Tax
Australian taxation for the CA Program: income tax, CGT, GST, FBT and entity structures.
The whole subject in 35 pages, with 98 flashcards, a five-page cheat sheet and two full practice papers with worked solutions. Everything you need, nothing you don't.
One pack, $95 AUD, instant PDF download.
Independent study notes for accounting certification candidates. Not affiliated with any professional body.
What this subject is really about
Tax takes Australian tax law and applies it to real transactions, then asks you to advise on what follows. It covers income tax, capital gains, GST, fringe benefits and the way companies, trusts, partnerships and individuals are taxed.
The exam is open book and every question is scenario based, so the marks are for working through the facts to a defensible figure, not for reciting a rule. Because the rates and thresholds move each year, the notes state the current figures and flag exactly what to double check before you sit.
The eight chapters, and what each covers
The subject builds from the fundamentals to the specific taxes and then the entities that pull them together. Here is the whole scope before you enrol.
Tax fundamentals
Conduct, ethics and the machinery of the system that sits under every later chapter.
- Professional conduct and ethics
- Tax risk and governance
- Penalties and interest
Income tax
The core calculation: what is assessable, what is deductible, and how the two meet.
- Assessable income
- Deductions
- Trading stock
- Tax reconciliation
Capital transactions and expenditure
Capital gains and the treatment of longer-lived spending.
- Capital gains tax
- Capital allowances
- Blackhole expenditure
Tax administration and compliance
How the system is run, from PAYG to the anti-avoidance rules.
- Pay as you go
- Tax avoidance
- Compliance
Taxation of entity structures
How companies, trusts, partnerships and individuals are taxed, and the private company loan rules.
- Company
- Trust
- Partnership
- Individual
International tax fundamentals
Residence, source and the basics of cross-border tax.
- Residence and source
- Cross-border basics
Goods and services tax
Supplies, input tax credits and the mechanics of GST.
- Supplies
- Input tax credits
Employment taxation and interactions
Fringe benefits and how the taxes interact.
- Fringe benefits tax
- Interactions between taxes
What you're actually applying
Almost every question turns on one of these. The notes keep the section references so you can find the law fast in an open-book sitting.
Assessable income, the ordinary and statutory kinds, less general and specific deductions.
The CGT events, the cost base, the discount, and the small business concessions.
Taxable supplies, input tax credits, and the mechanics of the tax.
Benefits provided to employees and how each is valued and taxed.
Companies, trusts, partnerships and individuals, and the private company loan rules.
The professional principles and the specific duties that apply to tax work.
Tax law, rates and thresholds move every year, and some announced measures are not yet law. Figures reflect the 2025-26 income year, so confirm every rate against current sources before you rely on it.
How it's assessed
A written submission partway through, then a final invigilated tax exam that is the hurdle for the subject.
Written submission
A tax reconciliation and scenario questions, marked on the reasoning as much as the final number.
Final tax exam, the hurdle
Discrete, scenario-led questions over two and a half hours. Show your working, because the steps carry the marks.
Current figures
Rates are stated for the 2025-26 income year. A number that was right last year can be wrong now, so check before you sit.
The traps worth knowing before the exam
These are the mistakes markers see most often in tax answers. Every one is a mark you can keep just by spotting it.
The advocacy threat is the one to watch in tax work. You may put the client's case, but you may not be associated with a position you know to be false or misleading.
An interest-free loan from a private company to a shareholder is not just a loan. It can be treated as a deemed dividend, so check the private company loan rules before you conclude.
Separate ordinary income from statutory income, and general deductions from specific ones, before you start. Mixing them up loses easy marks.
Read a high return on a structure carefully. The tax outcome can turn on who ultimately bears the income, not on the label on the entity.
Show your working. In a scenario paper the marks are in the steps and the reasoning, so a bare final figure leaves marks on the table.
Watch the year. Rates, thresholds and some concessions change, so a figure carried over from an old answer can quietly be wrong.
The kind of question you'll face
A short scenario from the practice papers, so you can see what applying the law to the facts looks like.
Sandgate Pty Ltd is a private company that pays a fully franked dividend to its sole shareholder, Tom, whose other income puts him in a high marginal bracket. On the same day the company also advances him 60,000, interest-free and with nothing in writing, to help him buy a home. How is each amount taxed?
The franked dividend and the gross-up and credit, against Tom's marginal rate. The interest-free advance is the trap: with no agreement in place, the private company loan rules can treat it as a deemed dividend rather than a loan.
The full worked solution runs the franking calculation and the loan analysis to a figure, with the reasoning laid out so you can see where each mark is earned.
How to study it around a full-time job
The subject runs over roughly nine weeks. Here is a plan that fits it around work and keeps the calculations sharp.
Fundamentals and ethics
Get the machinery and the professional duties solid. They frame every later chapter and are easy marks in the exam.
The core taxes
Income tax, then capital gains, GST and fringe benefits. Work full calculations, since reading alone does not build the speed you need.
Entities and the submission
Companies, trusts, partnerships and the loan rules. The written submission usually lands here, so treat it as exam practice.
Full papers under time
Sit both practice papers under exam conditions and build a tabbed index of your notes for fast open-book lookup.
Worked papers and the cheat sheet
Re-work the papers you have sat and run the cheat sheet. Do not learn new topics this late.
See what's in the pack
A real example of each part of the pack, not stock previews. This is the product doing the talking.
Plain English, exam ready
The whole subject rewritten to be read fast. Here is the core of income tax, as it appears in the notes.
Assessable income and deductions
Taxable income is assessable income minus deductions. Assessable income is ordinary income plus statutory income. Deductions are the general deductions plus the specific ones. Get the buckets right before you touch a number.
A few from the 98-card deck
Front and back, so you can see how tight the recall answers are.
The rules for fast lookup
- Taxable income = assessable income − deductions
- Assessable income = ordinary income + statutory income
- Franking: gross up the dividend, then claim the credit
- CGT: proceeds − cost base, then apply the discount and any concessions
Two full papers, marked like the real thing
Sat under time, with worked answers showing where each mark is won.
Common questions
Is tax hard?
It is calculation heavy and the volume of rules is large, but it is very learnable. The candidates who do well are the ones who work full questions rather than only reading.
Is it all exams?
No. A written submission worth 40% partway through, then a final tax exam worth 60% at the end. The exam is the hurdle you must pass on its own.
Australian or New Zealand tax?
This pack is the Australian stream. The figures are for the 2025-26 income year, and the notes flag where a number needs checking.
Do the rates in the notes stay current?
Tax changes often. The notes state the current-year figures, but always confirm rates and thresholds against the ATO and the legislation before you rely on them.
Are these notes affiliated with the program?
No. Summo Notes is an independent study resource and is not affiliated with or endorsed by any professional body.
What is in the pack?
One full subject pack: 35-page condensed notes across the eight chapters; 98 flashcards; 5-page cheat sheet of rules and formulas; two full practice papers, 8 scenario questions each; extra question bank and full worked solutions.
How do I get it, and what format is it in?
Everything is a PDF you download straight after checkout, so you can start the same day. It reads well on a laptop, tablet or printed out, and the cheat sheet is made for fast lookup.
What does it cost?
$95 AUD, as a single one-off payment for the whole subject. There is no subscription and no per-chapter pricing.
Everything in one pack
One pack per subject. Notes, flashcards, cheat sheet and both practice papers, together.
- +35-page condensed notes across the eight chapters
- +98 flashcards
- +5-page cheat sheet of rules and formulas
- +Two full practice papers, 8 scenario questions each
- +Extra question bank
- +Full worked solutions
Summo Notes is an independent study resource and is not affiliated with or endorsed by any professional body.