe Study Materialswrite response in theStudy Materialspause to reflectprepare for discussion in anAudio Conference or Webinaroral presentationundertake investigationor researchuse audio resourceperform fieldworkOnly some of the media shown in the instructional icons are used in this course.Outline Page 12Atax

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsProfile of this courseCourse descriptionCourse number/sTABL2013/5913Course nameThe Taxation of Companies, Trusts and PartnershipsUnits of credit6This course is taught in parallel to both undergraduate (TABL2013)and postgraduate (TABL5913) students. The study materials areuniversal for all students, however, the assessment tasks differ.Suggested studycommitmentYou should plan to spend an average of 10–12 hours per week on thiscourse to perform well (including class attendance, onlineparticipation, assignments, examination preparation etc).The information included on the overview page of each moduleshould help you plan your study time.Semester and yearSemester 2, 2015LecturerFiona MartinContact detailsTelephone: 61 (2) 9385 9558Email:f.martin@unsw.edu.auAtaxOutline Page 13

TABL2013 TABL5913 The Taxation of Companies, Trusts and PartnershipsTextbooks and referencesPrescribed textbook/sYou must purchase or have access to the following publication/s.Woellner RH, Barkoczy S, Murphy S, Evans C and Pinto D, 2015Australian Taxation Law (Sydney: Oxford University Press, 25thedition 2015.These are referred to throughout the Study Guide as ‘Textbook’.The paragraph references have been updated for the most recentversion of the textbook, but paragraph references for the earliereditions are also provided where they are different from the currentedition.Act/sYou must purchase or have access to the following publication/s.Income Tax Assessment Act 1936Income Tax Assessment Act 1997or2015 Australian Tax Legislation—Student Edition (Sydney: AustralianTax Practice, 2015).o

TABL2013_TABL5913 The Taxation of Companies, Trusts and Partnerships Atax Outline Page 5 Letter of introduction Welcome to Taxation of Companies, Trusts and Partnerships. This is an exciting course to teach, and because of its combination of the various business entities is hopefully an exciting course to study.

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