LAW4704 Taxation Law

Workload:
Three hours of lectures per week over the course of the semester.

There was not an excessive amount of prescribed reading, although complex concepts are taught at times, which may require different students to commit different amounts of time to understanding.

The mid-semester assignment required a moderate time commitment.

Prescribed Prerequisites/Recommended Prerequisites:
Prescribed Prerequisites: Foundations of Law, Criminal Law 1, Public law and statutory interpretation, Torts, Contract A, Contract B, Property A and Property B.

Recommended Prerequisites: I would not recommend taking the unit at the same time as Corporations Law or Advanced Taxation Law, however the crossover with Equity is less substantial and it may be possible to take these two at the same time.

Assessments:

 * 25% mid-semester group assessment (1,250 word problem question) + 75% end of semester exam (2.5 hours all problem based)

Recorded Lectures:
No.

Past exams available:
No. You may be provided with one example in week 12, otherwise relevant examples are presented throughout the year.

Textbook recommended?
Yes.

Comments:
Semester 1, 2015

There is an obvious reason that Taxation Law is the most taken Monash law elective, and I would highly recommend it for all law students (it is certainly not ‘just for law/commerce’ students!). It helps you understand the underpinnings of all other commercial subjects you have taken, it gives you in an insight as to why certain commercial arrangements occur, and beyond your degree it helps you understand how tax works in everyday life.

The subject starts at a basic level giving you the skeleton understanding of tax, and it expands and becomes more in-depth as the unit goes on. The focus of the unit is about calculating ‘tax income’ which takes you through things like GST, income tax, deductions, Superannuation, and other more tricky components such as capital gains tax and franking credits for dividends.

The unit is taught quite differently to other law subjects. It is likely the lecturer will recommend you bring your textbook and follow through it as he gives the lecture. This is because at times it can be quite heavy reading through dense legislation and it is easier to have it right in front of you and be reading it as it is being explained. This is then further clarified by relevant examples and cases.

After taking the unit you realise just how important a basic understanding of tax law is and how relevant it is in all transactions. Be prepared to do the readings and write more in the exam than you did in Torts B, however beyond that the unit isn’t too heavy of workload.