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Sample HI6028 Taxation T1 2019 Holmes

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Assessment Details and Submission Guidelines
Trimester T1 2019
Unit Code HI6028
Unit Title Taxation Theory, Practice & Law
Assessment Type Individual Assignment
Assessment Title Questions of Taxation Law
Purpose of the assessment (with ULO Mapping) The individual assignment will assess students on the following learning outcomes: 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)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 20% of the total assessments
Total Marks 20
Word limit Not more than 2,000 words (acceptable to be 10% above or below this word limit)
Due Date Week 10 at 11:59PM
Submission Guidelines This assignment along with a completed Assignment Cover Page is to be submitted by the due date in soft-copy only (Safe assign – Blackboard).The assignment is to be submitted in accordance with assessment policy stated in the Subject 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. Ensure that when incorporating the works of others into your submission that it is appropriately acknowledged.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.It is the responsibility of the student who is submitting the work, to ensure that the work is in fact her/his own work. Incorporating another’s work or ideas into one’s own work without appropriate acknowledgement is an academic offence. Students should submit all assignments for plagiarism checking on Blackboard before final submission in the subject. For further details, please refer to the Subject Outline and Student Handbook.Proper referencing in accordance with school regulations.

Individual Assignment Specifications

Purpose:

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

Assessment task:

Question 1                                                                                                      (10 marks)

Your client Helen wants to fund her business as a fashion designer, therefore she has sold some of the assets as follows:

  1. An antique impressionism painting Helen’s father bought in February 1985 for $4,000. Helen sold the painting on 1 December 2018 for $12,000. (2.5 marks)
  2. Helen sold her historical sculpture on 1 January 2018 for $6,000. She has purchased the piece on December 1993 for $5,500. (2.5 marks)
  3. An antique jewellery piece purchased in October 1987 for $14,000. Helen sold the antique jewellery piece on 20 March 2018 for $13,000. (2.5 marks)
  4. Helen sold a picture for $5,000 on 1 July 2018. Her mother purchased the picture in March 1987 for

$470. (2.5 marks)

Advise the Capital Gain Tax consequences of the above transactions.

Question 2                                                                                                        (5 marks)

Barbara is an economist researcher and commentator. The Eco Books Ltd offers her $13,000 for writing a book about economics principles. Barbara has never written a book about economics principles, but accepts the offer and writes the economics book called ‘Principles of Economics’. She assigns the book’s copyright for

$13,400 to The Eco Books Ltd. The book is published and she is paid. She also sells the book’s manuscript to the Eco Books Ltd’s library for $4,350 plus several interview manuscripts she has collected while writing the economics book for which she receives $3,200.

Discuss each of the above payments to Barbara separately and states if these are income from Barbara’s personal exertion. (2.5 marks) Would your answer differ if Barbara wrote the Principles of Economics’ book before signing a contract with The Eco Books Ltd in her spare time and only decided to sell it later? (2.5 marks) Support your answer by referring to relevant statutory and case law.

Question 3                                                                                                        (5 marks)

Patrick paid $52,000 to his son David to provide some assistance in his newly started business. They agreed that David repay his father $58,000 at the end of five years. Patrick provided this loan to David without any formal agreement or security deposit for the sum lent. Patrick told his son that he need not pay interest. However, David repaid the full amount after two years through a cheque, which was included an additional amount equal to 5% on the amount borrowed.

By referring to relevant statutory and case law, you need to discuss the effect of these arrangement on the assessable income of Patrick. (5 marks)

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

Questions 1:
Capital Gain Tax regarding antique impressionism painting
Capital Gain Tax regarding historical sculpture
Capital Gain Tax regarding antique jewellery piece
Capital Gain Tax regarding picture
Questions 2:
Discuss Barbara ‘s income under the case scenario
Discuss Barbara ‘s income under the alternative scenario
Questions 3:
Discuss the effect of these arrangement on the assessable income of Patrick

Marking criteria

Marking criteria Weighting
Question 1
Capital Gain Tax regarding antique impressionism painting 2.5%
Capital Gain Tax regarding historical sculpture 2.5%
Capital Gain Tax regarding antique jewellery piece 2.5%
Capital Gain Tax regarding picture 2.5%
Question 2
Discuss Barbara ‘s income under the case scenario 2.5%
Discuss Barbara ‘s income under the alternative scenario 2.5%
Question 3
Discuss the effect of these arrangement on the assessable income of Patrick 5%
TOTAL WEIGHT: 20%

Marking Rubric

  Excellent Very Good Good Satisfactory Unsatisfactory
Question 1
Capital Gain Tax Advised the Student Student Student Student failed
regarding Capital Gain Tax demonstrates demonstrates demonstrates to identify the
antique consequences very good good sound Capital Gain
impressionism regarding the knowledge by knowledge of knowledge of Tax
painting antique painting giving the CGT regarding CGT regarding consequences
  correctly. exempt capital the antique the antique regarding the
  Supported the gain figure painting, the painting. Missed antique
  answer by regarding the response to support the painting.
  accurate antique painting needs more answer by  
  referencing. accurately. elaborations. proper  
        referencing.  
Capital Gain Tax Advised the Student Student Student Student failed
regarding Capital Gain Tax demonstrates demonstrates demonstrates to identify
historical consequences very good good sound Capital Gain
sculpture regarding the knowledge of knowledge of knowledge of Tax
  historical Capital Gain Tax Capital Gain Capital Gain Tax consequences
  sculpture consequences Tax consequences regarding the
  correctly. Correct regarding the consequences regarding the historical
  CGT calculation historical regarding the historical sculpture.
  method has been sculpture. historical sculpture.  
  chosen. Correct Correct CGT sculpture. However,  
  CGT figures and calculation Correct CGT student missed  
  clear final method has calculation to missed to  
  comments are been chosen. method has selects the right  
  present. Minor error in been chosen. CGT calculation  
    calculation of Minor error in method. As a  
    the CGT figures calculation of result, the  
    are present. the CGT calculation of  
    Final comments figures are the CGT figures  
    are clear. present. Final are incorrect.  
      comments Final comments  
      need more are not  
      elaborations. relevant.  
Capital Gain Tax Capital gain or Student Capital gain or Student Failed to
regarding loss of the demonstrates loss of the demonstrates identify the
antique antique very good antique sound capital gain or
jewellery piece jewellery has knowledge of jewellery has knowledge of loss of the
  been identified CGT by referring been CGT by referring antique
  correctly. Clear to capital gain identified to capital gain jewellery.
  final comments or loss of the correctly. But or loss of the  
  are present. antique. Clear fails to present antique but not  
    final comments clear final all parts of the  
    are present. comments. questions.  
    Minor error is      
    evidenced in the      
    answers.      
Capital Gain Tax An excellent Responded the Student Sound Student failed
regarding picture response question very demonstrates knowledge of to identify the
  presented and good. Identified good CGT is Capital Gain
  identified the the Capital Gain knowledge of presented Tax
  Capital Gain Tax consequences regarding the picture correctly. Supported the answer by accurate referencing. Tax consequences regarding the picture correctly. Supported the answer by accurate referencing. CGT regarding the picture, the response needs more elaborations. regarding the picture. Missed to support the answer by proper referencing. consequences regarding the picture.
Question 2
Discuss Barbara’s An excellent Student Student Student There is no
income under the response is demonstrates demonstrates demonstrates discussion
case scenario present. Proper very good good sound regarding the
  reference to the knowledge by knowledge by knowledge by payments to
  relevant tax law giving expected giving giving expected Barbara. No
  (case and answers to all expected answers to reference has
  statutes) are questions, answers to all most, but not all been given.
  given throughout minor error is questions, but parts of the  
  the response. evidenced in the fails to questions.  
  Correct and clear answers. elaborate.    
  conclusions are        
  given.        
Discuss Barbara’s All of the Very good The answer to Some detailed There is no
income under the scenarios discussion of the questions conclusions in discussion
alternative regarding Barbara the scenarios is well regards to the regarding the
scenario ‘s personal given in the organised, but Barbara ‘s payments to
  exertion has been question. demonstrates personal Barbara. No
  responded Student has illogical at exertion are reference has
  accurately. identified the some points. reached from been given.
  Relevant section most relevant Referencing is the evidence  
  of the taxation sections of the good but to offered.  
  law is referenced. law. complete    
      reference is    
      given.    
Question 3
Discuss the effect The effect on the Very good Good Student The assessable
of these assessable demonstration demonstration demonstrates income of
arrangement on income of of the effect on of the effect sound Patrick is not
the assessable Patrick has been the assessable on the knowledge by discussed.
income of Patrick answered and income of assessable giving expected Relevant
  referenced (cases Patrick has been income of answers sections of law
  and statutory) answered and Patrick has regarding the are not
  accurately. referenced been effect on the referenced.
    accurately, answered. assessable  
    minor error is Some income of  
    referencing is references are Patrick  
    evidenced. given,    
      however they    
      not all    
      accurate.    



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