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Assignment

Case Facts

Mr Mark Lewis is employed on a luxury cruise liner which travels the Mediterranean Sea. After deductions his taxable income is AUD$150,000, (Hong Kong Dollar 790,000).

He owns a farmhouse in Australia which was his family home. After divorcing his wife, the wife took their twins to live in Canada. Mark now rents the farmhouse to a lovely couple who sublease parts of the house through Airbnb.

The farmhouse is rented including all furniture, with the furniture belonging to Mark. Mark stays on the property when he is in Australia in a converted shed consisting of a master suite, bathroom and toilet. This part of the property is not listed on the lease agreement. All of Mark’s personal belongings are locked up and stored in this shed. The shed makes up about 25% of the overall lettable property. 

In the current tax year, Mark spent eighty days in the converted shed in Australia. The remainder was spent on the luxury liner or visiting his twins in Canada, where he spent a total of 40 days.

The luxury liner where Mark works visits many locations around the Mediterranean. Mark is employed by a company incorporated in the Cook Islands under an employment contract signed in Hong Kong. The luxury liner is owned by a company incorporated in Bermuda. The income earned by Mark from the cruise company was salary and wages derived by him under the contract of employment.

In addition, in preparation for his retirement, Mark has taken up cattle breeding. He currently owns one hundred cows which live and feed on an external farm in Australia (for a fee). These cows are being fattened up and after half are at the required weight they will be sold. The other half will be used for further breeding

Mark consistently keeps up to date with the development of the cows. He spends most of his free time reading literature and attending paid courses related to the business. Mark plans on purchasing a large, vacant property next door to his farmhouse specifically for keeping his cows when he retires from the luxury liner. In retirement, Mark intends on living permanently in the converted shed and will still rent out the farmhouse. 

For each of the prior three years that Mark has been undertaking this activity, there has been a tax loss made, although the tax losses have been reducing in size as the venture becomes more successful. In fact, this year Mark has made a small profit before tax of $50,000 (taxable income $200,000, tax deductions $150,000). 

Questions:

1.Identify the specific tax issues relating to the four main categories above

2.Find any relevant taxation legislation/case law pertaining to the tax issues

3.Prepare your written responses for each part of the question in the following manner:

4.Video your concluding advice as if you were presenting to Mr Lewis himself 

BUS303-Taxation

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Dave Solomon is 59 years of age and is planning for his retirement. Following a visit to his financial adviser in March of the current tax year, Dave wants to contribute funds to his personal superannuation fund before 30 June of the current tax year. He has decided to sell the majority of his a ...

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Sophia has visited her accountant, John and has provided him a listing of the transactions she has undertaken throughout the financial year to assist John in completing Sophia’s 2018 income tax return. The listing of the transactions is as follows: a) Sale of a block of land in Ninety Mile B ...

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Question 1: Two years ago Peta purchased a house in Kew. This house had two old tennis courts down the back which were in poor condition. She purchased the property for two reasons: so that she and her family could live in the house; and so that she could build three units on the tennis courts and s ...

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Task: Part 1) You must explain the timing of a CGT event with relevant section numbers and cases.  Part 2) Advise net capital gains (losses) to be included in Harrison Carter’s tax return for the years ending. Include ALL available methodsfor calculating a capital gain for both years.&n ...

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