3‑70 Specified course: taxation law3‑70 Specified course: taxation law

3‑70 Specified course: taxation law

(1) This section specifies a requirement to have completed a course in Australian taxation law (tax law course). (2) The tax law course must be one that covers each of the following subject matters: (a) Australian income tax law focussing on the following core concepts: (i) assessable income, including ordinary income and statutory income; (ii) deductions, including general deductions and specific deductions; (iii) tax offsets; (iv) residence; (v) source; (vi) capital allowances; (b) Australian income tax law as it applies to each of the following types of entity: (i) an individual; (ii) a partnership; (iii) a company; (iv) a trust; (c) Australian income tax law and fringe benefits tax law as each applies to employee remuneration, including non‑cash benefits, employment termination payments and employee share interests; (d) Australian income tax law as it applies to capital gains and losses; (e) Australian income tax law as it applies to superannuation, including the application of the law to contributions, earnings and benefits; (f) Australian income tax law as it applies to investments; (g) Australian income tax law relating to anti‑avoidance, and taxation offences and penalties, including the promoter penalty rules; (h) Australian laws relating to the goods and services tax, focusing on the core concepts and tax administration.

Note 1: The relevant Acts providing for Australia’s income tax include the Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997.

Note 2: The relevant Acts providing for Australia’s fringe benefits tax include the Fringe Benefits Tax Assessment Act 1986.

Note 3: The relevant Acts providing for Australia’s goods and services tax include the A New Tax System (Goods and Services Tax) Act 1999.

(3) The tax law course must be designed to provide a person taking the course with, as well as assurances that the person then has, knowledge and skills in the subject matters covered in subsection (2) at not less than an AQF level 5 as described in Australian Qualifications Framework, 2nd edition (January 2013) published by the Australian Qualifications Framework Council.

Note: On the day this instrument was registered, this publication was available at https://www.aqf.edu.au/.

(4) The tax law course must be provided by one of the following: (a) a registered higher education provider (within the meaning of the Tertiary Education Quality and Standards Agency Act 2011); (b) a registered training organisation (within the meaning of the National Vocational Education and Training Regulator Act 2011); (c) an organisation specified in Part 2 of Schedule 3 to this instrument.