How to help your clients navigate the intricacies of commercial law and think strategically about business risks.
Commercial law, also known as trade law, concerns the laws surrounding business and commercial transactions, including both private and public law. Working in commercial law, you would be spending your time advising clients on various day-to-day legal issues that may arise as they manage a business. If you work in tax, you’re certain to engage with Australia’s commercial law environment. And clients and stakeholders depend on tax professionals to help them navigate the intricacies of commercial law.
Studying commercial law will give you an array of skills that are valued highly in business. It will develop your analytical and critical thinking skills, improve your written communication skills, and help you to think strategically about business opportunities and business risks. The Tax Institute’s commercial law subjects provide candidates with education to register as a tax agent that is approved by the Tax Practitioner Board, and also offers an understanding of commercial law in relation to property, which is often missing from many accounting degrees.
Who would benefit from learning about commercial law?
· associate lawyer
· certified financial planner
· corporate tax accountant
· lecturer or tutor
· registered tax agents who wish to meet licence requirements
· tax and financial advisers
· tax manager
· business professionals.
Here are three ways you can prepare for tomorrow’s commercial practice needs:
1. Equip yourself with a solid introduction to the commercial context of tax
A solid understanding of how laws are made, the law of contracts and the law of torts (negligence) are essential to being prepared. CommLaw1 Australian Legal Systems introduces, explains and explores the way laws are made, how to find the law in a given area, and how the law will be interpreted and applied.
It addresses common questions such as how a binding agreement is made, the law of contracts as it relates to advisory services, and how to advise clients on the legal impacts of their activities.
CommLaw1 Australian Legal Systems is the first of three subjects in the Tax Agent Program in commercial law. It is designed to help you develop your understanding of the Australian legal system, not only about how laws are enacted and their underlying policy aims but how they apply in the ever-changing statutory, commercial law and equitable principles in our very complex tax system.
· Australian legal systems and processes
· law of torts
· contracts in Australian commercial law
· remedies in a contract.
2. Excel in advising clients on the choice of business structure
The choice of legal entity or business structure - such as company, trust or partnership - has a big impact on taxation. Identifying the legal, regulatory and tax implications of each structure is essential. CommLaw2 Entities and Business Structures provides a detailed knowledge of the law which shapes the rights and obligations of clients.
There are many types of business structures and entities available in Australia. Each one has a distinct impact on the licenses needed, the amount of control, potential personal liability and tax.
It’s important for you to understand, and advise clients on, the implications of the entity they choose. This subject will help you develop and present a skilled analysis of business structure choices.
- Business Structures: Sole Traders, Partnerships and Corporations
- Trusts, Agencies, Joint Ventures and Incorporated Associations
- Superannuation: Non-tax Legal Aspects
- Bankruptcy and Insolvency: Place in Australian Commercial Law
3. Become the go-to person for commercial law in relation to property
Australian property law relates not just to tangible property, such as land, but intangibles such as intellectual property. CommLaw3 Property Law addresses significant topics, such as how to characterise types of property that can be dealt with where the rights and obligations of taxpayers are concerned.
This subject develops a sound understanding of commercial law in relation to property - including intellectual property - finance, insurance, competition and consumer law.
· Introduction to the Fundamental Law of Real and Personal Property Transactions
· Intellectual Property
· Competition and Consumer Law
· Finance Law
· Law Relating to Electronic Commerce
· Insurance Law
Become the ‘go-to’ person for commercial law amongst your stakeholders and clients through tax education.
Increase your value and gain confidence in your ability by studying practical and applied tax subjects that provide formal recognition for your learning. Find out more here .