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Tax Law and Policy. Taxes fund the largest entities in the world, have a first-order influence on all economic activity, create incentives and subsidies that shape behavior as strongly as any regulation, and are the primary channel for distribution of wealth through law.
The main tax legislation consists of two income tax assessment Acts, a fringe benefits tax Act and a goods and services tax Act. Tax legislation is interpreted using the doctrine of precedent, a process not used in interpretation of financial accounting standards. There are five key differences between tax concepts and accounting principles.
The course offers an interdisciplinary approach to the study of taxation which encompasses perspectives drawn from the fields of law, economics and accounting. The course is part-time only and undertaken over a period of 24 months.
Tax law is well suited to interdisciplinary study, intersecting as it does with economics and politics. It also offers rich opportunities for the study of many areas of law, given that tax factors have frequently influenced development of legal concepts and principles.
The study of tax law is essential for many reasons; at some point you will all pay tax but aside from the personal benefits of knowing about the tax system it’s crucial that you understand the area if you’re going to enter any element of the legal profession.
Tax law or revenue law is an area of legal study in which public or sanctioned authorities, such as federal, state and municipal governments (as in the case of the US) use a body of rules and procedures (laws) to assess and collect taxes in a legal context.
tax law, body of rules under which a public authority has a claim on taxpayers, requiring them to transfer to the authority part of their income or property. The power to impose taxes is generally recognized as a right of governments.
