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HI6028 T3 2019 Taxation Theory, Practice & Law

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HI6028 Taxation Theory, Practice & Law T3 2019

Assessment Details and Submission Guidelines
Trimester T3 2019
Unit Code HI6028
Unit Title Taxation Theory, Practice & Law
Assessment Type Assignment
Assessment Title Individual Assignment
Purpose of the assessment (with ULO Mapping) Students are required to follow the instructions by your lecturer to confirm any relevant information. You also need to follow any relevant announcement on Blackboard to confirm the due date and time of the assignment.   The individual assignment will assess students on the following learning outcomes: Demonstrate an understanding of the Australian income tax system, the concept of deductions, CGT, general anti-avoidance provisions and income tax administration. (ULO 1).Identify and critically analyse taxation issues. (ULO 2).Interpret the relevant taxation legislations and case law. (ULO 3).Apply taxation principles to real life problems. (ULO 4).
Weight This assignment task accounts for 25 % of total marks in this unit.
Total Marks This assignment task accounts for 25 marks of total marks in this unit.
Word limit Max 2000 words (acceptable to be 10% above or below this word limit).
Due Date Refer to the Unit Outline, as Normal & Block Modes have different due dates.
Submission Guidelines All work must be submitted to the Blackboard by the due date along with a completed Assignment Cover Page.The assignment must be in MS Word format, no spacing,  12-pt Arial font  and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style.

Individual Assignment Specifications HI6028

Purpose:

This assignment aims at assessing students on the Learning Outcome (LO) from 1 to 4 as mentioned above.

HI6028
HI6028

Instructions: Please read carefully to avoid mistakes.

  • Answer all questions.
  • This assignment along with a completed Assignment Cover Page  is  to be  submitted on Blackboard by the due date in soft-copy only.
  • The self-check links are no longer available as a separate link in each unit’s assessment.  Students    are now limited to attempt any given assignment submission a maximum of three times. After every attempt you will receive a SafeAssign originality report with Blackboard Learning Management System. This will provide detailed information about the matches found between your submitted works and existing sources.
  • The assignment is to be submitted in accordance with assessment policy  stated in the Unit Outline  and Student Handbook.
  • It is the responsibility of the student submitting the work to ensure that the  work is in fact his/her  own work. Incorporating another’s work or ideas into one’s own work without appropriate acknowledgement is an academic offence.
  • The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all  four sides of your page with appropriate section headings and page numbers.
  • Reference sources must be cited in the text of the report, and listed appropriately at the end in a reference list using Harvard referencing style. You also must refer to relevant legislation and/or case law in your answer. Reference sources must be cited in the text of the  report,  and  listed  appropriately at the end in a reference list using Harvard referencing style.
  • Note: Assessment task is set around the work that you have  done in class.  You  are not expected to go outside the content of the unit but you are expected to explore it.

Assignment Structure should be as the follows:

Question 1: ASSESSABLE INCOME Weighting
Identification of material facts (issues) regarding Emmi’s assessable income scenario, and the consequences discussed in the assignment question. 1 %
Identification and analysis of legal issues / legal question and relevant taxation law in regards to Emmi’s income (e.g. ITAA 1936 and ITAA 1997). 2 %
Thorough yet succinct application of tax law (e.g. ITAA 1936 and ITAA 1997) to material facts in Emmi’s case. 2 %
Detailed and accurate assessable income conclusion are reached from the discussion. 2 %
Correct information and taxation law have been used and properly cited. A detailed analysis has been performed. 2 %
Ability to show excellent understanding of the cases and/or section of legislation, its context and application of taxation law. 1 %
QUESTION 1 TOTAL MARKS: 10 %
QUESTION 2: CAPITAL GAINS TAX (CGT) Weighting
Identification of material facts regarding the capital gains tax (CGT) consequences of Liu’s transactions discussed in the assignment question. 1 %
Identification and analysis of legal issues / legal question and relevant taxation law. 3 %
Thorough yet succinct application of ITAA 1997 to material facts. 5 %
Detailed and accurate conclusions are reached from the scenario discussion. 2 %
Correct information and taxation law have been used and properly cited. A detailed analysis has been performed. 2 %
Students are able to demonstrate understanding of the cases and/or section of legislation, its context and application of taxation law. 2 %
QUESTION 2 TOTAL MARKS: 15 %

Assignments’ Instructions and Requirements HI6028

QUESTION 1- (10 MARKS)

Emmi studies accounting at Holmes Institute and works part-time in Crown Melbourne restaurant. During the year Emmi has receipts as follows:

  • Tips from customers of $335 cash; (1.5 marks)
    • Income of $25,000 from working in the Crown Melbourne restaurants; (1.5 marks)
    • An expensive perfume worth $250, from a regular customer gifted to Emmi at Christmas time. Emmi does not use the perfume and gave the perfume to her mother; (1.5 marks)
    • A monthly entertainment event paid by the restaurant owner. The owner spends around $380 on the meals that Emmi consumed. Emmi enjoys these events and sees them as a reward for her hard work; (1.5 marks)
    • Emmi received $15,000 as Christmas gift from her father. (1.5 marks)

With reference to relevant legislation and case law discuss Emmi’s assessable income for the year.

Calculate Emmi’s Total Assessable income. (2.5 marks)

QUESTION 2 – (15 MARKS)

Liu is a 65 years old Australian resident but born in China, Liu is retiring from her business and decides to sell all of her Australian assets and moving home to China.

The assets that she is selling include:

  • A house Liu purchased in 1981 for $55,000 and now worth $630,000. This house was Liu’s main residence for the entire period of ownership (03 marks).
  • Liu’s car which cost $37,000 in 2011 and is now worth around $8,000 (03 marks).
  • Liu’s has a small business enterprise, Monte Liu Photography Studio. She started the photography business herself and has found a buyer to take over the business for $125,000. The sale price includes $53,000 for all of the photography equipment, which cost $63,000, and $50,000 for goodwill (03 marks).
  • Liu’s furniture for $4,800. No single furniture item being sold cost more than $2,000 (03 marks).
  • Liu paintings for $28,000. All of her paintings were purchased in second hand shops or markets and no single painting cost more than $500. The one exception was a painting she purchased direct from an artist for

$1,000. This painting being sold for $8,000 (03 marks).

Advise the capital gains tax (CGT) consequences of the above sales. Your answer should include appropriate legislative references.

Assignment Structure should be as the following (students’ responses involves calculations, and students must refer to the relevant legislation and/or cases whenever required according to the questions).

Marking criteria

Marking criteria Weighting
Question 1
Identification of material facts regarding the given FBT scenarios, and the consequences discussed in the assignment question. 1 mark
Identification of material facts (issues) regarding Emmi’s assessable income scenario, and the consequences discussed in the assignment question. 2 marks
Identification and analysis of legal issues / legal question and relevant taxation law in regards to Emmi’s income (e.g. ITAA 1936 and ITAA 1997). 2 marks
Thorough yet succinct application of tax law (e.g. ITAA 1936 and ITAA 1997) to material facts in Emmi’s case. 2 marks
Detailed and accurate assessable income conclusion are reached from the discussion. 2 marks
Correct information and taxation law have been used and properly cited. A detailed analysis has been performed. 1 mark
Ability to show excellent understanding of the cases and/or section of legislation, its context and application of taxation law. 10 MARKS
Question 2  
Identification of material facts regarding the income and deductions consequences of David’s transactions discussed in the assignment question. 1 mark
Identification of material facts regarding the capital gains tax (CGT) consequences of Liu’s transactions discussed in the assignment question. 3 marks
Identification and analysis of legal issues / legal question and relevant taxation law. 5 marks
Thorough yet succinct application of ITAA 1997 to material facts. 2 marks
Detailed and accurate conclusions are reached from the scenario discussion. 2 marks
Correct information and taxation law have been used and properly cited. A detailed analysis has been performed. 2 marks
Students are able to demonstrate understanding of the cases and/or section of legislation, its context and application of taxation law. 15 MARKS

Marking Rubric

  Excellent Very Good Good Satisfactory Unsatisfactory
Demonstrated ability Comprehensive Very good Majority of Some relevant Failure to identify
to identify issues identification of identificatio relevant issues issues and discuss relevant
relating to taxation key issues. n and identities and overlooked or issues. No links
law : Knowledge and Frequent links discussion discussed. misunderstood. made drawn across
understanding of drawn across of issues. Some links Few links made topics or to
income tax and CGT. topics or to Several drawn across drawn across extraneous
  extraneous links drawn topics or to topics or to materials.
  materials. Student across topics extraneous extraneous  
  property generates or to materials. materials.  
  questions and extraneous      
  problems around a materials.      
  case.        
Ability to synthesise Thorough analysis Very good Some analysis Mainly Insufficient analysis
material in order to and synthesis of analysis, of issues: descriptive with argument is lacking
raise issues or issues. argument argument may little analysis of or unsound, failure
construct a Persuasively well- be under- issues basic to use relevant
persuasive argument. argued developed developed or argument is materials, or use of
Ability to engage in a throughout, and unpersuasive. unclear or use materials may
reflective discourse: contrary supported, Limited critical undeveloped or indicate confusion
Synthesis analysis arguments some critical evaluation and not well or
and argument. anticipated. evaluation response to supported. misunderstanding.
  Excellent critical of other other material. Limited No response to other
  evaluation of other material and Conclusion is reference to material. No
  metrical and appropriate reached but do other material. conclusion is given.
  appropriate response. not supports The response  
  response. Detailed Conclusion the analysis. shows some  
  conclusion is is reached   understanding of  
  reached from the from the   the case, its  
  discussion. discussion.   context and  
        application of  
        tax law.  
Writing presentation Clear and logical Very good Generally Some defects in Structure              and
and referencing organisation; structure coherent structure and organisation
  precise and and structure a with organisation; incoherent               or
  concise writing. organisation occasional writing may be lacking;            poorly
  Minimal errors in . Generally deficiencies; difficult to written, difficult to
  expression, well- reasonably follow in parts. follow. Frequent or
  grammar, spelling written. well written. Flaws in repeated flaws in
  or punctuation. Occasional Some flaws in expression, expression,
  Excellent and minor flaws expression, grammar, grammar,       spelling
complete in grammar, spelling or or           punctuation;
referencing. expression, spelling or punctuation; a inadequate citation
Grammar and grammar, punctuation. number of of sources. Errors in
spelling are spelling or   missing, referencing.
correct. punctuation.   incomplete or  
  Correct and   incorrect  
  complete   footnote  
  referencing.   citations.  
      Referencing  
      omissions.  

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