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61 Pages
James Wit

Swinburne University of Technology ACC30005 Faculty of Business and Law Taxation Final Assessment Semester 2–2020 Page 1of 11 Answering Instructions 1. This paper contains of six (6) questions. ...

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Subject

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Season

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HI6028 Taxation Theory, Practice & Law

The individual assignment will assess students on the following learning outcomes: 1. Demonstrate an understanding of the Australian income tax system, the concepts of income and deductions, CGT, FBT, ...

Type

Essay

Subject

Tax

LAW 6001 Taxation Law

Question

Answered

Task:

Learning Outcomes

a) Identify and analyse the tax treatment of various types of income and deductions.

b) Effectively apply taxation law in determining tax outcomes in various scenarios such as partnership, trust and company structures

c) Small business entity (SBE) concessions

d) Identify and calculation of capital gains tax (CGT), including CGT event A1 happening on disposal of an asset, the CGT discounts, the CGT consequences of death (estate planning) and the main residence exemption (and its application to investment properties), the availability of CGT concessions for small business, roll-overs, deemed disposals and gifts.

Context:

This assessment allows students to solve practical problems that arise from a fact scenario and to give appropriate advice to clients.

Instructions:

• This case study must be presented as a group effort. The case study requires collaboration of effective team work. It is expected students will take parts and survey the relevant literature, including decided cases, and select appropriate additional resources.

• Your case study is not just a list of answers. Your reasons for your conclusions and recommendations must be based on your research into the relevant cases and legislation.

• With respect to each case study:

• Advise the best investment option for clients from the facts of the case study

• Identify the appropriate legal principles that requires discussion in the case study

• Apply the law to the facts of the case study

Required

Assuming the share price is stable in June at a market value of $120,000 and with an increase to $121,000 in July, which of the following options would you recommend for them to minimise their tax obligations? Justify your answers.

a) Not to sell shares at all

b) Sell the shares on the 30th of June 2020 and re-acquire them on the 30

th of June 2020

c) Sell the shares on the 1st of July 2020 and re-acquire them on the 1

st of July 2020.

Determine which one of the above options would minimise total net tax payable for both options above for the tax year ended the 30th of June 2020 and 2021 (after medicare levy/surcharge and eligible tax offsets)? Calculate how much tax would be saved. They are not covered by private health insurance.

LAW 6001 Taxation Law

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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James Wit

Swinburne University of Technology ACC30005 Faculty of Business and Law Taxation Final Assessment Semester 2–2020 Page 1of 11 Answering Instructions 1. This paper contains of six (6) questions. Candidates must attempt all questions (2,500 words maximum) 2. Marks will be awarded to the candida ...

View Answer
Q

Greenwood

Scenario Greenwood is a semi-rural town located within the local government area of Woodburn and has a population of 6500. The town is approximately 60 kilometres, (70 minute drive) to the central business hub where employment and services are located. Greenwood has an urban catchment comprising 220 ...

View Answer
Q
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We aren't endorsed by this University

ACCT6005 Taxation Law and Practice

Question: For this assessment you will 4 tasks to complete. Please ensure you follow each instruction carefully on what you need to do and the submission requirements for each task. Completion of working papers for the Income tax return using the excel template provided in the assessment tasks ...

View Answer
Q

HI6028 Taxation Theory, Practice & Law

The individual assignment will assess students on the following learning outcomes: 1. Demonstrate an understanding of the Australian income tax system, the concepts of income and deductions, CGT, FBT, GST general anti-avoidance provisions and income tax administration. (ULO 1) 2. Identify and critic ...

View Answer

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