25888 Financial Planning and Taxation
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Subject handbook information prior to 2024 is available in the Archives.
Credit points: 6 cp
Subject level:
Postgraduate
Result type: Grade and marksThere are course requisites for this subject. See access conditions.
Anti-requisite(s): 77938 Introduction to Taxation Law
Description
This subject analyses Australian taxation issues in a practical environment with a specific focus on professional financial planning. It aims to develop students' conceptual and analytical skills and an appreciation of the Australian tax system. It provides a general analysis of the current tax system and consideration of the many changes it is presently undergoing with an emphasis on the implications for financial planners. Particular concepts to be considered include taxable income, deductions, capital gains tax, trusts, partnerships, companies, superannuation, estate planning, fringe benefits tax, goods and services tax and professional standards and ethics.
Subject learning objectives (SLOs)
| 1. | explain the concept of taxable income (including assessable income, deductions, tax offsets and tax payable), the taxation of companies, trusts and partnerships and the administration of the Australian taxation system |
|---|---|
| 2. | examine taxation issues in financial planning |
| 3. | interpret relevant taxation issues accurately and apply to financial planning case scenarios |
Contribution to the development of graduate attributes
This subject provides students with an advanced and integrated understanding of complex taxation issues as they apply in a financial planning setting. The subject content is developed within the framework of the Financial Adviser Standards and Ethics Authority (FASEA) and the Tax Practitioners Board (TPB). It forms an essential component of the financial planning course and fosters well-developed cognitive and practical skills necessary to identify, research, evaluate and synthesise tax issue for financial advice. As such this subject contributes particularly to the development of these graduate attributes:
- Intellectual rigour and innovative problem solving
- Communication and collaboration
- Professional and technical competence
Teaching and learning strategies
Strategy 1: Self-study
Each topic is presented to students online with a mix of readings, lecture notes and videos. Students participate in active individual study by working through the activities and discussion questions for each topic.
Strategy 2: Developing critical analysis through case studies
Case studies are used so that students can apply their knowledge in practically-oriented environments. The cases allow students to analyse financial planning scenarios, determine the tax issues and solutions and explain their approach and assumptions. Case studies solutions are debated in class facilitated by the lecturer. Students receive ongoing feedback on their understanding of core concepts by active participation in case study discussions.
Strategy 3: Feedback to encourage critical reflection and self-improvement
Students will receive personalised informal feedback on their progress from the lecturer after the submission of each set of discussion questions (12 in total). Students are also encouraged to deepen their understanding of subject content by posing questions to lecturers and peers throughout the session. Formal feedback is provided by lecturers for each assessment.
Content (topics)
- The Australian Taxation System
- Taxation of Individuals
- Assessable Income
- Deductions
- GST
- CGT
- FBT
- Taxation of investment structures, companies, trusts and partnerships
- Taxation, estate planning and marriage breakdown
- Tax administration
- Taxation of Superannuation
- Ethics and Professional responsibilities
Assessment
Assessment task 1: Quizzes (Individual)*
| Objective(s): | This addresses subject learning objective(s): 1 and 2 |
|---|---|
| Weight: | 20% |
| Criteria: | Students will be assessed on the accuracy of their answers *Note: Late submission of the assessment task will not be marked and awarded a mark of zero. |
Assessment task 2: Assignment (Group or Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 30% |
| Length: | No more than 10 pages (double spaced, 12 point font). An appendix can be included but all calculations need to be summarised and explained in the main text. Submissions must be made via canvas and will checked through turnitin. |
| Criteria: | Students will be assessed on the appropriateness of their tax planning strategies, their ability to demonstrate an optimal solution and their communication and presentation skills |
Assessment task 3: Presentation (Individual)*
| Objective(s): | This addresses subject learning objective(s): 2 and 3 |
|---|---|
| Weight: | 10% |
| Length: | Oral presentation and responses to questions via video (approximately 10 minutes) |
| Criteria: | Students will be assessed on the content and structure of their presentations as well as the quality and engagement of the delivery *Note: Late submission of the assessment task will not be marked and awarded a mark of zero. |
Assessment task 4: Final Examination (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 40% |
| Length: | Two hours. |
| Criteria: | Students will be assessed on the appropriateness of their tax planning strategies, their ability to demonstrate optimal solutions and the factual accuracy of their answers |
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
Required texts
Principles of Taxation Law, 2022 by Celeste Black, Wes Obst, Sunita Jogarajan, Rami Hanegbi, Richard Krever, Kerrie Sadiq, Jared Clements, Sonali Walpola
https://legal.thomsonreuters.com.au/principles-of-taxation-law-2022/productdetail/129235
Also available via the UTS library: https://ebookcentral.proquest.com/lib/uts/detail.action?docID=6023083