CORPFIN 3003 - Tax Superannuation and Estate Planning

North Terrace Campus - Semester 2 - 2020

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.

  • General Course Information
    Course Details
    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 Staff

    Course Coordinator: Mr Domenic Carbone

    Location: Law School, Ligertwood Building

    Telephone: 8313 4759 (work)

    Email: domenic.carbone@adelaide.edu.au
    Course website: www.myuni.adelaide.edu.au

    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

  • Learning Outcomes
    Course Learning Outcomes
    On 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
  • Learning Resources
    Required Resources
    Required reading will be provided and advised to students during the course.
    Recommended Resources
    Reference 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 Modes
    Prior 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.
    Workload

    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 Summary
    TAX 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
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary
    Assessment Weighting Due Learning Outcome
    Seminar participation 10% Ongoing 1-4
    Online test 1
    (open book)
    20% Monday week 5 1, 2
    Online test 2
    (open book)
    20% Monday week 10 1, 2, 5
    Exam
    (3 hour open book)
    50% Exam week 1-5
    Total 100%
    Assessment Detail
    Students 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.

    Seminar Participation
    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.

    Online Tests
    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.

    Exam
    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.

    Submission

    No information currently available.

    Course Grading

    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.

  • Student Feedback

    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.

  • Student Support
  • Policies & Guidelines
  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.