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
Assessment Task – Tutorial Questions Assignment
Unit Code: HA3042
Unit Name: Taxation Law
Assignment: Tutorial Questions Assignment (Individual)
Due: Week 13 – Friday, 16th October 2020 (11:30pm)
Weighting: 50%
Purpose:
This assignment is designed to assess your level of knowledge of the key topics covered in this unit
Unit Learning Outcomes Assessed:
- Gain a broad understanding of tax law
- Demonstrate ability to analyse and synthesise complex tax law issues
- Demonstrate ability to apply principles of tax law to complex legal problems
Description:
Each week students were provided with three tutorial questions of varying degrees of difficulty. The tutorial questions are available in the Tutorial Folder, for each week, on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task is to answer a selection of tutorial questions from weeks 7 to 12 inclusive and submit these answers in a single document.
The questions to be answered are:
Question 1 (7 marks)
(Note this question is based on the Week 7 Tutorial)
An extract of the Asset Register of Ace Pty Ltd (“Ace”) for the 2018 – 2019 Income year is shown as follows:
Asset Cost Opening Method Effective Decline in Closing Adjustable Life Value for Adjustable Value This Period Value Printer 1,200 1,200 Diminishing 3 years 400 800 Value Desks 3,000 2,400 Prime Cost 10 years 300 2,100 Appliances 2,600 1,040 Prime Cost 5 years 520 520
All depreciable assets are 100% for business use and Ace uses a low-value pool for all eligible assets. The closing value of the low-value pool at 30 June 2019 was $8,000. Ace purchased a camera on 20 Jan 2020 for $840.
Advise Ace of the Income Tax consequences arising out of the above information for the 2019 – 2020 Income year assuming Ace is not a small business entity.
(7 marks. Word limit: Minimum of 120 words. Maximum of 150 words)
Question 2 (7 marks)
(Note this question is from the Week 8 Tutorial)
Your client is a medium–sized manufacturing company and has provided you with its accounting records for the financial year ending 30 June 2020.
The following amounts listed below from (a) – (f) are included in the accounting records. How would you treat them for tax purposes?
(Note – The exact amounts are to be calculated and discussed in your response)
- The provision for long service leave for the employees is $35,000. The actual amount paid during the year was $20,000 for the year ended 30 June 2020. (1 mark)
- The Insurance premium on the plant and equipment is $30,000, which was paid on 1 March 2020 for the next 12 months. (1 mark)
- As at 30 June 2020, there was an outstanding electricity account for $2,000 and a telephone account for $5,000 which are both still to be paid. (1 mark)
- A maintenance contract on the factory equipment for 12 months is $12,000. The payment was made on 1 October 2019. (1 mark)
- The sum of $200,000 was paid on 1 August 2019 to the Managing Director as compensation for the early termination of her employment contract. The employment contract had one year to go. It would have ended on 30 July 2020. (1 mark)
- There is interest expense of $70,000 on a loan which has three years to run that was originally used to purchase a computer repair business. The business ceased to operate on 30 June 2020. (1 mark)
How would your answers to (b) and (d) change if your client is a small-sized company?
(1 mark)
(7 marks. Word limit: minimum 120 to maximum 150 words)
Question 3 (7 marks)
(Note this question is from the Week 9 Tutorial)
Determine whether the following benefits are fringe benefits or exempt fringe benefits and, where applicable, state the relevant category of fringe benefit.
Provide reasons for your answers and calculate the exact fringe benefit amount(s), where appropriate, for the following cases listed below (a) – (g):
- A monthly payment of $120 is made to Jack. Jack is an employee, who sometimes uses his home phone for work purposes. Jack has estimated that the business use percentage of his phone bill is 20%. (1 mark)
- A payment of $1,000 employee’s superannuation contribution by the employer to a complying superannuation fund. (1 mark)
- A loan of $20,000 from the company to one of its shareholders with no interest being charged. The company’s rules do not permit loans to employees, but it is silent about loans to shareholders. (1 mark)
- A payment of a $50 Uber fare by the employer for the employee to travel home after working late. (1 mark)
- A bunch of flowers sent to a sick employee. The flowers cost $120. (1 mark)
- Provision of a car for an employee’s private use, including payment of all fuel costs by the employer. Consider whether any fringe benefits have arisen. (1 mark)
- Provision of sandwiches at a lunchtime seminar held at the employer’s premises.
(1 mark)
(7 marks. Word limit. Minimum of 120 words. Maximum of 150 words)
Question 4 (7 marks)
(Note this question is from the Week 10 Tutorial)
Michael and Jenny are in a partnership. The partnership records, exclusive of GST, for the year ended 30 June 2020 are as follows:
($) Receipts
440,000 Gross receipts from Trading Stock ($) Payments 120,000 Purchases of Trading Stock 50,000 Partners’ salaries (each) 3,000 Interest on a cash advance made to the partnership by Michael 100,000 Salaries for employees and rent paid 1,000 Legal expenses in recovering bad debts
Other important details are stated below:
- Michael and Jenny share partnership profits equally
- Trading Stock on hand as at 1 July 2019 was $50,000
- Trading stock on hand as at 30 June 2020 was $80,000
- Michael ‘s personal records include: o Gambling winnings of $500
o Net salary as a part-time Instructor (excluding PAYG Tax Instalments of $1,400) is $8,000
o Subscription to professional journals of $200 o Michael is a member of a private health fund
Required:
Calculate Michael ‘s Taxable Income for the Income year explaining your treatment of each item noted in this question.
(7 marks. Word limit: Minimum of 120 words. Maximum of 150 words)
Question 5 (11 marks)
(Note this question is from the Week 11 Tutorial)
A resident company pays a partly franked dividend of $700 (80% franked) to a resident shareholder. Explain the Income Tax implications of the shareholder if he/she is:
- an Individual who is subject to the Top Marginal Tax rate. (2 marks)
- an Individual with Marginal Tax rate of 15%. (2 marks)
- a company with other Assessable Income of $100,000 and a carried forward loss of $40,000. (3 marks)
- a company with other Assessable Income of $88,000 and deductions of $7,000. (2 marks)
- a partnership with two (2) resident Individual partners sharing partnership profits or losses equally. (2 marks)
(11 marks. Word limit: minimum 120 to maximum 150 words)
Question 6 (11 marks)
(Note this question is from the Week 12 Tutorial)
Advise the following tax payers of the GST consequences arising out of the following information and calculate the GST outputs or inputs, as required:
- Angela is a photographer. She recently purchased a new camera from the USA as the camera was not yet available in Australia. The camera cost AUD 1,818, which was shipped directly to her home. (2 marks)
- NIC Ltd is a large advisory firm that is registered for GST purposes. It accounts for GST on an accruals basis and submits its Business Activity Statements (BAS) on a monthly basis. NIC Ltd organises and pays for the accommodation of one of its managers, Daniel. This is treated as a fringe benefit for fringe benefits tax purposes.
On 10 June 2020, NIC Ltd received a tax invoice from the residential property agent where Daniel lives, Smart Strata Pty Ltd, for the payment of Daniel’s fees of $550 (including GST). NIC Ltd did not pay the membership fee for Daniel until 12 July. Smart Strata Pty Ltd accounts for GST on a cash basis and submits its BAS on a quarterly basis. (Explain the GST consequences for both NIC Ltd and Smart Strata Pty Ltd).
(4 marks)
- MBR Pty Ltd has a total input tax credit of $1,000,000 comprising $80,000 of financial supplies and the balance is taxable supplies. (5 marks)
(11 marks. Word limit: Minimum of 120 words. Maximum of 150 words)
Submission Directions
The assignment will be submitted via Blackboard. Each student will be permitted only ONE submission to Blackboard. You need to ensure that the document submitted is the correct one.
Academic Integrity
Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through the Study Skills link on Blackboard.
Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.
Table 1: Six Categories of Academic Integrity Breaches
Plagiarism Reproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism. Collusion Working with one or more other individuals to complete an assignment, in a way that is not authorised. Copying Reproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence. Impersonation Falsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination. Contract cheating Contracting a third party to complete an assessment task, generally in exchange for money or other manner of payment. Data fabrication and Manipulating or inventing data with the intent of supporting false falsification conclusions, including manipulating images. Source: INQAAHE, 2020
If any words or ideas used the assignment submission do not represent your original words or ideas, you must cite all relevant sources and make clear the extent to which such sources were used.
In addition, written assignments that are similar or identical to those of another student is also a violation of the Holmes Institute’s Academic Conduct and Integrity policy. The consequence for a violation of this policy can incur a range of penalties varying from a 50% penalty through suspension of enrolment. The penalty would be dependent on the extent of academic misconduct and your history of academic misconduct issues. All assessments will be automatically submitted to Safe – Assign to assess their originality.
Further Information:
For further information and additional learning resources please refer to your Discussion Board for the unit.
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. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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