Course Title: Comply with tax obligations in a conveyancing transaction
Part B: Course Detail
Teaching Period: Term1 2023
Course Code: LAW5758C
Course Title: Comply with tax obligations in a conveyancing transaction
Important Information:
Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance.
School: 525T Business & Enterprise
Campus: City Campus
Program: C6170 - Advanced Diploma of Conveyancing
Course Contact: Theresa Lyford
Course Contact Phone: +61 3 9925 5444
Course Contact Email: theresa.lyford@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 60
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
None
Course Description
In this course you will acquire the skills and knowledge required to research and identify tax obligations for a conveyancing transaction within a range of contexts and environments. This encompasses identifying and applying statutory interpretation techniques, identifying and tracking changes to relevant legislation and codes of conduct, maintaining appropriate records, using online platforms to calculate and pay tax, and complying with reporting obligations.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBCNV616 Comply with tax obligations in a conveyancing transaction |
Element: |
1. Research tax obligations |
Performance Criteria: |
1.1 Identify reliable sources for research information relevant to practice policies and procedures 1.2 Create and document research strategy and confirm that it contains research of state and federal tax obligations that apply to conveyancing transactions 1.3 Implement research strategy and collect all relevant information |
Element: |
2. Identify tax obligations relevant to transaction |
Performance Criteria: |
2.1 Identify type of conveyancing transaction that requires tax to be paid or withheld 2.2 Identify parties involved in conveyancing transaction 2.3 Assess conveyancing transaction details against research and identify tax obligations 2.4 Identify relevant tax reduction schemes and exemptions according to completed research that may reduce tax payable 2.5 Assess conveyancing transaction details against tax reduction scheme eligibility criteria 2.6 Calculate amount of tax to be paid or withheld from transaction, where required 2.7 Consult relevant legal or accounting specialists and confirm own assessment, where required 2.8 Document tax obligations that apply to conveyancing transaction |
Element: |
3. Apply obligations to transaction |
Performance Criteria: |
3.1 Communicate identified tax obligations, withholding amounts, reduction schemes, and exemptions to client 3.2 Apply relevant tax reductions schemes and exemptions, where required 3.3 Pay or withhold relevant amount of tax, where required |
Element: |
4. Record and lodge tax obligations |
Performance Criteria: |
4.1 Identify relevant online platform and download forms according to legislation, regulation, standards and practice policies and procedures 4.2 Interpret forms and complete using transaction details 4.3 Confirm procedure to lodge completed forms 4.4 Lodge forms with relevant authorities 4.5 Record all details of transaction and lodgement according to practice policies and procedures |
Element: |
5. Finalise and file records |
Performance Criteria: |
5.1 Identify records required to be archived according to legislation, regulation, standards and practice policies and procedures 5.2 Close and archive records according to legislative, regulatory and practice policies and procedures |
Learning Outcomes
On successful completion of this course you will have developed and applied the skills and knowledge required to demonstrate competency in the above elements.
Details of Learning Activities
Learning activities are set out in the weekly lessons in canvas in accordance with the teaching schedule below.
Teaching Schedule
Week |
Topic |
Learning Activities |
Assessment |
1 |
Introduction. Types of conveyancing transactions. Legislative, regulatory and industry practices. Develop research strategy. Assessing and applying tax obligations |
Weekly Canvas course activities located in this weeks module |
|
2 |
Land transfer (stamp duty). Dutiable transactions.SRO duty calculator. Exemptions & Concessions. Duties online platform |
Weekly Canvas course activities located in this weeks module |
AT1 File 1 Question 3 Role Play |
3 |
Land tax. Vacant land tax |
Weekly Canvas course activities located in this weeks module |
AT1 File 1 Question 4 Role Play |
4 |
Capital Gains Tax. Foreign Resident Capital Gains Tax. Exceptions & Variations. Clearance certificates |
Weekly Canvas course activities located in this weeks module |
AT1 File 2 Question 3 Role Play |
5 |
Growth Area Infrastructure Contributions. Event triggers. Non-liability events. Rates |
Weekly Canvas course activities located in this weeks module |
AT1 File 2 Question 4 Role Play
|
6 |
GST. ATO online property tool. Input tax. Margin scheme |
Weekly Canvas course activities located in this weeks module |
AT1 File 3 Question 3 Role Play |
7 |
Archive. Record and finalising the conveyancing taxation |
Weekly Canvas course activities located in this weeks module |
AT1 File 3 Question 4 Role Play AT1 Due |
8 |
Revision |
Weekly Canvas course activities located in this weeks module |
AT2 Due |
9 |
Assessment Resubmits |
|
Learning Resources
Prescribed Texts
References
Other Resources
Weekly powerpoints, State Revenue Office websites and resources, Australian Taxation Office websites and resources, legislation and cases.
Overview of Assessment
Assessment for this course is ongoing throughout the semester. Your knowledge and understanding of course content is assessed through participation in class exercises, oral presentations and through the application of learned skills and insights to your written tasks. Full assessment briefs will be provided and can be found on CANVAS.
Assessment Tasks
Assessment Task 1 - The purpose of this assessment is to assess your skills and knowledge required to research and identify tax obligations for a conveyancing transaction within a range of contexts and environments. It encompasses identifying and applying statutory interpretation techniques, identifying and tracking changes to relevant legislation and codes of conduct, maintaining appropriate records, using online platforms to calculate and pay tax, and complying with reporting obligations.
Assessment Task 2 - The purpose of this assessment is to assess your skills and knowledge required to research and identify tax obligations for a conveyancing transaction within a range of contexts and environments. There are a total of eighteen (18) questions which will include knowledge of identifying and applying statutory interpretation techniques, identifying and tracking changes to relevant legislation and codes of conduct, maintaining appropriate records, using online platforms to calculate and pay tax, and complying with reporting obligations.
Details of the assessments are provided for all learners in canvas.
Assessment Matrix
Other Information
Submission Requirements
- Ensure that you submit assessments on or before the due date.
- Always retain a copy of your assessment tasks. (hard copy and soft copy)
- When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
- Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Resubmissions (VET Programs)
If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Penalties for Late Submission
Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).
Extensions, Special Consideration and Adjustment to Assessments
Extensions:
Extensions are available for unforeseen circumstances of a short-term nature.
An application form must be submitted to the school at least one working day before the due date of the assessment.
Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)
Special consideration:
Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.
An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date
For more information, see the Special Consideration page of the RMIT website.
Adjustments to Assessment:
RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.
Changes to the Assessment Scheme
Where a change to assessment approved by the Dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.
Feedback
You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.
Academic Integrity and Misconduct
Students demonstrate academic integrity in their assessment practices by:
- engaging with assessment activities in an honest way;
- providing accountability for the authorship and originality of work submitted;
- acknowledging the work of others and the re-use of original work.
Academic misconduct is addressed in accordance with the Student conduct policy
Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.
For further information see the Academic Integrity website.
Review and Appeal
A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.
Grade Criteria
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
The following grades are available for this course.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Course Overview: Access Course Overview