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Membership with the Taxation Institute will ensure you have access to the best tax education, products and services available to the tax profession, as well as enable you to gain exposure to future employers and mentors from around the country. Membership with the Taxation Institute is essential for anyone who is serious about a career in tax.

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An essential graduate skill is the ability to find information, and then to appropriately use that information. This skill is known as information literacy. Given the dynamic nature of taxation law and the vast amount of taxation law and information available electronically, information literacy is essential in both studying and working with taxation law in the real world.

This paper is the report of an exploratory qualitative study into how non-law students studying taxation law identify and locate the relevant law when resolving tax law problems. The objective of the study was to investigate how students approach hypothetical problems using the ILAC (Issue, Law, Application, and Conclusion) methodology in a tax law course; and in particular how they identify and locate the relevant law. The rationale behind this study was to ascertain whether students are equipped to tackle the task of finding tax law, or whether this skill needs to be explicitly taught as part of the tax law curriculum in order to enhance overall student capability in this important skill. It was found that information literacy skills need to be explicitly taught as part of the tax law curriculum.

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Ian Smith is contemplating retirement but is concerned at the possible tax bill he may receive if he sells his business.

Advise Ian of his likely tax position in light of the following set of facts:

• Ian started the business in 1998 when he purchased the empty building freehold for $200,000 and he has run his irrigation equipment supply business from these premises continuously ever since (it is now November 2009).
• Ian has received an offer to sell the building and business for $2,800,000.
• Of this offer amount $2,400,000 relates to the building and $400,000 to the business (including $100,000 for the plant and equipment).
• The written down value of the business plant and equipment at the time of the sale is $100,000.
• Ian also has investments in listed companies worth $20,000;
• Ian is also a beneficiary of the Smith Family Trust and he has informed you that in the 2005 tax year, he received $4,100 in income distribution from the trust. The total income of the trust in 2005 was $10,000. The trust's net assets in 2009 just prior to the sale of Ian's business are $2,200,000.
• Ian has no liabilities in relation to the business assets and has no other assets except his personal superannuation of $200,000 and his family home (valued at $800,000). Ian does not use his family home at all for his business and so is not entitled to claim any interest deductions in respect of any loan interest in respect of this home.

Ian is aged 56 and intends to retire and does not plan on buying any other business.

To see the remainder of sample exam questions and their suggested solutions, please click here.

Contributed by: John Tretola FTIA • Business School • University of Adelaide

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Free Seminar Opportunities
For more information on Taxation Institute seminars, visit our website www.taxinstitute.com.au to view brochures for our events	Limited FREE registrations are now available for selected Taxation Institute events for Student Members. To find out about FREE event opportunities, please contact your local state office or email studentmembership@taxinstitute.com.au

Name: Scott Treatt FTIA
Employer: Grant Thornton Australia Limited
Position: Director - Taxation

Describe your current role:

Predominantly taxation consultancy on transactions and risk reviews. I also consult to a number of corporates and legal firms on taxation matters impacting their business and operations.

Describe your Taxation Institute committee or contributing involvement:

National Convenor - TIA Structured Education Program, member of Education Committee , Membership Committee and State Council.

What are your career highlights?

Looking back now over the past few years, there have been a number of large and challenging assignments that we have got across the line; however, I would have to say that becoming a Partner (or Director in our corporate model) has been one of my best highlights to date. It goes to show that when you apply your mind to something and strive for it, you can always achieve.

Why did you join the Taxation Institute?

The Tax Institute is a great resource of knowledge I wanted to tap into. It's a great way for me to get involved in the industry and give back some of what I have drawn from over the years and to invest in the future of the profession.

What advice can you give to graduates?

Be open to learn everything you can from those around you and pass this on to others who join you;

• Strive to deliver;
• Learn positively from your mistakes;
• Be considered when giving advice ('take a step back' as I was always taught); and
• Enjoy what you do.

Structured Education Program
Essential tax education for all tax professionals Foundation Tax >> Applied Tax >> Advanced Tax
Accountants: Applied Tax provides exemptions into both the CA and CPA Programs giving you the flexibility to choose either of those programs for your professional qualification. Lawyers: Applied Tax is an excellent course to develop your tax specialisation! As a graduate of the Advanced Tax course and a regular sponsor for staff in the Foundation Tax course I am familiar with the training methodology of the Taxation Institute of Australia. We feel this methodology is better for our staff who are given the opportunity to develop both their business writing and verbal communication skills. To enrol today or for more information go to: www.taxeducation.com.au	Cindy McDonald FTIA CEO, Opez Pty Ltd

Some Recent Cases of Interest

• DFC of T v PM Developments Pty Ltd
• Travelex Ltd v FC of T
• FC of T v Aid/Watch Incorporated
• Cityrose Trading Pty Ltd v Booth & Anor
• Clarke v Commissioner of Taxation
• Bamford v Commissioner of Taxation

Legislation

Places to locate legislation include the following sites:

• Austlii - Federal and State legislation
• ComLaw - Official Australian Government site
• ATO - Exhaustive site for tax and superannuation and related legislation; Includes EM's and Second Reading speeches
• Federal Parliament - Bills, EM's and Second Reading speeches; No Acts (go to ComLaw for these)

ATO

www.ato.gov.au

This website is extremely useful for students and practitioners and will reward your efforts to become familiar with the contents and how they are arranged.

• Public Rulings, Determinations etc.
• ATO Interpretive Decisions
• NTLG Minutes
• Tax, superannuation and related legislation. Also includes EM's and Second Reading speeches

Journals

• Taxation in Australia
• The Tax Specialist
• Australian Tax Forum

The Treasury and Ministry Websites

• Treasury
• The Hon. Wayne Swan - Treasurer
• The Hon. Chris Bowen - Assistant Treasurer & Minister for Competition Policy & Consumer Affairs
• The Hon. Nick Sherry - Minister for Superannuation & Corporate Law

Related websites

• Taxation Institute of Australia
• ATO
• Board of Taxation
• Austlii
• ComLaw
• Treasury: Ralph Review
• Treasury: Review of Income Self Assessment
• Inspector-General of Taxation
• Federal Parliament - Canberra

Education Websites

You may have access to one or more of these sites via your educational institution - it's a good idea to check this out.

• Thomson - Subscription needed for access
• CCH - Subscription needed for access
• LexisNexis - Subscription needed for access

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Various special offers from the Taxation Institute's Business Alliance Partners are available to Student Members. Please click here to see special offers from Thomson, HSBC, Wine Box Warehouse and more.

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We welcome your feedback about ConTax and the receipt of proposed content contributions (i.e articles) for future editions.Click here to contact ConTax.

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