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The unit commences with an identification and analysis of key taxation aspects of small business structures before progressing to taxation planning for individuals, including business owners. After identifying typical small business structures and their taxation implications, students will progress to learning about areas for which business tax planning is important to profitability. These areas include asset depreciation, capital gains taxes, fringe benefits tax and state-based taxes, especially payroll tax. The acquisition and disposal of a business or parts of a business are examined from a tax perspective, along with business succession planning.
The focus of the unit then turns to individuals (including business owners) and considers taxation planning in relation to superannuation and retirement. Students are encouraged to take the perspective of a tax advisor and understand the importance of acting in a professional and ethical manner at all times.