This subject provides an overview of the Australian taxation system as it affects the financial planning environment. Many financial planning decisions have a tax impact. Further, some financial products and much financial advice derive at least some of their value from their taxation consequences. Key topics covered include aspects of tax administration, tax planning concepts, the constitutional basis of taxation, assessable income concepts, international tax issues, the taxation of capital, allowable deductions and offsets, and taxation of such entities as partnerships, trusts, companies and shareholders. The course will also address other taxes that impact the financial advice environment including the FBT and the GST.