Taxation of individuals
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  • Cost Paid
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Taxation of individuals

Issued by The Tax Institute

The earner has demonstrated an understanding of how the various aspects of the tax system apply to individuals, including the different rates of tax payable by individual taxpayers, including younger individuals. Earners have determined the rates of tax payable by different categories of taxpayers in different circumstances, calculated the Medicare levy, the Medicare levy surcharge and tax offsets available to individual taxpayers.

  • Time Hours
  • Cost Paid
Additional Details

Skills

  • Assessable Income
  • HELP Repayments
  • Income Tax
  • Income tax deductions
  • Income Tax Offsets
  • Income Tax Payable
  • Income Tax Preparation
  • Income Tax Residency
  • Income Tax Return
  • Medicare Levy
  • PAYG Installments
  • PAYG Withholding
  • Personal Income Tax Rates
  • Taxation of individuals
  • Taxation of Minors

Earning Criteria

  • Explain the Australian income tax law context within which individuals that are resident of Australia or foreign residents, are taxed on their taxable income.
  • Determine the rates of tax payable by different categories of taxpayers in different circumstances and use them to calculate the tax liability of the taxpayer.
  • Explain the Medicare levy, the Medicare levy surcharge and related exemptions, and apply them to the calculation of the income tax liability of a taxpayer.
  • Explain key tax offsets which can be claimed by individual taxpayers and the rules about study and training support and apply them when calculating a taxpayer's income tax liability.
  • Explain the rules and calculate the basic income tax liability when the taxpayer is a minor.
  • Earners complete 10 hours of online, self-paced, interactive learning, incorporating interactive examples, knowledge checks, case studies and a comprehensive activity.
  • Successful completion of two online, multiple-choice assessments: Assessment 1: 20 multiple-choice questions within 60 minutes. Assessment 2: 6 scenario-based multiple-choice questions within 45 minutes.
  • Achievement of a minimum score of 75% for all assessment tasks.

Standards

Professional level