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LAW2002 Introduction to Income Tax Law

Question

Answered

Question :

Learning Outcomes

This assessment addresses the following subject learning outcomes:

  1. Explain the Code of Conduct established under the TASA 2009
  2. Interpret and apply selected sections of the ITAA 36 and ITAA97 covering ordinary and statutory income, general and specific deductions and the taxation of entities and their associates
  3. Formulate a piece of written advice for a client about the tax implications of their residency status and business activities with reference to applicable case law and legislation
  4. Compare and contrast the tax outcomes for the sole trader, partnership, trust and company structures, including the tax outcomes for associated entities
  5. Analyse and apply tax legislation to authentic scenarios

 Context:

The assignment is designed to incorporate uncertainty.  The student is expected to answer each question and provide appropriate analysis and/or suggestions.  The student is expected to identify the facts and issues presented by each aspect of the case study, identify research requirements, identify and apply the relevant legislation and/or case law as appropriate, come to a conclusion and make a recommendations.

This assignment assesses your research skills, your ability to synthesise an original piece of work to specific content requirements and your ability to produce a comprehensible piece of advice meeting the requirements of each task.

It also assesses your written communication skills. The ability to effectively communicate is an essential skill in the workplace. Clients may well approach advisors seeking a combination of specific information needs and advice on the tax implications of a particular arrangement in the Australian tax jurisdiction.  It is therefore important to be able to identify all the issues presented by an arrangement and to think about the potential consequences of different approaches in uncertain areas.

Instructions:

This assignment must be presented as an individual effort.  The case study requires individual research.  The course materials and set texts are intended to be the starting point of the research.  It is expected the student will survey the relevant literature, including decided cases, and select appropriate additional resources including media and current events.

The  assignment must be presented in word processed format and submitted through Blackboard.  Handwritten submissions will not be accepted. Extensions will not be granted except in exceptional circumstances.  The assignment is designed to be completed sequentially through the trimester and each part can be completed in isolation to each other part.

Torrens University referencing conventions are expected to be followed.

The assessment rubric is attached to the assessment brief.

Submission Instructions:

Submission is by the due date through Blackboard

Question 1 ( 10 Marks)

Recently Australia has been ravaged by bushfires which have been attributed to the adverse effects of human induced climate change.  You have been approached as a tax expert to offer some advice as to how the Australian tax system can be utilised to address the effects of climate change.  

In 350 words ( approximately) provide  and discuss two tax based suggestions which you believe could be incorporated into the tax system to encourage activities designed to reduce the effects of climate change.  

You also need to provide a brief explanation of why you believe your suggestions will be effective.  In your answer you need to discuss the effectiveness of taxation as a tool for social change.

Possible resources – starting point only

  1. https://www.oecd.org/environment/tools-evaluation/environmentaltaxation.htm
  2. Investigate the existing primary producer tax concessions in the Australian taxation system.

Question 2 ( 10 marks)

a) Explain the Constitutional powers authorising the collection of tax in Australia.

b) Discuss how the concept of separation of powers facilitates the effective operation of the  Australian Taxation System.

 Possible resource – starting point only

http://www.cefa.org.au/ccf/shaking-federation-through-taxation

Question 3 (10 marks)

  1. Identify and briefly describe the principles set out in the Code of Professional Conduct for tax agent professional and their ethical standards.
  2. Referring to Explanatory Paper TPB 01/2010Code of Professional Conduct, what mechanisms can be put in place to manage a conflict of interest?

Possible resources – starting point only

https://www.tpb.gov.au/code-professional-conduct-bas-agents

Question 4 (30 marks)

Required

With reference to relevant legislation and/or case law, for Nisha, Jo and Miguel determine their:

  1. assessable income,
  2. allowable deductions
  3. taxable income
  4. tax assessed and
  5. balance of the assessment, including Medicare Levy.

Show all workings and your legal analysis determining which amounts are assessable and which expenses are deductible.  All taxpayers have adequate private health insurance. All are residents of Australia for tax purposes.

 

LAW2002 Introduction to Income Tax Law

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