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HI6028 Taxation Theory Tutorial Solution

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Assessment Task – Tutorial Questions

Unit Code: HI6028

Unit Name: Taxation Theory, Practice & Law

Assignment: Tutorial Questions

Due: 11:59pm (AEST), Thursday, October 15, 2020

Weighting:  50%

Total Assignment Marks: 50 Marks

Purpose: This assignment is designed to assess your level of knowledge of the key topics covered in this unit

Unit Learning Outcomes Assessed:

1.    Demonstrate an understanding of the Australian income tax system, the concepts of income and

deductions, taxation of company, GST, general anti-avoidance provisions and income tax administration, partnership

2.   Identify and critically analyse taxation issues;

3.   Interpret the relevant taxation legislations and case law;

4.    Apply taxation principles to real life problems.

Description: Each week students were provided with three tutorial questions of varying degrees of difficulty.  The tutorial questions are available in the Tutorial Folder, for each week, on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions.  Your task is to answer a selection of tutorial question for weeks 1 to 12 inclusive and submit these answers in a single document.

Submission Directions:

The assignment will be submitted via Blackboard.  Each student will be permitted only ONE submission to

Blackboard.  You need to ensure that the document submitted is the correct one.

The questions to be answered are;

Question 1 – Week 2 (7 marks)

Pablo is a Portuguese resident employed by a Portuguese company. He is sent to Australia to work on a short- term project to assist with the establishment of a branch office of the company in  Australia. Pablo works in Australia for one month. Throughout this period, his salary was paid into his Portuguese bank account. During the year, he earned the equivalent of A$120,000 from his employment. Does Pablo have to pay Australian tax on any of his salary?

Question 2 – Week 3 (7 marks)

Explain the respective outcomes reached by the courts in the following cases involving sales of land: Californian

Copper Syndicate Ltd v Harris

Question 3 – Week 9 (7 marks)

Surfs Up P/L is a national retailer that sells a range of surfing and water sports equipment (surfboards, clothing, etc.)  with  an  annual  turnover  of  $60  million.  Surfs  Up  purchases  “Billapro”  surfboards  for  $440  each  from Billapong P/L, a large manufacturer of surfboards located at Gold Coast with an annual turnover of around $45 million, this was their only sale for the month. Surfs Up plans to sell the Surfboards at a 200% mark-up to its customers.  In  October  last year  it  purchased  370  surfboards  but  a  couple  of  months  later (December)  they discovered  that  14  of  the  surfboards  were  faulty and  subsequently  returned  these  faulty  surfboards to  the manufacturer, obtaining a full refund. Assume both apply the accrual method of accounting.

Requirement:

Explain the GST consequences of this arrangement for both companies.

Question 4 – Week 10 (11 marks)

Melbourne Awesome Ltd supplies a wide range of folding bicycles. Melbourne Awesome Ltd derives Australian sourced income for the current tax year comprising net income from trading of $80,000, franked distribution from public companies amounting to $28,000, (carrying an imputation credit of $12,000), unranked distributions from resident private companies amounting to $25,000 and rental income of $5,500. Melbourne Awesome Ltd also have total deductions (Business Expenses) totaling $55,000.

Required:

Calculate the net tax payable by Melbourne Awesome Ltd for the year ended 30 June 2019. (Assume company tax rate is 30%)

Question 5 – TBA

Question 6 – TBA

Academic Integrity

Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining  academic  quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines.  Table 1 identifies the six categories of Academic Integrity breaches.  If you have any questions about Academic Integrity issues related to your assessment tasks, please consult  your  lecturer  or  tutor  for  relevant  referencing  guidelines  and  support  resources.    Many  of  these resources can also be found through the Study Skills link on Blackboard.

Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.

Table 1: Six categories of Academic Integrity breaches

Plagiarism                                           Reproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism.

Collusion                                              Working with one or more other individuals to complete an assignment, in a way that is not authorised.

Copying                                                Reproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence.

Impersonation                                   Falsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination.

Contract cheating                              Contracting a third party to complete an assessment task, generally in exchange for money or other manner of payment.

Data fabrication and falsification

Source: INQAAHE, 2020

Manipulating or inventing data with the intent of supporting false conclusions, including manipulating images.

If any words or ideas used the assignment submission do not represent your original words or ideas, you must cite all relevant sources and make clear the extent to which such sources were used.

In addition, written assignments that are similar or identical to those of another student is also a violation of

the Holmes Institute’s Academic Conduct and Integrity policy. The consequence for a violation of this policy

can incur a range of penalties varying from a 50% penalty through suspension of enrolment.  The penalty would be dependent on the extent of academic misconduct and your history of academic misconduct issues. All assessments will be automatically submitted to SelfAssign to assess their originality.

Further Information:

For further information and additional learning resources please refer to your Discussion Board for the unit.

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