Monash

Semester 2, 2017


LAW4704 Taxation Law SCRIPT (2017 S2, HD/Dux)

22 pages

9,421 words

$39.00

39

Description

HOW TO USE:

This script can be used for both the group assignment and the exam. The script contemplates up to 34 common/potential 'issues'/factual scenarios, and the relevant legislation and case law that comes up and what order to address every issue in. (For my exam, about 2/3s of it ended up coming up.) It is essentially a template for a typical exam.

This should help reduce time spent on issue spotting 'per transaction' so you can get straight into legal analysis. Of course, exercise your discretion so you don't pigeonhole the facts, but you'll find that the majority of the tax exam can be scripted in advance (as I've done here). This is great if you happen to be running out of time and need to smash out analysis on transactions you've only identified but have yet to write about in detail, or if you have no idea what to talk about for a particular kind of transaction.

It also provides a page to help you calculate tax liability which will be required of you in your exam.

This script also gives you an idea of how I wrote in the exam and the extent of detail I addressed in order to achieve dux. :) Yay

The following topics are considered in this script:

CONTENTS:
(1) GST
(2) Income Tax
- Ordinary Income
- Statutory Income
- Exempt Income / Non-assessable Non-exempt Income
- General Deductions
- Specific Deductions
- Provisions Denying or Limiting Deductions
- Tax Rates
- Tax Offsets
(3) Capital Allowance Regime
- Depreciating Assets
- Balancing Adjustments
- Business-Related Blackhole Capital Expenditure
- Capital Works
- Trading Stock
- Accounting for Trading Stock
(4) Capital Gains Tax
This is set out in the order you should apply the CGT regime to your exam scenario.
(5) Taxation of Companies & Shareholders
- Capital Returns
- Corporate Tax Rate
- Dividends
- Imputation System (Frankable Distributions)
- Franking Accounts
(6) Taxation of Superannuation