This unit maps to FNSTPB504 Apply legal principles in corporations and trust law which is part of the FNSSS00005 – Commercial Law for Tax Agents Skill Set

The following topics are covered:

1. Choosing a business structure
2. The Company – Nature, Regulation and Registration
3. Management
4. Directors’ Duties
5. Share Capital and Fund Raising
6. External Administration
7. Associations
8. Trusts

Learning Outcomes:

Students will have an understanding of the corporations and trusts such that they can apply relevant statutory, common law and equitable principles to particular client fact situations.

Law of entities and business structures

Students will have an understanding of the various business structures and laws which relate to them in Australia including those which apply to sole traders, partnerships, trusts and companies.  Students will also be exposed to the considerations which need to be borne in mind in choosing the most appropriate structure for a business. This will enable tax agents to be able to advise on the tax treatment of the entities.

Students will have an understanding of the usage of trusts as a business structure. In particular, the different types of trusts and their purposes. The taxation of trusts are covered in the taxation unit.

Current Industry Issues

Students will gain and understanding of the current issues in setting up of structures including current trust laws on income streaming.

This unit maps to FNSTPB505 Apply legal principles in property law which is part of the FNSSS00005 – Commercial Law for Tax Agents Skill Set

The following topics are covered:

The following topics corresponding to the chapters of the above text are as follows:

1. The Framework of the Australian Legal System
2. Contract Formation
3. Contract Validity
4. Contractual Rights and Obligations
5. Contractual Performance – Termination and Breach
6. Identifying, Protecting and Enforcing Interests in Personal Property
7. Interests in Intellectual Property

Research Topics
1. Research topic – Native title
2. Research topic – community and strata title
3. Application of contract law principles to property transactions

Learning Outcomes

Students will have an understanding of the Australian legal system such that they can apply relevant statutory, common law and equitable principles to particular client fact situations.

Contracts

Students will have an understanding of the fundamental legal concepts which govern the formation, operation and breach and discharge of contracts, including rules relating to remedies.  This knowledge will be in context so they understand issues relating to the timing of the making of a contract (conditions precedent and subsequent), terms of a contract, changes to a contract and how that may produce different tax impacts.

Real and personal property law

Students will have a foundational knowledge of core legal concepts relating to real and personal property law.  This foundational knowledge will be enhanced in Commercial and Property Law unit.

Intellectual property

Students will cover core concepts of intellectual property including copyright, designs, patents and trademarks.

This unit maps to FNSTPB503 Apply legal principles in consumer and contract law which is part of the FNSSS00005 – Commercial Law for Tax Agents Skill Set

The following topics are covered:

1. Australian legal systems and processes
2. Contracts – elements, operation and remedies
3. Law of torts – in particular negligence
4. Insurance law, including insurance contracts
5. Consumer protection law
6. Debt recovery and bankruptcy
7. Financial Services law

Learning Outcomes

Contract and Consumer Law students will have an understanding of the contract and consumer law law such that they can apply relevant statutory, common law and equitable principles to particular client fact situations.

Contract Law

Students will build on their understanding of the fundamental legal concepts which govern the formation, operation and breach and discharge of contracts, including rules relating to remedies.  This knowledge will be in context so they understand issues relating to the timing of the making of a contract (conditions precedent and subsequent), terms of a contract, changes to a contract and how that may produce different tax impacts.

Superannuation

Students will gain an understanding of the regulation of superannuation products, superannuation providers and the trustees and managers of superannuation funds. Also covered will be roles of the responsible authorities such as APRA and the future expected changes to the superannuation regime.

Law of torts

Students will have an understanding of the law of torts and will particularly focus on the torts of negligence and negligent misstatement.  They will also have an understanding of damages and defences to torts.

Insurance law

Students will cover the fundamental legal concepts as they relate to insurance law including the concept of an ‘insurable interest’.  Indemnities, contracts of insurance and commercial insurance contracts will also be covered.

Consumer protection law

Students will cover core concepts relating to consumer protection law including consumer guarantees, product safety, and business practices (including misleading and deceptive conduct and false or misleading representations.

Applied Education is an approved training provider for the tax agent registration course FNSSS00005 – Commercial Law for Tax Agents Skill Set as approved by Tax Practitioners Board.