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HA3042 TAXATION LAW

Question

Answered

Question 1                                                                                                     (6 marks)   

On 1 April 2018, Spiceco Pty Ltd provided a car to their employee Lucinda for her private 

use. Throughout the 2018/19 FBT year, the cost of the car was $18,000, repairs $3,300 

Insurance $2,200, Fuel $ 990 (all above expenses are GST inclusive). Distance travelled 

20,000 km (for the entire 2018/19 FBT year), Business use 70% Lucinda contributed 

$1,000 towards the cost of the car. 

Using the 2018/19 rates, calculate the FBT liability for Spiceco Pty Ltd for the 2018/19 FBT 

year, assuming Spiceco Pty Ltd would like to minimise its FBT liability. If there is more than 

one method of calculating the FBT liability, conclude which method should be used. Show 

full workings to support your conclusion.   

Question 2                                                                                                (14 marks)   

Daniel Ray is in his late 50s and would like to plan for his retirement. Daniel has visited his accountant last week (15th March 2019). As part of his plan he likes to contribute to his 

superannuation fund (i.e. BT Super for Life) before end of financial year this year. (i.e. 30 

June 2019). 

Daniel has different assets worth around $1m and plans to see these and contribute this to 

his super fund. He also wants to lease his house and withdrew tax free amounts from huis 

super account when he turns sixty in august 2020. As part of his plan to collect $1m for his 

super investment, he has sold the following assets: 

1- A house located at Doncaster (suburb of Melbourne). Daniel lived in this property for 

the last 30 years. At that time, he bought the house for $70,000 and sold the house for $865,000 in an auction on Saturday 29th June 2019. Out of this, he paid $15,000 

to the real estate agent for the sales commission. The buyer deposited $85,000 on 

the property, however after 14 days the buyer advised the real estate that he did not 

have enough money for proceed with the contract of [purchase, therefore forfaiting 

 Page 3 of 6 

HA3042 Taxation Law Individual Assignment T1.2019      

his deposit to Daniel on 1st May 2019. After this the real estate agent started looking 

for another potential buyer.  

2- Daniel has an artistic piece of painting by Margaret Preston. He purchased this on 20 

September 1985 for $15,000. The painting was sold for $125,000 at an auction on 

31 May 2019. 

3- Daniel had a luxury yacht that he has since he was active member of Port Melbourne 

Yacht Club. He purchased the yacht in November 2004 for $110,000. Daniel sold the 

luxury yacht on 1st June 2019 for $60,000. 

4- Daniel had shares in BHP mining company, which he has purchased these shares 

on 10 January 2019 for $75,000 and sold all of these shares on 5 June 2019 for 

$80,000. Indeed, he got a loan of $70,000 in order to buy these shares and incurred 

$5,000 interest on the loan. Daniel has paid $250 for stamp duty on the purchase, 

and $750 of brokerage fee on the sale of these shares. Daniel spoke to his tax 

adviser and he has advised Daniel that $5,000 interest incurred on the loan is a non

deductible expense.  

In his previous financial year’s tax return (i.e. 2017-2018) Daniel has incurred a net capital 

loss of $10,000 from the sale of AZJ shares. AZJ shares were the only asset that he sold in 

2017-2018 financial year.   

(a) Based on the above information, you are required to determine Daniel Ray’s net 

capital gain or net capital loss for the year ended 30 June 2019. 

(b) What Daniel will do with a likely net capital gain in this financial year. 

(c) What Daniel will do with a likely net capital loss in this financial year.    

HA3042 TAXATION LAW

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