Recent Question/Assignment
Assessment Details and Submission Guidelines
Trimester T1 2019
Unit Code HI6028
Unit Title Taxation Theory, Practice & Law
Assessment Type Individual Assignment
Assessment Title Questions of Taxation Law
Purpose of the
assessment (with ULO Mapping) The individual assignment will assess students on the following learning outcomes:
1. Demonstrate an understanding of the Australian income tax system, the concepts of income and deductions, CGT, FBT, GST general anti-avoidance provisions and income tax administration. (ULO 1)
2. Identify and critically analyse taxation issues. (ULO 2)
3. Interpret the relevant taxation legislations and case law. (ULO 3)
4. Apply taxation principles to real life problems. (ULO 4)
Weight 20% of the total assessments
Total Marks 20
Word limit Not more than 2,000 words (acceptable to be 10% above or below this word limit)
Due Date Week 10 at 11:59PM
Submission Guidelines · This assignment along with a completed Assignment Cover Page is to be submitted by the due date in soft-copy only (Safe assign – Blackboard).
· The assignment is to be submitted in accordance with assessment policy stated in the Subject Outline and Student Handbook.
· It is the responsibility of the student submitting the work to ensure that the work is in fact his/her own work. Ensure that when incorporating the works of others into your submission that it is appropriately acknowledged.
· The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.
· Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style.
· It is the responsibility of the student who is submitting the work, to ensure that the work is in fact her/his own work. Incorporating another’s work or ideas into one’s own work without appropriate acknowledgement is an academic offence. Students should submit all assignments for plagiarism checking on Blackboard before final submission in the subject. For further details, please refer to the Subject Outline and Student Handbook.
· Proper referencing in accordance with school regulations.
HI6028 Taxation Theory, Practice and Law Individual Assignment T1 2019
Page 2 of 5
Individual Assignment Specifications
Purpose:
This assignment aims at assessing students on the Learning Outcome from 1 to 4 as mentioned above.
Assessment task:
Question 1 (10 marks)
Your client Helen wants to fund her business as a fashion designer, therefore she has sold some of the assets as follows:
1- An antique impressionism painting Helen’s father bought in February 1985 for $4,000. Helen sold the painting on 1 December 2018 for $12,000. (2.5 marks)
2- Helen sold her historical sculpture on 1 January 2018 for $6,000. She has purchased the piece on December 1993 for $5,500. (2.5 marks)
3- An antique jewellery piece purchased in October 1987 for $14,000. Helen sold the antique jewellery piece on 20 March 2018 for $13,000. (2.5 marks)
4- Helen sold a picture for $5,000 on 1 July 2018. Her mother purchased the picture in March 1987 for $470. (2.5 marks)
Advise the Capital Gain Tax consequences of the above transactions.
Question 2 (5 marks)
Barbara is an economist researcher and commentator. The Eco Books Ltd offers her $13,000 for writing a book about economics principles. Barbara has never written a book about economics principles, but accepts the offer and writes the economics book called ‘Principles of Economics’. She assigns the book’s copyright for $13,400 to The Eco Books Ltd. The book is published and she is paid. She also sells the book’s manuscript to the Eco Books Ltd’s library for $4,350 plus several interview manuscripts she has collected while writing the economics book for which she receives $3,200.
Discuss each of the above payments to Barbara separately and states if these are income from Barbara’s personal exertion. (2.5 marks) Would your answer differ if Barbara wrote the Principles of Economics’ book before signing a contract with The Eco Books Ltd in her spare time and only decided to sell it later? (2.5 marks) Support your answer by referring to relevant statutory and case law.
Question 3 (5 marks)
Patrick paid $52,000 to his son David to provide some assistance in his newly started business. They agreed that David repay his father $58,000 at the end of five years. Patrick provided this loan to David without any formal agreement or security deposit for the sum lent. Patrick told his son that he need not pay interest. However, David repaid the full amount after two years through a cheque, which was included an additional amount equal to 5% on the amount borrowed.
By referring to relevant statutory and case law, you need to discuss the effect of these arrangement on the assessable income of Patrick. (5 marks)
Page 3 of 5 Assignment structure should be as the following (students responses involves calculations, and students must refer to the relevant legislation and cases whenever required according to the questions).
Questions 1:
Capital Gain Tax regarding antique impressionism painting
Capital Gain Tax regarding historical sculpture
Capital Gain Tax regarding antique jewellery piece
Capital Gain Tax regarding picture
Questions 2:
Discuss Barbara ‘s income under the case scenario
Discuss Barbara ‘s income under the alternative scenario
Questions 3:
Discuss the effect of these arrangement on the assessable income of Patrick
Marking criteria
Marking criteria Weighting
Question 1
Capital Gain Tax regarding antique impressionism painting 2.5%
Capital Gain Tax regarding historical sculpture 2.5%
Capital Gain Tax regarding antique jewellery piece 2.5%
Capital Gain Tax regarding picture 2.5%
Question 2
Discuss Barbara ‘s income under the case scenario 2.5%
Discuss Barbara ‘s income under the alternative scenario 2.5%
Question 3
Discuss the effect of these arrangement on the assessable income of Patrick 5%
TOTAL WEIGHT: 20%
HI6028 Taxation Theory, Practice and Law Individual Assignment T1 2019
Page 4 of 5
Marking Rubric
Excellent Very Good Good Satisfactory Unsatisfactory
Question 1
Capital Gain Tax regarding antique impressionism painting
Capital Gain Tax regarding historical sculpture
Advised the Capital Gain Tax consequences regarding the antique painting correctly. Supported the answer by accurate referencing.
Advised the Capital Gain Tax consequences regarding the historical sculpture correctly. Correct CGT calculation method has been chosen. Correct CGT figures and clear final comments are present.
Student demonstrates very good knowledge by giving the exempt capital gain figure regarding the antique painting accurately.
Student demonstrates very good knowledge of Capital Gain Tax consequences regarding the historical sculpture. Correct CGT calculation method has been chosen. Minor error in calculation of the CGT figures are present. Final comments are clear.
Student demonstrates good knowledge of CGT regarding the antique painting, the response needs more elaborations.
Student demonstrates good knowledge of Capital Gain Tax consequences regarding the historical sculpture. Correct CGT calculation method has been chosen. Minor error in calculation of the CGT figures are present. Final comments need more elaborations.
Student demonstrates sound knowledge of CGT regarding the antique painting. Missed to support the answer by proper referencing.
Student demonstrates sound knowledge of Capital Gain Tax consequences regarding the historical sculpture. However, student missed to missed to selects the right CGT calculation method. As a result, the calculation of the CGT figures are incorrect. Final comments are not relevant.
Student failed to identify the Capital Gain Tax consequences regarding the antique painting.
Student failed to identify Capital Gain Tax consequences regarding the historical sculpture.
Capital Gain Tax regarding antique jewellery piece
Capital Gain Tax regarding picture
Capital gain or loss of the antique jewellery has been identified correctly. Clear final comments are present.
An excellent response presented and identified the
Student demonstrates very good knowledge of CGT by referring to capital gain or loss of the antique. Clear final comments are present. Minor error is evidenced in the answers.
Responded the question very good. Identified the Capital Gain
Capital gain or loss of the antique jewellery has been
identified correctly. But fails to present clear final comments.
Student demonstrates good knowledge of
Student demonstrates sound knowledge of CGT by referring to capital gain or loss of the antique but not all parts of the questions.
Sound knowledge of CGT is presented
Failed to identify the capital gain or loss of the antique jewellery.
Student failed to identify the Capital Gain Tax
Page 5 of 5
Capital Gain Tax consequences regarding the picture correctly. Supported the answer by accurate referencing. Tax consequences regarding the picture correctly. Supported the answer by accurate referencing. CGT regarding the picture, the response needs more elaborations. regarding the picture. Missed to support the answer by proper referencing. consequences regarding the picture.
Question 2
Discuss Barbara’s income under the case scenario
Discuss Barbara’s income under the alternative scenario
An excellent response is present. Proper reference to the relevant tax law (case and statutes) are given throughout the response. Correct and clear conclusions are given.
All of the scenarios regarding Barbara ‘s personal exertion has been responded accurately. Relevant section of the taxation law is referenced.
Student demonstrates very good knowledge by giving expected answers to all questions,
minor error is evidenced in the answers.
Very good discussion of the scenarios given in the question. Student has identified the most relevant sections of the law.
Student demonstrates good knowledge by giving expected answers to all questions, but fails to elaborate.
The answer to the questions is well organised, but demonstrates illogical at some points. Referencing is good but to complete reference is given.
Student demonstrates sound knowledge by giving expected answers to most, but not all parts of the questions.
Some detailed conclusions in regards to the Barbara ‘s personal exertion are reached from the evidence offered.
There is no discussion regarding the payments to Barbara. No reference has been given.
There is no discussion regarding the payments to Barbara. No reference has been given.
Question 3
Discuss the effect of these arrangement on the assessable income of Patrick
The effect on the assessable
income of
Patrick has been answered and referenced (cases and statutory) accurately.
Very good demonstration of the effect on the assessable income of Patrick has been answered and referenced accurately, minor error is referencing is evidenced.
Good demonstration of the effect on the assessable income of Patrick has been answered. Some references are given, however they not all accurate.
Student demonstrates sound knowledge by giving expected answers regarding the effect on the assessable income of Patrick
The assessable income of Patrick is not discussed. Relevant sections of law are not referenced.
Trimester T1 2019
Unit Code HI6028
Unit Title Taxation Theory, Practice & Law
Assessment Type Individual Assignment
Assessment Title Questions of Taxation Law
Purpose of the
assessment (with ULO Mapping) The individual assignment will assess students on the following learning outcomes:
1. Demonstrate an understanding of the Australian income tax system, the concepts of income and deductions, CGT, FBT, GST general anti-avoidance provisions and income tax administration. (ULO 1)
2. Identify and critically analyse taxation issues. (ULO 2)
3. Interpret the relevant taxation legislations and case law. (ULO 3)
4. Apply taxation principles to real life problems. (ULO 4)
Weight 20% of the total assessments
Total Marks 20
Word limit Not more than 2,000 words (acceptable to be 10% above or below this word limit)
Due Date Week 10 at 11:59PM
Submission Guidelines · This assignment along with a completed Assignment Cover Page is to be submitted by the due date in soft-copy only (Safe assign – Blackboard).
· The assignment is to be submitted in accordance with assessment policy stated in the Subject Outline and Student Handbook.
· It is the responsibility of the student submitting the work to ensure that the work is in fact his/her own work. Ensure that when incorporating the works of others into your submission that it is appropriately acknowledged.
· The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.
· Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style.
· It is the responsibility of the student who is submitting the work, to ensure that the work is in fact her/his own work. Incorporating another’s work or ideas into one’s own work without appropriate acknowledgement is an academic offence. Students should submit all assignments for plagiarism checking on Blackboard before final submission in the subject. For further details, please refer to the Subject Outline and Student Handbook.
· Proper referencing in accordance with school regulations.
HI6028 Taxation Theory, Practice and Law Individual Assignment T1 2019
Page 2 of 5
Individual Assignment Specifications
Purpose:
This assignment aims at assessing students on the Learning Outcome from 1 to 4 as mentioned above.
Assessment task:
Question 1 (10 marks)
Your client Helen wants to fund her business as a fashion designer, therefore she has sold some of the assets as follows:
1- An antique impressionism painting Helen’s father bought in February 1985 for $4,000. Helen sold the painting on 1 December 2018 for $12,000. (2.5 marks)
2- Helen sold her historical sculpture on 1 January 2018 for $6,000. She has purchased the piece on December 1993 for $5,500. (2.5 marks)
3- An antique jewellery piece purchased in October 1987 for $14,000. Helen sold the antique jewellery piece on 20 March 2018 for $13,000. (2.5 marks)
4- Helen sold a picture for $5,000 on 1 July 2018. Her mother purchased the picture in March 1987 for $470. (2.5 marks)
Advise the Capital Gain Tax consequences of the above transactions.
Question 2 (5 marks)
Barbara is an economist researcher and commentator. The Eco Books Ltd offers her $13,000 for writing a book about economics principles. Barbara has never written a book about economics principles, but accepts the offer and writes the economics book called ‘Principles of Economics’. She assigns the book’s copyright for $13,400 to The Eco Books Ltd. The book is published and she is paid. She also sells the book’s manuscript to the Eco Books Ltd’s library for $4,350 plus several interview manuscripts she has collected while writing the economics book for which she receives $3,200.
Discuss each of the above payments to Barbara separately and states if these are income from Barbara’s personal exertion. (2.5 marks) Would your answer differ if Barbara wrote the Principles of Economics’ book before signing a contract with The Eco Books Ltd in her spare time and only decided to sell it later? (2.5 marks) Support your answer by referring to relevant statutory and case law.
Question 3 (5 marks)
Patrick paid $52,000 to his son David to provide some assistance in his newly started business. They agreed that David repay his father $58,000 at the end of five years. Patrick provided this loan to David without any formal agreement or security deposit for the sum lent. Patrick told his son that he need not pay interest. However, David repaid the full amount after two years through a cheque, which was included an additional amount equal to 5% on the amount borrowed.
By referring to relevant statutory and case law, you need to discuss the effect of these arrangement on the assessable income of Patrick. (5 marks)
Page 3 of 5 Assignment structure should be as the following (students responses involves calculations, and students must refer to the relevant legislation and cases whenever required according to the questions).
Questions 1:
Capital Gain Tax regarding antique impressionism painting
Capital Gain Tax regarding historical sculpture
Capital Gain Tax regarding antique jewellery piece
Capital Gain Tax regarding picture
Questions 2:
Discuss Barbara ‘s income under the case scenario
Discuss Barbara ‘s income under the alternative scenario
Questions 3:
Discuss the effect of these arrangement on the assessable income of Patrick
Marking criteria
Marking criteria Weighting
Question 1
Capital Gain Tax regarding antique impressionism painting 2.5%
Capital Gain Tax regarding historical sculpture 2.5%
Capital Gain Tax regarding antique jewellery piece 2.5%
Capital Gain Tax regarding picture 2.5%
Question 2
Discuss Barbara ‘s income under the case scenario 2.5%
Discuss Barbara ‘s income under the alternative scenario 2.5%
Question 3
Discuss the effect of these arrangement on the assessable income of Patrick 5%
TOTAL WEIGHT: 20%
HI6028 Taxation Theory, Practice and Law Individual Assignment T1 2019
Page 4 of 5
Marking Rubric
Excellent Very Good Good Satisfactory Unsatisfactory
Question 1
Capital Gain Tax regarding antique impressionism painting
Capital Gain Tax regarding historical sculpture
Advised the Capital Gain Tax consequences regarding the antique painting correctly. Supported the answer by accurate referencing.
Advised the Capital Gain Tax consequences regarding the historical sculpture correctly. Correct CGT calculation method has been chosen. Correct CGT figures and clear final comments are present.
Student demonstrates very good knowledge by giving the exempt capital gain figure regarding the antique painting accurately.
Student demonstrates very good knowledge of Capital Gain Tax consequences regarding the historical sculpture. Correct CGT calculation method has been chosen. Minor error in calculation of the CGT figures are present. Final comments are clear.
Student demonstrates good knowledge of CGT regarding the antique painting, the response needs more elaborations.
Student demonstrates good knowledge of Capital Gain Tax consequences regarding the historical sculpture. Correct CGT calculation method has been chosen. Minor error in calculation of the CGT figures are present. Final comments need more elaborations.
Student demonstrates sound knowledge of CGT regarding the antique painting. Missed to support the answer by proper referencing.
Student demonstrates sound knowledge of Capital Gain Tax consequences regarding the historical sculpture. However, student missed to missed to selects the right CGT calculation method. As a result, the calculation of the CGT figures are incorrect. Final comments are not relevant.
Student failed to identify the Capital Gain Tax consequences regarding the antique painting.
Student failed to identify Capital Gain Tax consequences regarding the historical sculpture.
Capital Gain Tax regarding antique jewellery piece
Capital Gain Tax regarding picture
Capital gain or loss of the antique jewellery has been identified correctly. Clear final comments are present.
An excellent response presented and identified the
Student demonstrates very good knowledge of CGT by referring to capital gain or loss of the antique. Clear final comments are present. Minor error is evidenced in the answers.
Responded the question very good. Identified the Capital Gain
Capital gain or loss of the antique jewellery has been
identified correctly. But fails to present clear final comments.
Student demonstrates good knowledge of
Student demonstrates sound knowledge of CGT by referring to capital gain or loss of the antique but not all parts of the questions.
Sound knowledge of CGT is presented
Failed to identify the capital gain or loss of the antique jewellery.
Student failed to identify the Capital Gain Tax
Page 5 of 5
Capital Gain Tax consequences regarding the picture correctly. Supported the answer by accurate referencing. Tax consequences regarding the picture correctly. Supported the answer by accurate referencing. CGT regarding the picture, the response needs more elaborations. regarding the picture. Missed to support the answer by proper referencing. consequences regarding the picture.
Question 2
Discuss Barbara’s income under the case scenario
Discuss Barbara’s income under the alternative scenario
An excellent response is present. Proper reference to the relevant tax law (case and statutes) are given throughout the response. Correct and clear conclusions are given.
All of the scenarios regarding Barbara ‘s personal exertion has been responded accurately. Relevant section of the taxation law is referenced.
Student demonstrates very good knowledge by giving expected answers to all questions,
minor error is evidenced in the answers.
Very good discussion of the scenarios given in the question. Student has identified the most relevant sections of the law.
Student demonstrates good knowledge by giving expected answers to all questions, but fails to elaborate.
The answer to the questions is well organised, but demonstrates illogical at some points. Referencing is good but to complete reference is given.
Student demonstrates sound knowledge by giving expected answers to most, but not all parts of the questions.
Some detailed conclusions in regards to the Barbara ‘s personal exertion are reached from the evidence offered.
There is no discussion regarding the payments to Barbara. No reference has been given.
There is no discussion regarding the payments to Barbara. No reference has been given.
Question 3
Discuss the effect of these arrangement on the assessable income of Patrick
The effect on the assessable
income of
Patrick has been answered and referenced (cases and statutory) accurately.
Very good demonstration of the effect on the assessable income of Patrick has been answered and referenced accurately, minor error is referencing is evidenced.
Good demonstration of the effect on the assessable income of Patrick has been answered. Some references are given, however they not all accurate.
Student demonstrates sound knowledge by giving expected answers regarding the effect on the assessable income of Patrick
The assessable income of Patrick is not discussed. Relevant sections of law are not referenced.
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