2011mlc301week1

2011mlc301week1 - Welcome to MLC 301 Principles of Income...

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Welcome to MLC 301 – Principles of Income Tax Rami Hanegbi Room: C 4.22 Contact Number: (924) 46154 Structure of Course: 3 hours of lectures per week one tutorial What you need for this subject: TEXT : Coleman ‘2011 Principles of Taxation Law’ 4th edition. NOTE: ‘Fundamental Tax Legislation 2011’ Contains the legislation that is relevant for the course. NOTE: Sometimes the study guide is sufficient, sometimes students will need to read the study guide and Principles of Taxation Law (the text) When the study guide is not sufficient, a file on DSO tells you what paragraphs of the text are necessary. These references are on a file on DSO and not the Study Guide because at the time the Study Guide was prepared the current edition of the text was unavailable. Where is this file located? Click on “Learning Resources” Click on “Study Support Materials” Click on “Coleman 2011 Reading” (Item 2.2) Assessment : First Multiple Choice Test 15% Second Multiple Choice Test 15% Final Exam (open book) 70% 1
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TOTAL 100% The final exam will be: Part multiple choice; Part essay questions It will be open book. I will be posting notes on DSO for each of the following week by end of Friday (eg Week 2’s notes will be up there by Friday of Week 1). To access this: Click on “Learning Resources” Click on “Burwood Lecture Outlines” Topic 1 - INTRODUCTION Tax – What is it? Basically, the government compulsorily making people give money to them Why? Necessary for several reasons: Supply public goods and services Army Police Roads Hospital Universities To what extent should government pay for this? This is a matter of opinion. Economic Stabilisation Eg, the economy is ‘too hot’ – lift taxes/cut spending Recession/economic slowdown – cut taxes/lift spending Redistribution of Wealth To which extent this should be done? Matter of opinion Some people think that “well off” should give “not so well off” money as this will produce fairer outcomes Others think the financially healthy have worked hard, etc for their money, they shouldn’t have to share it Many types of taxes. We will NOT be learning all of them. The following is an example of a few 2
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GST (Goods and Services Tax). For instance, when buy can of coke, part of price that pay is the GST. This is a consumption tax, because are taxed when spend money to consume goods. Stamp Duty. For instance, when buy house, have to pay the government money so that can have house transferred to your name (purchaser pays this, not the seller), eg on $450K house will pay about 19,000 in stamp duty. Income Tax. Pay tax when make money, eg, salary income or money from
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This note was uploaded on 03/12/2011 for the course MLC 301 taught by Professor Andrew during the Three '11 term at Deakin.

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2011mlc301week1 - Welcome to MLC 301 Principles of Income...

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