Highly Comprehensive Taxation Law Exam Notes (HD 83)
Subject notes for Monash LAW4704
These complete notes which contain all legislation and relevant cases were used in my exam and allowed me to score a HD (83). I scored 30/40 for the assignment ( the highest scorer was 34/40) meaning I scored 53/60 (88%) on the exam, all the more impressive given I did not complete the exam.
These notes are formatted through headings and sub headings that make the notes very easy to follow and understand for an exam situation. I utilise model responses with fill in the blanks as well as sample responses (for effective case analogising).
All lectures and relevant textbook chapters from Stephen Barkoczy’s Foundations of Taxation Law are covered.
I have structured these notes as follows:
How to structure your transactions in an e-exam 2
Preliminary issues in an exam/assignment 3
Calculating [Taxpayer]’s Income Tax Liability 5
Goods and Services Tax (GST) 17
Ordinary Income 56
Exempt income or Non-Assessable and Non-Exempt Income 86
Provisions that deny/limit deductions 109
Capital Gains Tax (CGT) 115
Depreciating Assets (Capital Write Offs) 146
Business-related ‘blackhole’ capital expenditure 162
Trading Stock 165
Important Cases summaries 228
List of Potential Transactions 232
The preliminary parts of the notes will guide you to structuring answers effectively (page 1-4). Commonly, as suggested by the lecturer, the exam scenario is made reminiscent to 8 key cases. Therefore, I included summaries of these cases in my notes (see page 228). Finally, after having developed a strong understanding of taxation law, I created 18 model/scripted responses for very difficult and common transactions that arise (pages 232-261). These model/scripted responses demonstrate how to write effectively and concisely in an exam.
NB: Changes to tax rates can occur but these notes are formatted that numbers can be supplemented easily if need be.
Semester 1, 2021