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Answered

QUESTION 1: 20 marks, 20% of the subject Advise your client on how the following items will be treated for tax purposes under Australian tax law: i. Webjet frequent flyer points received by a business analyst employed by a large business consultancy firm in relation to work related travel paid for by the firm ii. amounts received by a crane hire company from its customers for a damaged crane iii. a free overseas holiday received by a nightclub manager from an alcohol supplier iv. the return to its members of excess funds raised by a canoe club for the purchase of additional canoes v. a payment made by a television station to an Australian footballer for being named the best and fairest in the AFL vi. Expenses relating to a building qualification for a building apprentice vii. Expenses relating to a short course in art management in the hope of becoming an art director viii. Expenses relating to work make-up and work dresses ix. Expenses relating to travel between home and office x. Expenses relating to travel between one employer and another employer QUESTION 2: 20 marks, 20% of the subject Manpreet is an international student studying an accounting degree at CQU, Sydney. She commenced her studies in term 1, 2016. In the 2016/2017 financial year she worked part time as an office assistant at an Accountant’s office to gain work experience in her chosen career and made $45,000 from that job. Manpreet also received $20,000 from her parents to assist her with her living expenses, and a $10,000 distribution from a trust account set up in India by her grandmother of which she paid $1,000 in foreign tax. She spent $18,500 on her studies, $2,000 on a computer and printer for educational purposes, and $500 on a new mobile which was required for work purposes. Calculate Manpreet’s net tax payable for the 2016/2017 financial year, making reference to the taxation formula, the reasons for including or excluding specific items, your calculations, and the applicable tax law (sections of legislation and/or case law).

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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Task Part 1 — Impact of taxes and tax planning - Financial Act 2020  Consider the following information as regards April 2020 to March 2021, i.e. the 2020/21 tax year. Gloria works as a freelance software developer with Ticki-Tacker Limited, a social media firm based in the city of Lon ...

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Assignment Jimmy operated his own shoe design and manufacturing business from a warehouse in the CBD.  Jimmy purchased the warehouse on 1 July 2018 for $1.5 million, it had been constructed in 2010 and the cost associated with construction was $500,000. He also offered weekend classes in shoe ...

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