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Students must complete all Parts alb, Assignment
To support the analysis in your answers refer tellers appropriate to the [IAA 1936, IVA 1997 Tax Rulings inane case INA.
Question 1: 10 marks, 10''.4 of the soled_ Each stibquestori Ls worth 2 marks .Use complete sentences.
Advise your client on how the folowring items_ receipts or expenses, will be reeled for tax punAises under Australian tax law.
• A lendlOrd °erne a flat ha lamas to tenant- A ram tenant pays ika landlord before the start of itha lasso a lurnp %Win of 315,000 as part of the lasso negobeliOns
b Cheryl owned a warehouse destroyed by a fife. Het insurance company paid
her 00-1713finsation of $500,000 tar the loss.
c. Dunng the tax year 2016.17 Bons paid his lax agent $500 for the lodgement of his 2015.16 incirviclual income tax return and $800ifor the preparation and lodgennent of the objection to me 2015-16 assessment.
d James works at a hospital and atta-ni he ra at work he buys his lunch at the dale in the hosprlal Over the COurSiff al a year he spends $2,000.
e Frances started a new business and at the launch of the IxIsiness she hired a restaurant and invited over one hundred potential olFents for the business.
The to$11Of hiring the venue WO prOvIdfig foOd and dignk was 5e5.000.
To support the analysis In yeur agisrours War whom appropriate to the ITAA 1136,1ITAA 1197. Tax Rulings sndlor ease tow.
Oueseon 2: 113 marks. of the 54.01.0 Vs. cconplele solliences
1.al simian held a French passport at all releYant times From 2012 until the end of the 2016-17 income year he had an Australian visa Which perm fitted him lo !rye and work here
During the time he was in Australia he worked as an engineer For two months in 2015 he returned to France and worked there At all times in the 2016.17 tax year he worked in Australia.
For the 2016.17 tax year is Usman a resident or hon.residenr
To support the ifflaysis in your enslaves refer where appropriate to the rTAA 1131, I1 AA11117, Tat Railbriem madior cram taw_
Question 3. 10 Mints. 11.r.i. of the subfect Use rotnplete ilanlenCrec
In April 2016 Norman. a hairdresser_ bought his m811 residence in Melbourne for $700,000. Legal and stamp duty costs ass sled with (he purchase were $70,000. The home had six MOMS
In April 2017 Norman sperril $100.000 in reaking part or his horn suitable for his hairdressing business. The business used two of the rooms and he started working from home in IN1ay 2017.
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Advise Norman of the capital gains tax iPriplIca bons of the above facts for the 2016. 17 year_
To support the analysis in year answers refer where appropriate to the ITAA 1936 FTAA 1997„ Tax R.ur.inirs an door case law..
Question 4: 10 marks, 10% of the sJbitsct U Se C=Dimplete sentences.
In your work as an accountant you adviSa a dont Avon Pty. Ltd. (Avon), on various rriattefs. Avon entered into a $5001.e..00 one yew contract in June 2016 with Central Queensland University (a registered ReS0811111 Service Provider) to undertake research arid dove loprnent for Avor The contact was to run frorn July 2016 to June 2017. Avon wants your advice abot.: tax cffseim and how this expense could be treated by the ATO in ttira 2016-17 tax .,.ear
Please advise.
To support the analysis In your • in ewers refer where eppropriate to the ITAA. 1936, FTAA 1997, Tax RuIIni medlar case lerwr
Assessment criteria
uation Criteria
ThIN Crrtoril are I 'patio* guile as W. She standard expecte:I at the various Ii ale,
Cheracten5tics indicative Ofthe rem Wools of echievernont in the sesignment Ara as fnlowi It is MX ro&C$1418rily 1 ease Mail ill thou &tons WiI b+ mit st ll particular standard as there may tie s superior ourforrrisnou on orie of the clitoris sod not so satisfactory parks-mance on aticahot.
High distinctkin standard
• The answer is very weI virrtlari and duly expressed
^ There is a demonstrated a ppropiaken and iaiderstanding of the issues involved
• The answer is well structured mid loijcally organised
• Demonstrated mastery or refenprciffig 1%1i-stern
^ There is evidence of a comprehensirva analysis of the issues
• Conclusions are backed by welt-reap-J-1NC a-gurnents demonstrating a detailed insight and analysis of issues
^ Comprehensive coverage of al relevant iseues
• References are made to the appropinatekil legislation for particular issues
• Statutory provisions a Pa analysed anal interpreted correctly
^ The legislation is applied to tie piar bibuiar fact situation in a competent manner
• Consideration is givers to the operslion of Me common law
• There may he consideration of issues not raised in this tutorials and answer guides
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Distinction standard
• The answer is well written anal expressed
^ The answer is structured and logical
• The *woe Nivel teen reesoriably bveg losnisillisci end ericseCiatecl
• There Is correct ui of riretenleArg
• lisues halm been analysed
• Reference is made to all appropriate leWszatIcwi, although the analysis and interpretation is not as detailed and reasoned as for the high distinction standard
• The effect of the common law. :1 considered
• There is a comprehensive coverage of the kk,sues
• Occasional errors of law and rya I reasoneig may stilt be present
Credit standard
• The answer is generally well written arc expressed
• The answer is structured and sequin ri Ca I
^ Referencing is satisfactory
^ Issues are identified and addressed
• Thorp has been en attempt ta onalyse some n$ the issues
• The coverage or issues is reasociaby comprehensive often with a good treatment and analysis of particuar po4nts
• Errors of law and Incorrect reaa, png may sarnetirnos be present
• Statutory interpretation may re q.' re irirrovernent
• Depth of treatment is often lacking n sdrre of the issues
• Pass standard
• The answer is able to tie follenked and Lnclerstood
• The answer could perhaps be toBliaf OrgarligeCi and structured
^ The referencing may need impeovernient
• Issues may need to be identified arcl addressed is more depth
• Analysis when present may he incorrect
^ Some femiliarrty with the legislation and Is application is demonstrated
• Sometimes the conclusions reached ere Lrriple
6 There may be several e•Tros of low
• There may be quantities of materiel of marginal relevance included in the 1105Wer
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