Prepare Tax Documentation for Individuals
This textbook provides a practical and structured explanation of Australian income tax law, guiding students from foundational concepts through to the preparation of income tax returns for individuals. It covers the full lifecycle of income tax analysis, beginning with the introduction of income tax principles and assessable income, and progressing through exempt and non-assessable income, capital gains, termination and retirement payments, deductions, offsets, tax losses, and tax administration.
The book helps students understand not only what the law is, but how and why it is applied in real situations, through clear explanations, practical examples, and direct references to the Income Tax Assessment Acts.
A key feature of the book is its integration of Xero Tax as a practical learning environment. Students apply the legal concepts covered by completing interactive exercises in the software, entering information to reinforce correct classification and treatment of income and deductions.
Xero Tax is used to demonstrate how legislative rules translate into professional tax software, helping students develop job-ready skills while maintaining a strong focus on legal reasoning rather than software mechanics. Students may access each client return for a period of six months.
Table of Contents:
Chapter 2: Assessable Income *
Chapter 3: Exempt Income and Non-assessable Non-exempt Income
Chapter 4: Capital Gains *
Chapter 5: Termination and Retirement Payments
Chapter 6: Small Business Entities *
Chapter 7: Trading Stock *
Chapter 8: General Deductions *
Chapter 9: Specific Deductions
Chapter 10: Decline in Value and Capital Allowances *
Chapter 11: Tax Offsets
Chapter 12: Tax Losses *
Chapter 13: Income Tax Returns — Individuals
Chapter 14: Tax Administration
Appendix: Income of Minors
* This chapter contains a guided Xero Tax exercise.
Subjects covered:
FNSACC522 - Prepare tax documentation for individuals
