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200187 Taxation Law

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Questions:

1.Principles and Concepts

Between April 1981 and May 2017, Simon Krupcheck held various managerial and junior executive roles within LIC, an Australian resident life insurance company listed on the Australian Stock Exchange (ASX). Having had employment experience in capital market dealings, Simon in 2006 decided to buy shares in Australian banks which were about to pay dividends for cum dividend prices and sold shares in the same bank at their ex dividend prices.

Between February 2006 and May 2006 Simon bought around 60,000 shares in various banks, which he identified as good arbitrage investments based on his substantial knowledge, expertise and skills. Simon spent considerable periods of time, during and after work, researching the various banks’ activities and historical share price fluctuations to determine the most appropriate time to purchase the shares. However, Simon ceased to make these types of trades in May 2006 because the profit derived was not commensurate with the time, effort and capital involved. He did so by selling shares in tranches as the market moved.

Simon kept records of all share purchases and sales using online accounting software.
Simon now wishes to know whether the loss of $50,000 he realised from the above activities should be recorded on revenue or capital account for tax purposes and has come to you for advice.

Required:

Advise Simon by reference to relevant legislation, caselaw and rulings (if any) whether the above loss should be recorded as a revenue or capital loss. Your answer must include discussion of relevant principles.

2.FBT Calculation

On 1 September 2017, Lucy was appointed as a sales representative with Contemporary Clothes Co (CCC), a clothing manufacturer and retailer based in Sydney. Her salary package consisted of the following:

(i) $80,000 annual salary

(ii) $20,000 annual travel allowance

(iii) $10,000 loan at a concessional rate of 3% (Lucy used $5,000 to purchase shares in listed companies)

(iv) a new Holden Barina valued at $50,000

(v) $1,000 worth of CCC clothes which have a retail value of $2,000
 
As at 31 March 2018 running costs (registration, insurance, petrol, stamp duty and maintenance) for the car were $8,000. Lucy also contributed $1,000 towards the cost of the car, and travelled 20,000 Kms (10,000 kms was for private purpose). Lucy keeps a log book for the car.
On 31 March 2018 CCC also agreed to waive the $2,000 owed to it by Lucy’s husband Dave. The loan was provided on 1 April 2017.
 
From the frequent flyer points generated by her regular business travels, Lucy was able to book two economy flight tickets with Qantas to Bali for her and her husband, Dave, at Christmas. The flights were valued at $3,000.
 
Advise both CCC and Lucy as to their respective tax liabilities for the current tax year.
Your answer should clearly show relevant calculations and supported by references to relevant statutory provisions and/or case law.
 
NB: You are not required to include the Medicare Levy in your calculations
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