Carol McKendrick has engaged Tax Advisors Pty Ltd to advise her of all her tax issues that will arise from the documents provided in respect of the income year ending 30 June 2019.
Based on the following Case study (PDF 344 KB) your partner has requested that your team prepare a letter of advice to Carol McKendrick, which identifies all relevant tax issues that will arise, critically analyses and applies the taxation treatment to the issues—i.e. you will need to argue and support your view and consider differing views (if applicable)—and finally, indicates your recommended action based on your better view—i.e. your conclusion (I RAC principle).
Be sure to consider all issues, including but not limited to, issues that may not be as obvious—for example, tax accounting, tax periods, potential levies, surcharges, offsets and substantiation requirements.
You must ensure that your analysis used to determine your recommended action is fully supported with relevant authority— for example, tax legislation and case law.
The letter must not exceed 2500 words, excluding footnotes and the reference list. Assignments exceeding 2750 words (+10%) will not be assessed and you will receive zero marks (Fail grade). You must indicate your word count on the cover sheet.
If you need more information, ensure you clearly state what information you need and why it is required.
It is highly recommended that you begin categorising the list of transactions as a team and look at the assignment requirements in its entirety—for example, the various employment, business and investment issues—before assigning individual member tasks under the group contract.
Note: Assignments should be typed, one and half spaced, and on one side of the paper only. It is your responsibility to submit