Taxation Law

1. Identify and explain the 3 primary sources of taxation law

2. Discuss the role of the Australian Taxation Office (ATO). Outline the ATO power.

3. Define taxable income, assessable income and exempt income and explain the relationship between them.

4. Briefly outline the purpose of the Income Tax Assessment Act 1997 and its relationship with the Income Tax Assessment Act 1936.

5. Start with Division 3 (Section 3-5), summarise the pathway in ITAA 1997 that is followed in determining how to calculate taxable income.

6. List and briefly explain two different methods of determining assessable income.

7. Briefly explain when the GST charged on sales made/services provided and GST paid on expenditure is excluded from the calculation of taxable income of the taxpayers.

8. Explain the function of the Tax Agent Services Act 2009 (TASA) and the Tax Agent Services Regulations 2009 (TASR)?

9. List the five categories of core principles of the Code of Professional Conduct for registered tax agents.

10. Refer to the Tax Practitioners Board website and answer the following question.
11. What are the obligations of a Tax Agent under subsection 30-10(5) of the Tax Agent Services Act 2009 (TASA) (Code of Professional Conduct (Code) item 5) – managing conflicts of interest?

12. Refer to the Code of Professional Conduct provided on the Tax Practitioners Board website.

13. In your own words explain the meaning of ‘Reasonable Care in ascertaining a client’s state of affairs’.

14. List three types of advice a tax agent must give to his/her clients about their rights and obligations under the taxations laws that are materially related to tax agent services he/she provides.

15. Is there a requirement for a tax agent to provide an engagement letter to their client under the Tax Agent Services Act 2009 [TASA]?

16. When are tax agents required to have professional indemnity insurance (PII)?

17. Explain the level of PII required.

18. What is the due lodgment date for an individual taxpayer who lodes their own income tax return?

19. Why may the ATO impose a general interest charge (GIC)?

20. Distinguish between a tax audit and a review.

21. Distinguish between a private ruling and a public ruling and a tax determination.

22. What is the current value of a penalty unit? In what circumstances may a taxpayer be liable for penalty imposed by the ATO?

23. What are the three necessary criteria for the anti-avoidance provisions of Part IVA ITAA36?








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