Tax and Professional Practice

This subject is available as a postgraduate-level subject for students studying the Master of Professional Accounting at ICMS.

Subject Code:

TAX821A

Subject Type:

Core

Subject Level:

800

Credit Points:

4 credit points

Pre-requisite:

ACC821A Applied Financial Accounting and Reporting

Subject Rationale:

Due to the complexity of the Australian taxation system, tax considerations are one of the major factors in business and investment decisions. Professional accountants assist business decision makers in navigating the ever-changing tax landscape. The subject provides an overview of the fundamental concepts and principles of the Australian taxation system, relevant tax legislation and its application to individuals and businesses operating within Australia.

Students will critically assess and apply tax legislation and case law to determine taxable income and tax liabilities for various taxpayers across a range of real-life scenarios. They will collaborate with other students on researching and interpreting more complex taxation issues, tax planning and on developing comprehensive client solutions in an industry compliant format. The Code of Ethics and professional responsibilities placed on the tax professionals providing taxation advice in Australia are also discussed in this subject.

Learning Outcomes:

a) Analyse the legal concepts and principles underlying the taxation system in Australia.

b) Apply taxation law and relevant regulations in determining tax outcomes for specific client scenarios.

c) Critically assess the tax treatment for various business structures and evaluate their appropriateness in meeting client’s needs.

d) Critically evaluate and recommend taxation strategies to maximise client’s financial outcomes.

e) Determine and apply ethical and professional responsibilities placed on professionals providing advice under the Tax Agent Services Act 2009 (TASA) and associated regulations.

f) Research and interpret complex taxation concepts and communicate recommended taxation strategies and proposed solutions to clients in an industry compliant format.

Assessment Information:

Learning outcomes for this subject are assessed using a range of assessment tasks as described in the table below.