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BULAW 5916 Taxation Law And Practice

tag 0 Download9 Pages / 2,217 Words
  • Course Code: BULAW5916
  • University: Federation University

    MyAssignmentHelp.com is not sponsored or endorsed by this college or university

  • Country: Australia

Question:

During the year (2016/17) Frank submitted a design as part of a national competition for

‘The Citadel’, the centrepiece of an ambitious urban redevelopment. His visionary design and revolutionary use of local materials left the judging panel speechless with admiration and, to national acclaim, he was awarded the prize and commissioned to build the structure. Immediately he borrowed $1 million, rented premises in Main Terrace, acquired state of the art equipment and employed six draughtsmen and two administrative staff. During 2017/18 his billings were $2.5 million.

You must refer to appropriate case law. Your answer must include (but should not be limited to) a discussion of the following:

  • What factors affect the choice of a cash or accrual basis
  • Does Frank have a choice of the basis he adopts
  • Does the Commissioner of Taxation have a right to insist on a particular basis
  • Should Frank’s basis be the same in both years
  • Given the present availability of accounting software packages, in your view, is the traditional criteria for the cash/accrual distinction still relevant
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