CORPFIN 3003 - Tax Superannuation and Estate Planning
North Terrace Campus - Semester 2 - 2020
General Course Information
Course Code CORPFIN 3003 Course Tax Superannuation and Estate Planning Coordinating Unit Business School Term Semester 2 Level Undergraduate Location/s North Terrace Campus Units 3 Contact Up to 3 hours per week Available for Study Abroad and Exchange Y Incompatible CORPFIN 6003 Course Description This course covers tax planning generally and also business tax planning, and estate and wealth planning. The tax planning section focuses on an overview of the Australian tax system and tax planning principles, taxation of employee remuneration, taxation of investment income including capital gains tax, taxation of investment structures, and international taxation. As well as providing students with knowledge of fundamental concepts of Australian income tax law and basic tax planning principles, specific strategies for tax planning are covered for each of these topics. The business tax planning section covers tax differences between business entities, income tax issues for business, specific anti-avoidance issues for business entities, the tax issues in buying and selling a business. The estate planning section deals with the process of planning and implementing the orderly transfer of a person's wealth in the event of their death for the benefit of their intended beneficiaries. This section focuses on what are estate and non-estate assets, estate planning objectives, strategies to achieve objectives, specific strategies for estate planning, taxation issues relating to deceased estates and the estate administration process.
Course Coordinator: Mr Domenic Carbone
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning OutcomesOn successful completion of this course students will be able to:
1. Apply the fundamental concepts of Australian income tax law, tax planning, and superannuation and estate planning to make informed financial decisions.
2. Communicate effectively orally income tax information and solutions to income tax, tax planning, and superannuation and estate planning issues.
3. Communicate effectively in writing income tax information and solutions to income tax, tax planning, and superannuation and estate planning issues.
4. Demonstrate how to use documentation for estate planning both in a legal and administrative context, and the consequences of non-compliance.
5. Apply strategies used in estate planning, in the interaction of superannuation with estate planning and in the taxation of deceased estates.
University Graduate Attributes
This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:
University Graduate Attribute Course Learning Outcome(s) Deep discipline knowledge
- informed and infused by cutting edge research, scaffolded throughout their program of studies
- acquired from personal interaction with research active educators, from year 1
- accredited or validated against national or international standards (for relevant programs)
1 & 5 Critical thinking and problem solving
- steeped in research methods and rigor
- based on empirical evidence and the scientific approach to knowledge development
- demonstrated through appropriate and relevant assessment
1, 2, 3 & 5 Teamwork and communication skills
- developed from, with, and via the SGDE
- honed through assessment and practice throughout the program of studies
- encouraged and valued in all aspects of learning
2 & 3 Career and leadership readiness
- technology savvy
- professional and, where relevant, fully accredited
- forward thinking and well informed
- tested and validated by work based experiences
1 to 5
Required ResourcesRequired reading will be provided and advised to students during the course.
Recommended ResourcesReference Books
Australian Financial Planning Handbook 2018-19, Thomson Reuters, Australia
Australian Master Financial Planning Guide 2019/20, Wolters Kluwer (CCH) Australia
Learning & Teaching Activities
Learning & Teaching ModesPrior to each seminar, students will be expected to have reviewed the topics to be discussed and attempted any set questions/exercises.
There is a strong assumption that students will engage in seminar discussions in an informed way.
The information below is provided as a guide to assist students in engaging appropriately with the course requirements.The University expects full-time students (ie those taking 12 units per semester) to devote a total of 48 hours per week to their studies. This means that you are expected to commit approximately 12 hours for a three-unit course of private study outside of your regular seminars.
Students in this course are expected to attend all seminars.
Learning Activities SummaryTAX PLANNING
Topic 1 – Overview of the Australian Tax System & Tax Planning
Topic 2 – Taxation of Employee Remuneration
Topic 3 – Taxation of Investment Income
Topic 4 – Investment & Capital Gains Tax
Topic 5 – Taxation of Investment Structures
Topic 6 – International Taxation
BUSINESS TAX PLANNING
Topic 1 – Tax Differences between Entities and Tax Accounting for Business Income
Topic 2 – Income Tax Issues for Business
Topic 3 – Specific Anti-avoidance Issues
Topic 4 – Tax Issues in Buying or Selling a Business
SUPERANNUATION AND ESTATE PLANNING
Topic 1 – Introduction to Estate Planning
Topic 2 – Complex Estate Planning
Topic 3 – Powers of Attorney and Advance Care Directives
Topic 4 – Superannuation
Topic 5 – Taxation Implications of Deceased Estates
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
Assessment Weighting Due Learning Outcome Seminar participation 10% Ongoing 1-4 Online test 1
20% Monday week 5 1, 2 Online test 2
20% Monday week 10 1, 2, 5 Exam
(3 hour open book)
50% Exam week 1-5 Total 100%
Assessment DetailStudents must complete ALL assessment components for this course.
To gain a pass in the course, a mark of at least 50% overall is required. There is no requirement that a particular part of the assessment must be passed.
This will assess the qualitative contribution of students to seminar classes. Students will be assessed on their seminar preparation and input into the seminar discussion. It requires regular attendance at seminars but more importantly regular active participation in seminar discussions.
Each Online Test comprises 20 multiple choice questions and students must answer all 20 questions. The Online Tests must be completed in no more than 60 minutes from starting to answer the questions and in a single sitting.
The exam is of 3 hours duration. In addition, you are allowed 10 minutes reading time before the examination begins, to read the paper and to make notes.
The exam is “open book” but you must not bring into the exam room any book belonging to the University of Adelaide Libraries. “Permitted Materials” in the exam room are the prescribed textbook or any other tax textbook, the legislation, course materials and handouts, your own lecture and other notes written and prepared by you, and not prepared by or taken from someone else. You may also bring into the exam room an English or English/foreign language dictionary (paper only), and calculator incapable of sending text.
Examinations will be held only at the time and locations stated in the University’s Examination Timetable, so may not be taken in another country. Students should not make any arrangements to be absent until after the replacement/additional (sup) exam period.
No information currently available.
Grades for your performance in this course will be awarded in accordance with the following scheme:
M10 (Coursework Mark Scheme) Grade Mark Description FNS Fail No Submission F 1-49 Fail P 50-64 Pass C 65-74 Credit D 75-84 Distinction HD 85-100 High Distinction CN Continuing NFE No Formal Examination RP Result Pending
Further details of the grades/results can be obtained from Examinations.
Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.
Final results for this course will be made available through Access Adelaide.
The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.
SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.
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