EDITH COWAN UNIVERSITY 
LAW2410 - Income Tax Framework II 
Comprehensive Revision Guide and Course Notes 2024 
 
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Edith Cowan University - LAW2410: Income Tax Framework II

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ACADEMIC YEAR 2023 - 2024

University	Edith Cowan University
Study Level	Undergraduate
Unit Code	LAW2410
Unit Name	Income Tax Framework II
Notes Title	Comprehensive Revision Guide and Course Notes
Page Length	142

This LAW2410: Income Tax Framework II, Edith Cowan University - Comprehensive Revision Guide and Course Notes 2024 is an invaluable tool to help you teach yourself the unit from the first day of class until your last review before the final exam. It helps you learn new material by working through chapters with explanations of each topic in simple language. You do not need to be an expert in the unit, you just need a basic understanding and be able to quickly recall the information that you learn. You can use these notes as a reference, to understand the topics better and improve your grades in the final exam.

Edith Cowan University's LAW2410: Income Tax Framework II offers a practical introduction to Australian tax law. Students will learn to identify relevant legislation and calculate tax liabilities for individuals, businesses, companies, trusts, and minors. This course builds upon LAW1100 and equips students with analytical and problem-solving skills to navigate income tax, goods and services tax, fringe benefits tax, and capital gains tax. By the end, students will be able to apply these legal principles to practical situations and determine taxable income and tax payable.

✔ Main topics to be covered:

Introduction
- Constitutional basis and sources of Taxation Law
- Institutional framework of Tax Administration in Australia
Goods and Services Tax (GST)
- Administration, compliance, and interaction with Income Tax
- GST Framework and calculation of net GST payable/refundable
Income
- Types of income (ordinary, statutory, exempt, non-assessable non-exempt)
- Income sources (personal exertion, property, business)
- Distinction between revenue and capital
- Offsets
Deductions
- General and specific deductions
- Business deductions
- Trading stock valuation
Uniform Capital Allowances
- Depreciating assets and methods (prime cost, diminishing value)
- Balancing adjustments
Capital Gains Tax (CGT)
- Basic concept, exemptions, and concessions
- Gains and losses application
- Discount calculation
- Taxpayer's capital gain or loss calculation
Partnership
- Definition and tax principles
- Net income calculation and partners' shares
Minors and Trusts
- Minors' income and common trust types
- Trust net income calculation and taxation
Fringe Benefits Tax (FBT) and Employment Remuneration
- FBT Framework and payable calculation
- PAYG/PAYE system and allowance treatment
- Salary sacrifice into superannuation taxation
International Transactions
- Taxation issues in non-complex international transactions
- Tax on foreign income

UNIT CODE	UNIT NAME
ACC1100	Accounting I
ACC2250	Accounting II
ACC2350	Cost Accounting
ACC2700	Financial Reporting Standards
ECF1110	Economics I
ECF1120	Finance I
ECF2210	Capital Markets
ECF2222	Corporate Finance
ECF2226	Investment Finance
ECF3120	Financial Modelling
ECF3312	Financial Institutions Management
LAW1100	Legal Framework I
LAW2410	Income Tax Framework II
MAN1100	Management
MKT1600	Marketing Principles and Practices
MKT2605	Promotional Marketing
SBL1300	Business Environments and Markets
SBL1400	Introduction to Business Analytics

Edith Cowan University - LAW2410: Income Tax Framework II

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