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Foundations of Australian Income Tax

The Income Tax Formula Pg. 72 PoTL

Types of Income:

Taxable income

Annual Returns and Assessments Pg. 734

Pay-As-You-Go Withholding System (s 10-1 in Sched 1 to Tax Admin Act 1953) Pg. 745

Residence, Source, and Entity Taxation

Week 2 Lecture Residence, Source and Derivation

RESIDENCE PG. 84 POTL

1. INDIVIDUAL RESIDENCE

3. Source of income

Partnerships Pg. 598 POTL

Companies and shareholders Pg. 635

Trusts and beneficiaries Pg. 615

Imputation system – Gross up and offset

Ordinary and Statutory Income Topics

Lecture 3 | The Ordinary Concept of Income

Week 4 – Income from business; Trading Stock

Week 5 Extraordinary and Isolated transactions + Business Compensation

Compensation payments: Individuals (Pg. 284 PoTL)

Capital Gains Tax (CGT) Essentials

CGT Week 6 Pg. 304 PoTL

HAS A CGT EVENT HAPPENED TO THE TAX PAYER?

Q2. IS THERE A CGT ASSET? Pg. 315

Working out capital gain or loss (Pg. 332)

Deductions, Offsets, and Levies

Week 7/8 General Deductions Pg. 353

Positive limbs of s 8-1 (1) ITAA97

Negative limbs of s 8-1 (2) ITAA97

Tax Offsets (Pg. 500 PoTL): 2 types

Levies and Charges Pg. 65 POTL

Medicare levy Surcharge

Knowledge Checks

Quiz: Income Tax Foundations

Quiz: Residence and Source

Quiz: Ordinary Income and Business Income

Quiz: Capital Gains Tax

Quiz: Deductions, Offsets, and Levies

Course Feedback

End-of-Course Survey

Badge Card

Master the core pillars of Australia’s tax system—Income Tax, GST, and Capital Gains Tax (CGT)—with a practical, case-based course designed for students, early-career accountants, financial advisors, and business owners. Australian Taxation Law Foundations: Income Tax, GST, and CGT walks you through the income tax formula, residence and source rules, entity taxation, ordinary vs statutory income, CGT events and calculations, and the critical deductions and offsets that shape final tax outcomes. You’ll translate legislation and ATO guidance into confident application using worked examples, structured frameworks, and knowledge checks. From PAYG and annual assessments to the imputation system, trading stock, compensation receipts, and Medicare levies, this program builds a complete foundation for compliant filing and better tax planning. By the end, you’ll be able to identify assessable income, determine residency and source, compute taxable income, work out capital gains or losses, apply general deductions under s 8-1 ITAA97, and utilize key offsets—equipping you with the practical skills to prepare or review returns and advise with clarity.

Australian Taxation Law Foundations: Income Tax, GST, and CGT

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            <p>Australian Taxation Law Foundations: Income Tax, GST, and CGT equips you with a practical, statute‑grounded understanding of how Australia’s tax system operates for individuals and entities. Beginning with the income tax formula, the course clarifies taxable income, types of income, annual returns and assessments, and the PAYG withholding system under the Taxation Administration Act 1953. You will build fluency in the core mechanics that drive liability and compliance, translating legislative rules into workable steps you can apply in real scenarios.</p>

<p>You will then examine residence and source rules that determine who is taxed and on what income, followed by how different entities—partnerships, companies, and trusts—are taxed, including the imputation system’s gross‑up and franking credit offset. From there, the course explores ordinary and statutory income topics: the ordinary concept of income, income from business and trading stock, extraordinary and isolated transactions, and compensation payments for both businesses and individuals. A focused CGT block develops your ability to identify CGT events, define CGT assets, and work out capital gains and losses. Finally, you will consolidate deductibility principles under s 8‑1 ITAA97 (both positive and negative limbs), and navigate tax offsets, levies and charges, including the Medicare levy surcharge. Knowledge checks throughout—dedicated quizzes for each major topic—reinforce learning and prepare you to interpret, calculate, and report tax outcomes with confidence.</p>
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