Program Overview

ACG507 Accounting and Tax for Estates and Trusts

Subject Description

Finance professionals working in the area of estate planning and trusts will, at some stage in their career, need to source, critically analyse and make decisions involving accounting information. Further, they will be involved in the distribution of money to beneficiaries and tax authorities. The subject aims to increase students' knowledge and understanding of the accounting and tax principles and practices underlying the administration of trusts and estates. The emphasis of the subject is on applying relevant frameworks and techniques to real-life cases, to ensure that students can practically apply the knowledge gained in the subject.

Availability

• Session 3 (90)
• Online
• Bathurst Campus

Subject Information

Grading System

HD/FL

Duration

One session

School

School of Accounting and Finance

Assumed Knowledge

• ACC585
• FIN563

Learning Outcomes

Upon successful completion of this subject, students should:

• be able to evaluate the financial and other records required and explain the rationale for the administration of an estate or trust;
• be able to critically analyse a given set of transactions and accounting information relating to an estate or trust and compile a set of accounts;
• be able to apply appropriate accounting frameworks and techniques to real-life cases involving accounting for trusts and estates;
• be able to distinguish between capital and income in the case of a trust or estate and calculate the tax payable including capital gains; and
• be able to prepare a distribution statement from a given set of information.

Syllabus

This subject will cover the following topics:

• basic principles of accounting as they relate to trust and estate record keeping;
• capital and income;
• estate accounts;
• trust accounts;
• trust administration;
• valuation with respect to trust and estate accounts;
• apportionments;
• taxation of trusts; and
• capital gains tax (CGT) concessions and rollover as they specifically relate to trusts.