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THE UNIVERSITY OF ADELAIDE
LAW 3521 Income Taxation Law

ASSIGNMENT – 2023 SEM 2

INSTRUCTIONS
The assignment can be submitted individually or in a group of up to five team members.
The assignment forms 20% of the total assessment in the course.
The essay must be no more than 2,000 words in content excluding footnotes. A word count must be shown at the end of the essay.
The assignment must be submitted no later than on Friday, 15 September 2023.
Late submission of assignments is dealt with in the Course Profile.

BACKGROUND
Dr Henry laid it out starkly in a speech to the Tax Institute recently.
“There can be no ignoring the extraordinary intergenerational inequity inherent in our present tax system,” he said.
“This generation of young workers, weighed down with HECS debt, burdened with the responsibility of repaying a mountain of public debt and dealing with the costs of climate change, is finding it increasingly difficult to buy a home, having been priced out of the market by those who have already retired or are now moving into retirement, those who are sitting on tax-free capital gains in houses that are exempt from the pension assets test, those who are receiving refundable franking credits on share portfolios and a blend of publicly funded and tax-free private pensions from assets accumulated in lightly taxed self-managed superannuation funds.”
“At some point, perhaps even already, the intergenerational social compact must surely fracture,” he warned.
Then he showed this slide to the audience.
It illustrates how younger Australians are taxed very differently than older Australians, and why the future for younger generations will be challenging.

“The Australian tax system is in a parlous state,” he said.
“Whilst government spending is growing strongly, the share of government spending being directed to the non-working, low tax paying, aged is also growing.
“At the same time, and in stark contrast to the post-war period, because of population ageing, a shrinking proportion of the population, made up of relatively young workers, will have to shoulder a rapidly accelerating share of the burden of financing government,” he said.
QUESTIONS
In your group (or individually), you must set up a MyUni group for this Assignment. Your group number will correspond to the Group number in the list of assignment questions below. Group 13 starts will answer the question set for Group 1 and Group 14 then Group 2 etc.

Group 1
What is a generational bargain and how does it apply in a tax context (1000 words)
What is intergenerational equity and how does it apply in a tax context (1000 words)

Group 2
Discuss how older generations benefit from the following tax concessions:
1.Tax free income from superannuation (1000 words)
2.Franked dividends (1000 words)

Group 3
Discuss how older generations benefit from the following tax concessions:
1.Low taxed capital gains (1000 words)
2.Government pension (1000 words)

Group 4
Discuss how older generations benefit from the following tax concessions:
1.Tax-Free Capital Gains in housing, which is exempt from the pension assets test (1000 words)
2.Superannuation balances accumulated in low-taxed environment (1000 words)

Group 5
Discuss how Australia’s Tax and Transfer System as it applies to younger generations in relation to the following:
1.Heavily taxed income from employment (1000 words)
2.Paying for climate change action (1000 words)

Discuss how Australia’s Tax and Transfer System as it applies to younger generations in relation to the following:
1.Repaying a mountain of public debt (1000 words)
2.Paying large HECs bills (1000 words)

Group 6
Discuss Australia’s Tax and Transfer System as it applies to younger generations in relation to the following:
1.Concerned that the pension is unsustainable (1000 words)
2.Cost of childcare (1000 words)

Group 7
Discuss Australia’s Tax and Transfer System as it applies to younger generations in relation to the following:
1.Priced out of the housing market (1000 words)
2.Concerned that the super tax concessions are unsustainable (1000 words)

Group 8
Discuss how the following tax reform will improve intergenerational equity:
Less Reliance on Income Taxes (2000 words)

Group 9
Discuss how the following tax reform will improve intergenerational equity:
Reduce the number of tax concessions in superannuation (2000 words)

Group 10
Discuss how the following tax reforms will improve intergenerational equity:
1.Changes to Refundable Franking Credit Rules (1000 words)
2.Changes to CGT Discount (1000 words)

Group 11
Discuss how the following tax reform will improve intergenerational equity:
Change from stamp duty to broad based land taxes (2000 words)

Group 11
Discuss how the following tax reform will improve intergenerational equity:
Greater reliance on Consumption Taxes (2000 words)

Group 12
Discuss how the following tax reforms will improve intergenerational equity:
1.Allowing a Deduction for Childcare expenses or other childcare reforms (1000 words)
2.Changes to the HELP system (1000 words)

Assessment criteria
1. The extent to which the essay identifies relevant issues and sets out sound reasoning in support of the discussion.

2. The extent to which the essay demonstrates research into relevant topics. The essay should include at least three references to materials that have been accessed from the Tax Institute’s Tax Knowledge eXchange database. For example, this can include articles from journals Taxation in Australia, The Tax Specialist and Australian Tax Forum.

3. Whether the essay is easy to read and understand and appropriately footnoted using AGLC referencing. Ease of reading can be achieved using headings and sub-headings and your essay should have an appropriate and logical structure.