Submission in any other

LAWS 19033 – TAXATION LAW AND PRACTICE A

TERM 2, 2018

ASSESSMENT ITEM 1 – INDIVIDUAL ASSESSEMENT

Marks: 40% of the overall assessment for the course.

Submission: Online via Moodle. Note: Submission in any other format (eg, .zip) will be treated as a non-submission.

Word limit: 2100-3000words

Due date: 27 August 2018. Note that Assignments submitted after this date (or a date approved by the unit coordinator after an online extension application) will incur a penalty of 5% per day.

Return to students: 9 September 2018

 

Extensions policy: The university policy on extensions of time will be strictly enforced. Extensions will usually only be considered if made via the online system and based on medical or compassionate grounds. Any extension application should be made before the due date for submission. Medical conditions should be supported by a medical certificate, and, since students are expected to start the assignment early, temporary or last-minute conditions are usually not grounds for an extension. Professionals are expected to manage their time to meet their obligations, so work or personal commitments are insufficient grounds for an extension.

Plagiarism: The university’s plagiarism policy will also be strictly enforced. If plagiarism is found, a minimum penalty is likely to be zero marks for the assessment. It could be worse. This assignment is the only assignment for this course, and it carries a weighting of 40% of the total assessment for the course. While the assignment is largely based on material covered, you are free to research and seek advice as widely as you find necessary—there are no limitations as to sources. However, you must make sure that sources are appropriately referenced.

Objectives: This assessment item links to the unit objectives as stated in the Unit Profile. Details This assignment is to be submitted in one (1) Word document only. This assignment is to be submitted online via Moodle by the due date stated. It is suggested that where necessary you put your calculations into columns or tables to improve readability in the assignment document.

Referencing: The method of referencing to be used in this assignment is the Australian Guide to Legal Citation (AGLC) 3rd Edition Additional information regarding this method is available through the library and the Academic Learning Centre. When making a reference, cite the original source or authority in preference to a secondary source such as the textbook, especially when you are discussing various sections of legislation. This means you should make reference to legislation, cases and Tax Rulings as a priority to back up any arguments that you make in your assignment. Students must complete all Parts of the Assignment. To support the analysis in your answers, refer where appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law.

Word limit: University assignments are an exercise in identifying and filtering relevant material and communicating answers succinctly. Quality is always more important than quantity. Please ensure that you adhere to the word limit indicated above. Please note that the word limits that appear beside each part of the assignment are indicators only.

 

PART A: 10 MARKS (estimated 800 words). Each question is worth 1 mark. Please make sure you use complete sentences and appropriate referencing in drafting your answers.

 

You are working as a graduate accountant at a local accounting firm. Your boss has been asked to host a stall and give a presentation at a local university for their careers day. In preparation, she asks you to research and draft some answers to some questions that the students are going to ask during the presentation. She has asked that you provide appropriate references for your answers, so that she may refer the students to the source of the information if required.

1. What are the duties and powers of the Commissioner of Taxation?
2. Describe the two main types of federal taxation in Australia
3. One of the central roles of the ATO is providing advice and guidance on the application of taxation law. What are some of the ways the ATO publishes this advice, and what level of protection does this advice provide for taxpayers who rely on it?
4. Outline one situation where an individual may be able to claim the costs of travel between home and their place of work as a deduction.
5. Explain how losses caused by theft are accounted for under income tax.
6. Briefly explain the impact of the temporary budget repair levy on both resident and non-resident taxpayers.
7. What does Taxation Ruling TR 98/17 discuss?
8. Briefly explain the basic concept of the main residence exemption in CGT.
9. What was the finding of the court in FC of T v Applegate 79 ATC 4307, and what legal principles are established by the case?
10. A taxpayer is a resident of Australia for tax purposes. Explain whether income derived from a rental property that taxpayer owns in Singapore is assessable income in Australia.

Part B: case study 5 marks (estimated 300 words). Include legislative references and calculations as necessary.

On 1 April 2008, Charles purchased 2,000 shares in ABC Ltd for $4.00 per share. On 1 June 2013, he also purchased 1,000 shares in NGB Pty Ltd at a cost of $14 per share, and 500 shares in OTM Pty Ltd at a cost of $8 a share. To purchase a flat, Charles sold some of his shares on 2 December 2017 at the following prices:

1,000 ABC Pty Ltd	$8.00 per share
500 NGB Pty Ltd	$13.00 per share
250 OTM Pty Ltd	$12.00 per share

Advise Charles of the capital gains tax consequences of the share sales for the 2018 income tax year. To do this, you will need to include calculations which show whether Charles has made a capital gain or loss in the 2018 income tax year. To support the analysis in your answer, refer, where appropriate, to the ITAA 1993, ITAA 1997, Taxation Rulings, other relevant statues and/or case law.

 

 

 

Part C: case study 5 marks (estimated 400 words). Use complete sentences in the answer.

Rebekah is from England, and arrives in Australia on the 1st of December 2017, to undertake a Bachelor of Business at Central Queensland University. On her departure, she rents out her English house for $1,000 per month. Once in Brisbane, she moves in with an old school friend. She immerses herself in Australian life and joins several sporting and social clubs. So that she can contribute to the household expenses, she gets a part time job at the local cinemas. Her earnings from this job are paid into an Australian bank account. Her earnings on 30 June 2018 total $11,000. Unfortunately, in early July 2018, Rebekah gets word that her mother is terminally ill, so Rebekah quits university and her job, and returns to England to become her mother’s full-time carer.   

Advise Rebekah whether she is likely to be considered an Australian resident for tax purposes for the 2018 income tax year. To support the analysis in your answer, refer, where appropriate, to the ITAA 1993, ITAA 1997, Taxation Rulings, other relevant statues and/or case law.

 

Part D: case study 8 marks (estimated 700 words) Use complete sentences in the answer.

Harriette has collected teaspoons for over 40 years and has over 400 in her collection. Every time she visits a new place, she purchases a new teaspoon or two to commemorate her visit. She keeps the teaspoons in several cabinets around her home and keeps them in pristine condition. Unfortunately, due to ill health, Harriette is forced to move into a smaller apartment, and cannot take her teaspoons with her. After much deliberation, Harriette decides to part with her spoons on eBay. Much to her surprise, Harriette usually sells the teaspoons for more than she originally paid for them. To make the transactions more straightforward, she created a separate PayPal account which she linked to her eBay account. In the 2018 income tax year, Harriette successfully sold all her teaspoons for a total of $1500.

Advice Harriette whether she would be considered for tax purposes to be “carrying on a business” for the 2018 income tax year. To support the analysis in your answer, refer, where appropriate, to the ITAA 1993, ITAA 1997, Taxation Rulings, other relevant statues and/or case law.

Part E: case study 10 marks (estimated 700 words). Use complete sentences in your answer.

Aaron, who is an Australian resident for tax purposes, is a flight attendant who works for a domestic airline carrier.

In the 2017 income tax year, he has the following receipts:

• $74,500 in salary from the airline;
• $4,000 allowance from the airline for domestic travel expenses;
• $2,000 from the airline for actual expenses incurred for parking at the airport; and
• $400 from a casino win.

In addition, he has incurred the following expenses:

• $600 worth of speeding fines, incurred when he was rushing to make it to work so that the plane may depart on time;
• $500 for the purchase of two compulsory uniforms. The airline did not reimburse the cost of these uniforms;
• $300 for rehydrating moisturisers used to combat the drying effect on the skin when constantly exposed to harsh working conditions, and to meet his employer’s strict grooming requirements; and
• $1000 for attending a seminar and training course in native beekeeping.

What is Aaron’s taxable income for the 2018 income tax year? To support the analysis in your answer, refer, where appropriate, to the ITAA 1993, ITAA 1997, Taxation Rulings, other relevant statues and/or case law.

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