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LAWCOMM 403 long notes.docx
LAWCOMM_403_long_notes.docx
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LAWCOMM 403 long notes.docx-CONTENTS Tips ...........
LAWCOMM_403_long_notes.docx-CONTENTS Tips ......................................................................................................................................................................................... 4 Introducon ............................................................................................................................................................................
LAWCOMM 403 long notes.docx-CONTENT...
LAWCOMM_403_long_notes.docx-CONTENTS Tips ......................................................................................................................................................................................... 4 Introducon ............................................................................................................................................................................
Page 4
TIPS
What to do:
o
Lectures are not the primary source of informaon about the syllabus
It is the readings, think about them, and figure out how the tax system is supposed to work
Lectures are an opportunity to consolidate what you have learned from reading, and discuss it
o
Aempt to answer previous exams in a study group
Although it may be hard as both lecturers are teaching and have different styles of quesons – so you
should prepare for both styles of quesons
o
You should familiarise yourself with each part of the syllabus, but also see the connecons between the parts
(how one part relates to another)
What not to do:
o
Don’t say that an expense is deducble because it is incurred in deriving assessable income and THEREFORE is
of a revenue nature – this is wrong because expenditure might be incurred in deriving assessable income and
be of a capital nature and thus not be deducble
o
The capital/revenue disncon has no relevance to GST – don’t make this mistake
o
If someone spends money on something, the queson is whether it is deducble, not whether it is taxable –
don’t make this mistake
o
Don’t say “tax case law” as case law implies that it is law independent on statute, but tax cases are mostly on
statutory interpretaon – therefore, say “tax cases”
Other ps
o
Don’t forget, the main law to menon is statutes – case law helps in interpreng them but the main law is in
statute
o
“Profits” mean net income, and “proceeds” mean gross income
o
“business” is an acvity (not an enty), which can be carried on by enes such as companies, partnerships or
sole traders etc.
o
If you want to understand any rule in the Income Tax Act, you should ask “what could the taxpayer do to
minimise their tax liability if this rule were not there?” – because most of the rules exist to stop you from
minimising tax liability
o
Don’t forget that it the queson says something was sold for $1000, this is only the proceeds of sale (gross
income) – you need to also consider deducons, exclude GST (if any) in order to get the net income
o
If an answer is 100% certain, then don’t use words like “arguably” or “likely”
Exam quesons
o
Michael (answer 1)
Tax law and policy
3 parts on income tax and GST – each part asks 4 quesons
o
Craig (answer 3)
Deducons
Tax avoidance (including a reference to penales)
Deemed dividends and return of capital
What is a dividend?
Transacons involving the company and shareholders
How you can most effecvely and efficiently get profits out of a company either while it is
sll going or during liquidaon – think of what the company is trying to do and commercially
achieve
Mix of income tax (income, deducons), withholding taxes, GST transacons (“taxable acvity”, zero-
rang, registraon)
Read cases:
o
BP Australia (deducons)
o
White v CIR
o
hps://papers.ssrn.com/sol3/papers.cfm?abstract_id=2406659
o
hps://papers.ssrn.com/sol3/papers.cfm?abstract_id=3833209
o
Frucor, IRD paper (abusive tax posion)
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Vanderbilt University
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School:
Tax_Law
Course:
Great resource for chem class. Had all the past labs and assignments
Leland P.
Santa Clara University
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