TAXATION

Double Tax Agreements

This course provides a comprehensive and in depth study of Double Tax Agreements (DTAs). It addresses the influence of international models on the formulation of DTAs. The primary focus is on the OECD model which will be examined in detail, emphasising key issues such as treaty design and interpretation, dual residency, treatment of passive income flows and capital gains, and mechanisms to alleviate double tax. This will be followed by an examination of specific DTAs so as to illustrate key differences and similarities. The practical application of the DTAs will be considered in the context of numerous examples.

Course Objectives

To give students an overview of Australia’s Double Taxation Agreements (’DTAs’)
To survey the key basic issues associated with DTAs including: taxes covered; taxpayers covered; classes and schedules of income/taxpayer; dual residency
To address and understand some more difficult issues including: treaty overrides; tripartite situations; class or schedule overlap
Main Topics

An introduction to Double Tax Agreements
The interpretation and structure of DTAs
Gateways to accessing DTAs - personal scope, taxes covered and residence
Business profits
Passive income flows under DTAs
Income from personal services
Property related income, capital gains, other income, beneficial ownership and capital
Anti-avoidance and administrative provisions

Taxation concessions for superannuation are a tool used by Government to encourage retirement funding and this course investigates those concessions and how they can be efficiently applied in financial planning. In doing so it assumes a basic understanding of taxation of contributions, funds and benefits. The course also investigates alternative taxation strategies that can be used in financial planning to fund retirement including negative gearing, use of the small business and the residential property tax concessions. It also covers taxation in the context of estate planning, and examines how taxation is critical to portfolio construction for superannuation funds and taxation strategies used for constructing portfolios.

Course Objectives

This course provides students with a comparison between the different taxation treatment of investments and funding vehicles used in financial planning that, in turn, can give rise to different investment strategies and portfolio construction in a personal financial planning environment. Students will acquire a good grounding in comparisons between the taxation of these investment strategies and funding vehicles.
Main Topics

Financial planning and taxation
Taxation concessions for saving
Taxation of funding vehicles
Taxation of termination and retirement payments
Estate taxation
Taxation and portfolio construction

The trust is a major form of vehicle used for holding investment assets, for transferring family wealth to future generations and for income splitting. In addition, fixed public trusts, which are now commonly known as public unit trusts, funds or ’collective investment vehicles’, have become a major form of public investment vehicle. Most superannuation funds are, in fact, trusts. The trust is not a distinct legal entity and is not taxed as a separate entity. The primary rule is that the beneficiary under a trust is subject to tax. Only where the beneficiary is not subject to tax will the trustee be assessed to pay tax. This course is mainly concerned with establishing when the primary rule applies, and when it is displaced by the exceptional rules. An understanding of the specific tax treatment of trusts is important to any student setting out to acquire, or refine, an understanding of the Australian tax system.

Course Objectives

This course aims to develop and promote a knowledge of the principles and policy considerations which have particular application to the taxation of trusts, including unit trusts. It aims to develop a critical approach to the manner in which trusts are taxed and the implications of this for investors and the tax system. It instils a knowledge of the cases on the taxation of trusts and an understanding of the reasons for the various integrity measures affecting trusts.
Main Topics

Taxation of income of trusts
The trust loss measures and family trust elections
General anti-avoidance and other integrity measures
Application of Parts 3-1 and 3-3 to trusts including unit trusts

This course provides a general introduction to the taxation of superannuation in Australia, in particular to the main types of superannuation funds and how their income is taxed, the treatment of contributions to those funds, and the taxation of benefits paid on retirement or termination of employment. The concessional tax treatment of income earned by superannuation funds and the benefits paid out are examined in detail. The course also explores areas such as the superannuation guarantee scheme, which is the Government’s main tool for implementing its retirement incomes policy, and the superannuation contributions surcharge.

Course Objectives

On completion of this course, you should be able to:
Explain the nature and purpose of superannuation and superannuation funds
Describe the purpose and effect of the Superannuation Guarantee (Administration) Act 1992
Understand and apply the special taxation rules applicable to superannuation contributions, superannuation funds and superannuation benefits, as provided in the Income Tax Assessment Act 1936 and 1997 and the surcharge Acts
Apply those special rules in a variety of factual situations
Main Topics

Fundamentals
Tax of contributions
Superannuation funds and other retirement savings vehicles - taxation and regulation
Taxation of lump sum benefits
Taxation of pensions and annuities

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