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Question 1 John is a sole trader working in his small business as a carpenter. His brother Paul is mentally disabled, who lives with John and is receiving disability support pension.  Required ...

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BULAW 3731 Income Taxation Law and Practice

Question

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Task:

Assignment - Part A

You are required to read the Facts below and answer the 5 questions. Each question will be marked out of 10 in accordance with the Assignment Criteria and Marking Guide. When  answering each question, you are required to:

1. Identify and discuss the relevant provisions of the legislation, case law, ATO rulings and determinations; and

2. Advise the company of the correct legal position, giving reasons. 

Sales are made for cash, by credit card and by external financing arrangements [personal loan etc]. The only in-house financing arrangement by Cassilk is their ‘CassilkSelect Club’. Under this arrangement customers may select fashion garments from the Cassilk catalogue (or the showroom displays) and pay by periodic instalment over an agreed timeframe. If the selected garment is not in stock, a production order is issued and the payment schedule usually corresponds to the projected delivery date.

Title and possession of the garments does not pass until the final payment. If the stock is already available, a ‘sold’ sticker is attached and the garments are put to one side.

1. Should Cassilk return for tax purposes on a cash or accrual basis?

2. How should the company deal with payments received under the CassilkSelect Club arrangements and what tax consequences follow if customers default or fail to make all agreed payments?

3. How is trading stock the subject of CassilkSelect Club arrangements to be dealt with?

Cassilk is a member of nationwide purchasing cooperative, Luxury Fibre Wholesalers. Each year Cassilk is entitled to a bonus based on the aggregate amount of its purchases of trading stock and related supplies from Luxury Fibres Wholesalers. The bonus is credited, approximately 6 months in arrears. It is never paid in cash nor is it refundable in cash should the membership of the cooperative cease.

In this respect, the accounting records for Cassilk show:

Bonus receivable account.

Balance at 1 July 2019 232,000 Dr.

Credit granted (215,000) Cr.

Provision for credit to come 223,000 Dr

Balance 30 June 2020 240,000 Dr

4 Is the bonus receivable ($223,000) and/or the credit granted of $215,000 assessable income for the year ended 30 June 2020?

5. If either amount is not assessable income, how is it to be dealt with for taxation purposes?

BULAW 3731 Income Taxation Law and Practice

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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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More BULAW 3731 BULAW 3731 Income Taxation Law and Practice: Questions & Answers

Q

Taxation Law and Practice

Question 1 (20 marks):Jane Brown (aged 30).Jane is an eligible beneficiary of the Brown Family Discretionary Trust.  The trustees decided to distribute a cash amount of $20,000 to Jane for the current tax year.Jane also receives $20,000 fully franked dividends.  Jane has a $20,000 HELP deb ...

View Answer
Q

Business Management

Case study 1: Residence and source  Kit is a permanent resident of Australia. He was born in Chile and retains his Chilean citizenship. Kit spends most of the year working off the coast of Indonesia on an oil rig for a United States company. He was recruited for this job in Australia and signed ...

View Answer
Q

Business and Corporations Law

QUESTION 1 –Richard, an impoverished university student, and his millionaire father enter into an arrangement where Richard agrees that he will keep the front- and backyards of the family property mowed, and he will ‘do a bit’ to keep the gardens looking tidy. In return, his father ...

View Answer
Q
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HA3042-Taxation Law

Question 1 John is a sole trader working in his small business as a carpenter. His brother Paul is mentally disabled, who lives with John and is receiving disability support pension.  Required Work out John’s invalid tax offset for his brother Paul who is an invalid under the following ...

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