UNSW LAW : ATAX0411 - Taxation of Capital Gains

It is expected that you have a broad basic understanding of the capital gains tax regime as it applies in Australia.

Units of Credit: 6

Description

This course centres upon the basic structure and central concepts of the Australian Capital Gains Tax. It considers the policy rationale for taxing capital gains, and provides in-depth technical analysis of the legislation. It covers the general scheme, detailed calculation provisions, the impact of CGT on entities (such as companies, trusts and partnerships) and on specific assets, and the CGT concessions that exist in the roll-over and exemption provisions for individuals and large and small businesses. The course explores some of the key anti-avoidance provisions that exist, and aims to provide a thorough understanding of the key aspects of the Australian CGT.

Objectives

The objectives of this course are to give a clear understanding of the reasons for the introduction of a Capital Gains Tax in Australia, and to give a grounding in its scope and application in a variety of situations.

A candidate who has successfully completed this course should:

Understand the rationale for taxing capital gains, and have an understanding of the scheme of capital gains taxation in Australia
Be able to determine the application of the CGT provisions in any given case
Have developed skills of statutory construction and critical review of interpretations of legislative provisions
Be prepared for more complex problem-solving in future courses
Have developed an independent capacity to resolve complex CGT issues, and the ability to critically analyse CGT legislation in terms of both technical application and policy rationale

Main Topics

Background
Core provisions
Entities
Exemptions
Roll-overs and reorganisations
Small business concessions
Emerging issues