Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
BACC3004 Australian Tax Law Term Paper
BACC3004, Australian, Tax, Law, Term, Paper
Assessment Name |
Assignment |
Unit Learning Outcomes Assessed |
Learning outcomes |
Graduate attributes |
1. Describe the taxation framework in Australia and identify the concepts and principles that underpin Australian Tax Law. |
Communication: The ability to communicate effectively, both orally and in writing, with a diverse range of audiences
Research: The ability to conduct thorough, accurate and targeted research |
2. Explain how the main tax laws and regulations in Australia have been applied and identify the body of case law that informs current interpretations of the taxation regime. |
Research: The ability to conduct thorough, accurate and targeted research
Critical thinking and problem solving: The ability to address and solve problems creatively and in a structured and methodical way
Flexibility: The ability to critically assess and evaluate different approaches to issues and problems |
3. Recognise, describe and analyse taxation issues and concepts with regard to problems encountered in commercial settings. |
Research: The ability to conduct thorough, accurate and targeted research
Critical thinking and problem solving: The ability to address and solve problems creatively and in a structured and methodical way
Flexibility: The ability to critically assess and evaluate different approaches to issues and problems |
4. Demonstrate an understanding of substantive areas of taxation law including income tax, goods and services tax and fringe benefits taxes. |
Flexibility: The ability to critically assess and evaluate different approaches to issues and problems |
5. Discuss the role and responsibilities of accountants with regard to taxation law and the preparation of taxation documents. |
Communication: The ability to communicate effectively, both orally and in writing, with a diverse range of audiences
Ethical behavior: The ability to identify and understand ethical problems and demonstrate ethical behaviour |
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Due Date and Time |
Week 8
15 May 5pm |
Weighting |
30% |
Assessment Description |
This assignment explores practical issues in taxation law. It is important for you to have time to think through how to structure and present arguments. |
Detailed Submission Requirements |
Group |
Question 1 (300-500 words)
On 10 July 2015, Jarrold Alexander was transferred to the Singapore office of his company, Global AIH Ltd, for five years. His wife Rosemarrie accompanied him to Singapore. In Singapore they lived in a house owned by the company and leased their Sydney residence.
While residing in Singapore Rosemarrie borrowed $100 000 from the Commonwealth Bank on 1 December 2015, to fund the purchase of 50 000 shares in Global AIH.
During the 2015/2016 tax year Rosemarrie received $5 000 as her share of net rental income (after deductions) from the lease of their Australian home, and $2 500 in fully franked dividends from Global AIH. She incurred no other expenses in deriving the rental income, but her interest payments on the Commonwealth Bank loan amounted to $5 650.
Required:
Advise Rosemarrie Alexander for the Australian tax consequences of these transactions. Refer to the relevant legislation and cases. (Hints: you need to do some research on the tax consequence of dividends paid to a resident and non-resident) (7 marks)
Question 2 (300-500 words)
Franklin is a medical doctor and a scientist. He works at a local hospital in the mornings, attending to patients. At lunchtime he takes a train to the local university where he works in a research laboratory. At the end of the day, he takes the train home. The train fares for the year include $1,200 from home to hospital, $800 between hospital and the local university and another $1,000 from the university back to home.
In the current income year, Franklin opens his own practice, servicing local residents. He rented an office for $10,000 a month. In order to run the business, he has to put his beloved dog to a local pet shop for pet minding. He incurs $ 20,000 pet minding fees for the income year.
Advise Franklin as to the tax deductibility for the above expenditures by referencing to the tax laws and case laws (8 marks).
Question 3 (800-1000 words)
Michael Pondage at all relevant times held a German passport. From the time of his first visit Australia in 2007 until the end of the 2016 income year, he held a visa which permitted him to live and work in Australia.
During the time he was in Australia, Michael worked under contract as a marine engineer on a sea-going barge owned by an Australian company. Subsequently, the barge was leased to a Malaysia-based company, Ocean Development Ltd (OD), for use in carrying out work in China.
Michael accepted employment with OD and left Australia on 8 July 2015, leaving his son and wife in Australia. He worked for Ocean Development Ltd for nine months in China and earned AUD $90,000. He then terminated his contract and returned to Australia where he stayed for the rest of the income year. On his arrival back in Australia he entered into a partnership business with his wife.
Accommodation provided for Michael in China by his employer was of a temporary or transitory nature in the form of single men’s quarters or barracks. Meals were also provided. Ocean Development Ltd.’s office in Malaysia paid Michael’s wages into his bank account in Australia, after deducting tax required to be paid in Malaysia.
Michael paid no income tax in China. Michael’s assets in Australia are his home in Sydney, an investment residential unit in Randwick, a super policy with AMP, listed shares, bank accounts and membership of a local golf club. Michael intended to be absent from Australia for approximately nine months and was in fact away for that period only.
Required:
For the 2015/2016 tax year, is Michael a resident or non-resident of Australia? Refer to the relevant legislation and cases (15 marks)
Assessment |
Section Requirements |
Weight 10% |
HIGH DISTINCTION
100-85% |
DISTINCTION
84-75% |
CREDIT
74-65% |
PASS
64-50% |
FAIL
49-0% |
Structure
N/A |
Mark |
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Content
N/A |
Mark |
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Format, Grammar, Presentation and Referencing
N/A |
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TOTAL MARK |
30 |
Overall comments: |
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RUBRIC
QUALITY OF RESPONSE |
NO RESPONSE |
POOR / UNSATISFACTORY |
SATISFACTORY |
GOOD |
EXCELLENT |
Content (worth a maximum of 50% of the total points) |
Zero points: Student failed to submit the final paper. |
20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. |
30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. |
40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. |
50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. |
Use of Sources (worth a maximum of 20% of the total points). |
Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. |
5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. |
10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. |
15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. |
20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. |
Grammar (worth maximum of 20% of total points) |
Zero points: Student failed to submit the final paper. |
5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors |
10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors |
15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. |
20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. |
Structure of the Paper (worth 10% of total points) |
Zero points: Student failed to submit the final paper. |
3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. |
5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper |
7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. |
10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. |
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