Module outline

Taxation New Zealand (TAX NZ)

9 December 2013

Chartered Accountants Program

Taxation New Zealand (TAX NZ)

Introduction
The Taxation New Zealand (TAX NZ) module is a technical module in the Chartered Accountants Program. The module examines and applies relevant New Zealand taxation law to various tax entities. It is practical in nature, with candidates required to explain and calculate the taxation consequences applicable to a range of scenarios, including a comprehensive case study that integrates the various units.

The Chartered Accountants Program

The Chartered Accountants Program (the Program) comprises two elements: professional accounting education and mentored practical experience with an Approved Training Employer (ATE). Both the Institute of Chartered Accountants Australia (ICAA) and the New Zealand Institute of Chartered Accountants (NZICA) are founding members of the Global Accounting Alliance (GAA), representing over 775,000 of the worlds leading professional accountants in over 165 countries.

Chartered Accountant
Admission to membership Achieve Graduate Diploma of Chartered Accounting (GradDipCA)

Integrates technical knowledge and professional skills, using complex real life case studies, to become a well-rounded professional

14 weeks Online learning, 3 face-to-face workshops Workshops (40%), Final exam (60%)

Capstone

Develops technical competence through problem-based learning using case studies and scenarios

12 weeks each Online learning, Optional face-to-face lecture forum (Aus)/virtual classrooms 3 online assessments (20%), Final exam (80%)

Audit & Assurance

Develops professional competence with guidance from a Chartered Accountant

Financial Accounting & Reporting

Management Accounting & Applied Finance

Taxation
3 years approved full time (or equivalent) Concurrent to study

Mentored Practical Experience

Accredited undergraduate/masters degree or alternative entry pathway

Taxation New Zealand

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Chartered Accountants Program

Units
The TAX NZ module comprises the following units:
Unit 1 2 3 4 5 Name of unit Taxation fundamentals Goods and services tax (GST) Taxation of employment remuneration Income from property Trading stock ONLINE ASSESSMENT 1 6 7 8 9 10 11 Depreciation Taxation of sole traders and the self-employed Taxation of partnerships Taxation of companies Taxation of look-through companies Taxation of trusts ONLINE ASSESSMENT 2 12 13 14 15 16 Taxation of savings vehicles Taxation of financial arrangements Taxation of primary sector activities International taxation issues International tax: anti-avoidance ONLINE ASSESSMENT 3 17 18 19 20 Tax planning, ethics and antiavoidance provisions Tax administration Trans-Tasman tax issues Recent tax developments and tax calculation 6 6 5 7 120 FINAL EXAMINATION 5 5 5 8 8 5 4 5 8 4 6 Hours 11 7 7 4 4

Assessment
The assessment components are outlined below: Three online assessments 20% in total Final examination 80% (three hours, open book) To pass the module, candidates must pass the final examination (achieve 50% or more of the available marks), and pass the module overall (achieve 50% or more of the available marks).

Taxation New Zealand

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Chartered Accountants Program

Time allocation
The expected workload for this module is a minimum of 10 hours per week over 12weeks, or 120 hours in total, excluding module orientation, online assessments, the final exam and study time for the final exam. Candidates are advised to plan their enrolment carefully around work and other commitments to ensure they are able to devote the time required to their studies.

Assumed knowledge
It is assumed that candidates would have a good understanding of basic taxation principles from their undergraduate studies. Detailed below is a summary of the assumed knowledge for the module: Undertake research on taxation issues, which includes identifying sources of tax law and key cases. Define the principles of assessable income and identify the difference between revenue and capital receipts and ordinary and exempt income, as well as demonstrate an awareness of timing issues. Define the principles of allowable deductions and identify the difference between revenue and capital outgoings and between general and specific deductions with an awareness of timing issues. Understand the taxation implications of companies, trusts, partnerships and superannuation funds. Describe the administration of taxation in New Zealand, which includes issues regarding determining the residency of taxpayers and the consequences of tax avoidance or tax evasion. Explain the nature and incidence of fringe benefit tax. Explain the nature and incidence of the goods and services tax. Candidates can check their knowledge for each of the technical modules by taking the quiz in myLearning and if necessary, using the recommended resources to refresh their learning.

Taxation New Zealand

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Chartered Accountants Program

Learning resources and supports

Each technical module has a range of resources and supports available for candidates, including: Online learning material: Introduction Core content Worked examples Activities Quick reference guides Readings Unit quiz Stories from the profession Additional supports: An optional face-to-face lecture forum in week 10 for 2 hours (Australia only) oroptional virtual classrooms in weeks 5 and 10 for 1 hour each. Both of these options will cover the same content, and both will focus on the more challenging topics and activities from the module. Recordings of the virtual classrooms will also be available these can be accessed by all candidates, regardless of whether or not they have attended these sessions. Candidate Study Guide following enrolment candidates will receive a study guide for all technical modules, containing a summary of the core content for each module. Technical query forums one for each unit in each module, where candidates can post specific questions to a technical specialist. Candidate discussion forums where candidates can raise and discuss issues with other candidates, or form study groups. Sample exam to help candidates prepare for the final exam there will be sample exam papers available to download.

Prescribed reading material

2014 New Zealand Master Tax Guide, CCH New Zealand Limited, Auckland, New Zealand

Taxation New Zealand

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