Individual Assessment of Australian Taxation Law Scenarios
- Subject Code :
LAW3100
Assessment Task 2
Individual Assignment
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Assessment instructions |
Due Date: Sunday, 23 Oct 2022, 11:59pm. Weighting: 35% Submission: Moodle online Format: One file in .doc or .docx (MSWord) format. Submissions in any other file format (e.g. .zip) will be treated as a non-submission. Font type: Arial or Times New Roman Font size: 12 points Line space: No line spacing (0 point) Page margin: No indent (0 cm) Word limit: 2000 words total (10% +/- is acceptable) Referencing style see Ozford policy Style Questions/Answer format Late submission: Penalty of 10% per day or part day late without extension approval. Email to the unit coordinator an extension request see Moodle for more details |
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Evidence required |
Submission of a written assignment online. |
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Assessment conditions |
Review the law, analyse questions and case studies, and write your answer If you are unsure of what is expected of you or the standards to which work must be completed, you may discuss this with your lecturer. |
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Materials and resources required |
To be deemed knowledgeable in this unit, you will require access to a range of information as listed below: <!-- [if !supportLists]--> - <!--[endif]-->gather, convey and receive information and ideas <!-- [if !supportLists]--> - <!--[endif]-->use legislation and case law <!-- [if !supportLists]--> - <!--[endif]-->analyse questions and hypothetical case studies |
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Reasonable adjustments |
In the event that you have difficulty understanding the assessment tasks due to language or other difficulties, your lecturer will attempt to make reasonable adjustments to the assessment paper in order to afford you every opportunity to achieve proficiency. |
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Decision making rules |
Consider: <!-- [if !supportLists]--> - <!--[endif]-->Research Source material <!-- [if !supportLists]--> - <!--[endif]-->Content/Analysis Arguments and conclusions <!-- [if !supportLists]--> - <!--[endif]-->Structure Format <!-- [if !supportLists]--> - <!--[endif]-->Language/Presentation Grammar <!-- [if !supportLists]--> - <!--[endif]-->Referencing - Evidence |
QUESTION 1 (10MARKS)
Jamee is a resident taxpayer with no dependents and has the required medical insurance. For the year ended 30 June 2021 he received
Gross salary of $102,000 from which PAYG of $30,000 had been withheld.
Net interest of $745 after TFN withholding tax of $715 had been withheld.
In September 2020 Jamee received $1,100 as his share in the winnings from a punters club with his work colleagues.
In January 2021 he received a holiday valued at $3,400 from his employer for achieving the highest sales in the previous year.
In June 2021, Jamees employer announced that he would be giving Jamee a pay rise effective from 1 April 2021. He is therefore to receive backpay of $5,000 of which $3,000 will be paid on 27June 2021 and the remaining $2,000 will be paid on 4 July 2021.
Dividend of $12,000 deposited to his bank account in May 2021 in respect of a 70% franked Australian dividend (company tax rate 30%)
Net rental income from a holiday home in Fiji of $5,000
Advise Jamee how each payment would be treated, provide relevant section, case law and other supporting evidence (5 marks)
Calculate Jamees assessable income and net tax payable including medicare levy for the current year ended 30 June 2021 (5 marks)
QUESTION 2 (10MARKS)
Lou is an employee at a large real estate agency and is paid a salary and commission on sales. He has negotiated the following benefits with his employer:
Provision of a car for work and personal use. Lou was provided with the car for the period 1 April 20120 to 31 March 2021. The leased car value was $22,000 at 1 April 2020, and the car had only been leased for a year at that time. Lou is required to pay for any petrol costs which he has determined to be $1,300 for the period 1 April 2020 to 31 March 2021.
Provision of the latest model smart phone on 1 April each year as Lou is usually on the street and needs a good phone to do his job. Lou estimates that he uses the phone 70% for work purposes. The phone was purchased new on 1 April 2020 for $1,100 (including GST).
In addition he was provided with 10 gift vouchers worth $50 each for use at the local supermarket as a Christmas gift in December 2020.
Advise Lous employer as to the FBT consequences (including calculation of any FBT liability) arising out of the above information. (8 marks)
Would your advice change if the vouchers were used to purchase gifts for clients and new owners who finalized sales in December? (2 marks)
QUESTION 3 (10 MARKS)
MichaelisalaboratoryassistantatParramattaPathologyadrive?throughCOVID 19PathologyCollectionCentre.InAugust2021,shegoestoseeJohn,ataxadvisor,todohertaxreturnandwantstoknowifthefollowing
expenses are allowable deductions:
(a) Michaelincurred$330travelexpensetoandfromwork(2Marks).
(b) Michaelreceiveda$207speedingfinewhenshewasrunninglatetoParramattaPathologyforanemergencyvisit(2Marks).
(c) Whenworkingeveningshifts,Michaelpurchased$570foodfromthePathologycafbar(2Marks).
(d) MichaelmadephonecallsfromherhomephonetoParramattaPathologyafterhourstocheckherworkschedulewithhersupervisor;
thiscostsAmelia$200(2Marks).
(e) Michael paid $18,200 childcare expenses for her two?year?old child (2 Marks).
Required: Advise Amelia of the deductibility of the above?entioned transactions. Your answer must include references to relevant tax law and or cases.
QUESTION 4 (5 MARKS)
John is an Australian resident for tax purposes. John has carried forward ordinary capital losses from the year ended 30 June 2017 of $8,000 and carried forward collectable losses of $4,000 from the year ended 30 June 2016. On 22 October 2020 he sold land for $76,000 that he purchased on 7 March 2014 for $44,000. He also sold an antique on 12 February 2021 for $2,000 that he purchased for $800 on 8 December 2008. What is his net capital gain or loss for the year ended 30 June 2021?
Use the above data to explain the treatment of different classes of gains and losses. (2 marks)
What amount would be included in assessable income for the year ended 30 June 2021? (3 marks)
LAW3100: Taxation Law / Trimester 2, 2022 Individual Assignment Rubric
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Marking Criteria |
High Distinction (17-20) |
Distinction (15-16.5) |
Credit (13-14.5) |
Pass (10-12.5) |
Fail (0-9.5) |
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Research / 20 |
Comprehensive research is indicated. Professional use of sources to support ideas, well-integrated, sources are credible. Very minor, if any, weaknesses with paraphrasing or integration/application. |
Thorough research is indicated. Very good use of sources to support ideas, well-integrated, sources are credible. May be minor weaknesses with paraphrasing or integration/application. |
Research is generally thorough. Good use of sources to support ideas, mostly well integrated, sources are credible. May be weaknesses with paraphrasing or integration/application. |
Basic and sound research. Basic use of sources to support ideas, generally well-integrated, most sources are credible. May be weaknesses with paraphrasing or integration/application. |
Little evidence of research. Sources are missing, inappropriate, poorly integrated or lacking credibility. Lacks clear link of sources to arguments. |
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High Distinction (27-30) |
Distinction (23-26.5) |
Credit (19-22.5) |
Pass (15-18.5) |
Fail (0-14.5) |
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Content/Analysis / 30 |
Professional standard. Arguments and conclusions are very coherent and flows well; topic is addressed thoroughly. External research on concepts relevant to the case material is of outstanding quality; the concepts are analysed in great depth. Very minor, if any, inconsistencies and weaknesses with flow. |
Is very coherent and flows well; topic is addressed quite well. External research on concepts relevant to the case material is obvious; the concepts are analysed in depth. There may be minor inconsistencies and weaknesses with flow. |
Is coherent and flows well; topic is addressed quite well. External research on concepts relevant to the case material is obvious; the concepts are analysed quite well. There may be some inconsistencies/weaknesses with flow. |
Is generally coherent; topic is addressed to a reasonable depth with some description. External research on concepts relevant to the case material is somehow obvious; the concepts are analysed to a reasonable depth. There are some inconsistencies / weaknesses with the flow. |
Lacks coherence; topic is poorly addressed; little analysis. No evidence from external research to support the case material. The discussion is descriptive and poorly sequenced. |
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High Distinction (17-20) |
Distinction (15-16.5) |
Credit (13-14.5) |
Pass (10-12.5) |
Fail (0-9.5) |
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Structure / 20 |
Correct academic format; all sections are included; the information under the sections corresponds to the requirements. Recommendations do suggest specific actions and derive from the discussion. |
The report format is correct; all sections are included; the information under the sections corresponds to the requirements. Recommendations do not suggest specific actions and do not derive from the discussion. Recommendations are missing. |
The report format is almost correct; the information under the sections correspond to almost all the requirements. Recommendations are missing or do not suggest specific actions. |
The report format is generally correct; the information under the sections does not completely correspond to the requirements. |
The report is not appropriately formatted; more than two of the required sections are missing. |
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High Distinction (13.5-15) |
Distinction (11.5-13) |
Credit (9.5-11) |
Pass (7.5-9) |
Fail (0-7) |
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Language/Presentation / 15 |
Academic standard; no errors in punctuation, grammar and spelling. |
Very good standard of writing; very few or minor errors in punctuation, grammar and spelling. |
Good standard of writing; few errors in punctuation, grammar and spelling. |
Basic and sound standard of writing; some errors in punctuation, grammar and spelling. |
Poor standard of writing. Word limit may not be adhered to. |
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High Distinction (13.5-15) |
Distinction (11.5-13) |
Credit (9.5-11) |
Pass (7.5-9) |
Fail (0-7) |
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Referencing / 15 |
Academic level of referencing and acknowledgment; no errors of style evident. Thorough and consistent reference list and all reference listed. |
Very good attempt to reference sources; very minor inconsistencies and technical errors in style. Thorough and consistent reference list and all references listed. |
Good attempt to reference sources; inconsistencies and technical errors in style. Few inaccuracies in reference list and all references listed. |
Basic and sound attempt to reference resources; may be some inconsistencies and technical errors in style. Reference list is generally complete with 1 or 2 references missing. |
No referencing is evident or, if done, is inconsistent and technically incorrect. No or minimal reference list, mixed styles. |
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Total /100
Percentage /35 |
Comments:
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