Get 20% Off + $20 Signup Bonus ! Limited Time, Hurry !
Get 20% Off + $20 Signup Bonus ! Limited Time, Hurry !
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

LAWS19033 Taxation Law And Practice A

tag 0 Download 11 Pages / 2,581 Words tag 27-07-2021


Part A

You have just started a new job as a graduate accountant. Your managing partner has to do a media interview and he asks you to provide answers to some questions that will be asked. He has given you a list of questions that he has to address in his interview and he needs you to provide him with short answers to these questions and provide references so that he can check the answer if required.

  1. Who is the Inspector-General of Taxation?
  1. What legislation governs the powers of the Inspector-General of Taxation?
  1. What topic does Taxation Ruling TR 2016/3discuss?
  1. Which Division of the Income Tax Assessment Act 1936contains the definitions related to the Act?
  1. Which Division of the Income Tax Assessment Act 1997discusses the deductibility of gifts?
  1. Which section of the Income Tax Assessment Act 1997allows a taxpayer to deduct a loss caused through theft by an employee?
  1. Is a deduction allowable for membership of an association? If so, are there any limits to such a deduction?
  1. How are compensation amounts for loss of trading stock treated?
  1. What is the applicable tax rate for a taxpayer who has $30,000 taxable income in 2016/17?
  1. For tax purposes, what is considered to be the ‘income year’ for most taxpayers?

Part B: Case Study

In 2016, Julia Jenkins, a citizen of England, arrives in Australia for a long-awaited holiday. She arrives on 1 September 2016 and departs on 30 October 2016. During this time Julia travels extensively throughout Australia, as she wishes to see as many different elements of the country as she can. She also works for one week of her stay picking fruit in Bowen, for which she earns $1,000. Upon return to England, Julia misses the sunny weather in Australia and decides to return there on a permanent basis. She gives up her job, sells her family home, settles her affairs and moves to Australia permanently on the 7 January 2017.

Julia has approached you for preparation of her 2016/2017 tax return, and determination of her tax liability. Julia has been meticulous in keeping records, and provides you with the following information. It should be noted that the information provided represents her understanding of what may be relevant for income tax purposes, and you will need to form your own judgement on various matters based on your knowledge of Australian income tax law. If any doubt arises on a particular point, or further information would normally be required, you may assume such further details as are necessary to complete the return.

All such assumptions, and the basis of any decisions you make in various matters, must be made clear by full discussion where appropriate.

While the assignment is largely calculation based, there are some matters which you will need to consider and decide upon before you can proceed with the calculations. You should include your discussion of these matters, and any conclusion you reach, as part of your assignment.


On arriving back in Australia, Julia used the money from the sale of her house to purchase a corner store in Mackay, North Queensland. Julia owns the store as a sole trader but she has a store manager who looks after the day-to-day running of the store. The store has a residence attached where the manager lives, which was originally built in July 2001. Settlement took place on 12 February 2017.

The purchase price of $500,000 included:




Plant and equipment






Trading stock (at cost)









The equipment consists of:





Effective life/Years


Adjustable Value


Office furniture


13 1/3

Office equipment



Computer system (network)



Shop fittings



Floor coverings



Programmable cash register



Refrigeration unit



Simulated indoor plants


13 1/3

Sundry plant and equipment


13 1/3




Furniture and fittings


13 1/3






13 1/3

Hot Water System



Diminishing value method was used to calculate depreciation.

Trading figures for the business from 12 February 2017 to 30 June 2017 include:

Gross Sales of $450,000

Consisting of:

Cash sales




Credit sales

$150,000 (of which $18,000 is still outstanding)





Manager’s salary



(10% of store turnover)



Staff wages



Interest on bank loan



(used to purchase trading stock)


Borrowing expenses



General operating expenses


(electricity etc.)



Vehicle expenses



(manager’s vehicle)



Trading stock purchased



Conference fee











As at 30 June 2017, trading stock on hand (at cost) is valued at $28,000. However, $8,000 of this amount represents the cost of items which are past the expiry date and so cannot be sold in the course of the business. Julia plans to send these items to developing countries where they can be used. Julia seeks your advice on valuing closing stock for the best tax advantage. The manager of the store was also selling illicit drugs through his contacts in the industry. Monies from this practice amounted to $100,000 and were not included in the store accounts.

In March 2017 Julia and the store manager attended a buyer’s conference in Melbourne, which ran for one week. Following the conference they stayed on in Melbourne for 2 weeks to enjoy a short holiday. The manager’s wife accompanied them on this trip. One third of the cost of accommodation and airfares cited above relate to the manager’s wife.

Julia also owns a motor vehicle for which she has maintained a log book. This log book shows she has travelled 8,000km to 30 June 2017 of which 4,000km were in connection with her business.

Of the $15,000 of debt outstanding at 12 February 2017, $8,000 was written off as bad debts, the remainder having been collected.


  1. Set down in statement form full details of Julia’s assessable income and allowable deductions for the 2016/2017 year of income and determine her taxable income for that year. In doing this you also need to discuss and justify the inclusion/non-inclusion of all items of income and expenditure.
  2. Determine the net amount of income tax payable by Julia for 2016/2017.

In completing this assignment assume that there are no further items of income or expenses that are relevant other than those mentioned here. You can also assume that Julia has no dependants and that she has private health cover for the year that cost her $2,300.

Note: There is no prescribed format for the layout of the assignment. You may wish to have the statement of income first, followed by supporting discussion and conclusions; or you may present your discussion first, and then show the statement of income following from this.

The statement to show calculation of taxable income and tax payable should correspond to the taxing formula.

Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Unique Document

Under Evaluation

Get Money
into Your Wallet

Total 11 pages

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). LAWS19033 Taxation Law And Practice A. Retrieved from

"LAWS19033 Taxation Law And Practice A." My Assignment Help, 2021,

My Assignment Help (2021) LAWS19033 Taxation Law And Practice A [Online]. Available from:
[Accessed 19 May 2022].

My Assignment Help. 'LAWS19033 Taxation Law And Practice A' (My Assignment Help, 2021) <> accessed 19 May 2022.

My Assignment Help. LAWS19033 Taxation Law And Practice A [Internet]. My Assignment Help. 2021 [cited 19 May 2022]. Available from: is one of the cheap essay writing service that provides top quality essays. We provide essays on almost every topic on any subject or domain. We provide you with descriptive essay topics/, informative speech essay topics, persuasive speech topics for college students,reflective essay topics and many more along with well-crafted essays on each topic.Getting online essay help becomes a peace of cake with also provide tips from time to time to help you ace the art of essay writing. Once you have mastered with us how to write an essay fast, you can draft on your own. Connect with us today.

Latest Tax Samples

HA3042 Taxation Law

Download : 0 | Pages : 8
  • Course Code: HA3042
  • University: Holmes Institute
    icon is not sponsored or endorsed by this college or university

  • Country: Australia

Answers: 1. Issue As per the highlighted details of the case, a renowned mountaineer Hilary has been given the following payments. Proceeds for selling the copyrights associated with the story amounting to $ 10,0000 Proceeds for selling the manuscript associated with the story amounting to $ 5,000 Proceeds for selling the photographs clicked on expeditions amounting to $ 2,000 The payments above need to be analysed with relation to th...

Read More arrow

HA3042 Taxation Law

Download : 0 | Pages : 8
  • Course Code: HA3042
  • University: Holmes Institute
    icon is not sponsored or endorsed by this college or university

  • Country: Australia

Answers: Question 1 Under Section 8-1 of Income Tax Assessment Act 1997: The cost of moving machinery to a new site will be allowed as deduction because it has been incurred while producing or gaining the assessable income. The cost of revaluing assets to effect insurance cover will not be allowed as a deduction because it has been incurred while producing or gaining the exempt income or non-assessable income (Tran-Nam & Evans, 2012)....

Read More arrow Tags: Australia Fairfield Management Safty  University of New South Wales 

ACFI3004 Taxation

Download : 0 | Pages : 6

Answers: Answer to Question 1: Answer to Question 1a: In order to ascertain the “Fringe Benefits Tax (FBT) liability” of ABC Private Limited from the perspective of Alan, it is crucial to undertake the below-stated assumptions: Salaries and wages: FBT does not take into account the salaries and wages that are paid to the staffs working in an organisation (Barkoczy 2016). Therefore, for calculating the FBT liability, the salary ...

Read More arrow

LAWS6016 Taxation Law

Download : 0 | Pages : 2

Answer: Introduction: According to the case study, Peta mainly bought the house two years ago, where it holds two old tennis courts. The intention of Peta was mainly to reside in the houses, while generating income from nearby tennis courts. Nevertheless, later in some point Peta sold the tennis courts for $600,000, which is mainly termed as the assessable income. However, the overall motive of Peta was to reside in the property and earn from t...

Read More arrow Tags: Australia Hurstville Humanities principlesof finacial markets University of New South Wales 

LAWS19033 Taxation Law And Practice

Download : 0 | Pages : 7

Answers Part A 1. The inspector general for the taxation is an independent officer for the statutory office who recognizes the concerns related to the law management. Generally, they are concerned regarding the management issues that are not in favour for managing the administration of good tax. The inspector general provides an independent suggestion to the government officials. 2. The following legislation governs the authority of the taxati...

Read More arrow Tags: Australia Tullamarine Management Safty  University of New South Wales Managemnt 

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on then please raise the content removal request.

5% Cashback

On APP - grab it while it lasts!

Download app now (or) Scan the QR code

*Offer eligible for first 3 orders ordered through app!

callback request mobile
Have any Query?