In this section, we will look at the operation of Parliament and how our laws are made, the role of Treasury and the ATO, the Federal Budget and the hierarchy of the courts.
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Introduction to the Australian tax system
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In this self-contained unit, you’ll explore the building blocks of the Australian tax system, frameworks and concepts that underpin our economy. A back-to-basics, practical approach to topics allows you to cement your foundational knowledge of the impact, relevance and requirements of tax.
Tax affects everyone, every day. This unit is designed for those who would like to better understand how the Australian tax system works. Designed for staff supporting tax practitioners, accountants who do not work predominantly in tax (such as auditors), bookkeepers and financial advisers, those returning to work from extended periods of absence with family or overseas, and younger practitioners, business owners, or anyone who wants to better understand our complex system and how it affects our everyday lives.
Please note: this unit is designed to provide an overview of the Australian tax system. It does not provide a 'how to' guide on your tax obligations such as preparing a tax return or activity statement.
You'll learn:
- The fundamentals of the legal framework and the administrative processes that underpin our tax system.
- About the role of the ATO, their guidance products and their debt and data collection powers.
- About the different types of taxpayers and why they lodge returns and make tax payments.
- Through a shallow dive about broad concepts such as income and deductions, then you'll take a deeper dive into more complex topics including capital gains tax, personal services income and fringe benefits tax.
- About our superannuation system and the core concepts of international tax.
Sections within Introduction to the Australian tax system
In this section, we will look at the different types of taxes, tax reform, and how we pay our tax through the Pay As You Go (PAYG) system. The session also touches on Single Touch Payroll reporting and the different laws under which tax is imposed and calculated.
In this section, we will look at the different types of taxpayers and how they pay tax, the key features of tax returns and lodgment, myGov versus myGovID, the assessment process and tax payable versus tax refunds.
In this section, we will look at the story of GST in Australia, unravel the GST and unpack taxable supplies, input tax credits, GST registration, tax periods and activity statements.
In this section, we will look at why look at why we need ATO guidance and the different types of guidance, the difference between tax evasion and avoidance, ATO reviews and audits, the range of penalties that the ATO can impose, the ATO’s access and data collection powers, and the role of the Inspector-General of Taxation and Taxation Ombudsman.
In this section, we will look at accounting language, income versus deductions, depreciation, tax losses and some special rules.
In this section, we will demystify the Capital Gains Tax regime and look at how a capital gain or loss is calculated as well as some of the common exemptions from CGT. We will also look at more special rules for taxpayers, including rules about loans from private companies to shareholders, the Personal Services Income rules and the Fringe Benefits Tax regime.
In this section, we will look at the different types of superannuation funds and how superannuation is taxed, as well as getting money into superannuation, what happens while it's in there and getting it out. We also take a look at the Superannuation Guarantee rules that require employers to pay regular super for their employees.
In this section, we will look at the core concept of tax residency, who we tax in Australia, low tax and no tax jurisdictions and how we tackle offshore tax arrangements.