Apply ethics and professional acumen

Assignment Help Taxation

Reference no: EM131519063

Taxation - Law and Practice

Assessment: Case Study Report

ADMINISTRATIVE DETAILS

Goal: To apply taxation knowledge to the provided scenarios enabling completion of the required calculations.

Product: Individual Case Study containing two completed calculations, with assumptions and references.

Criteria: Accurate interpretation, application and referencing of Taxation Laws to the facts presented.

Apply ethics and professional acumen.

Demonstration of thorough research.

2 TECHNICAL DETAILS

1. Satisfactory completion requires:
- The requested outputs
- Worksheet containing assumptions, explanations and calculations
- Relevant legislation and / or case law and / or rulings

3 PRACTICAL DETAILS

Question 1:

Jane Brown (aged 30).

Jane is an eligible beneficiary of the Brown Family Discretionary Trust. The trustees decided to distribute a cash amount of $20,000 to Jane for the current tax year.

Jane also receives $20,000 fully franked dividends.Jane has a $20,000 HELP debt.

Jane received $79,000 (gross income) from employment at Company Pty Ltd for the period 1 July 2016 to 30 June 2017. The correct amount of PAYG has been withheld.

Jane reports interest income of $475.

Jane advises of investment expenses of $250.

Jane receives rental income of $35,000 from an investment property. The associated expenses are:

- Mortgage repayments: $25,000
- Repairs: $2,000
- Rates: $2,500
- Insurance: $500

Jane sold a parcel of 200 Coles Myer Group shares on 1 July 2016 for $3,500. She had purchased these shares on 1 July 2009 for $800. Her brokerage costs of buying and selling were $300 in total.

Jane made donations (for which she presents tax invoices and receipts) to the value of $900.

Jane does not wear a uniform to work.

Jane pays premiums on an income protection insurance policy equivalent to $1,000 per year.

Jane does not have Private Health Insurance.

Required:

Task 1 Calculate the net tax payable/ refundable situation for Jane for the current tax year (include references, calculations & assumptions)

Question 2

Green Pty Ltd is a resident gardening company registered with the following information:

TFN: 859 376 213
ABN: 79 512 647 864
ACN: 86 572 314 719

The following is thefinancial information for the year ended 30 June 2017.

GST (where it is applicable) has not been removed from the following amounts.

Depreciation (for tax purposes) was reported to be $5,500 for the current year.

Income:

Sales	345,000
Exempt income	10,000
Dividends (fully franked)	10,260
Interest received	900
Compensation from a client who failed in a legal suit to obtain damages from Green Pty td for alleged property damage.	4,000
Net capital gain	4,000

Expenses:

Advertising (print, net, signage, flyers)	1,000
Bad debts	900
Bank Charges	150
Capital expenditure (qualifies for immediate deduction)	3,000
Cost of sales	60,000
Sub-contractor expenses	23,000
Depreciation expenses	2,000
Electricity	800
Entertainment	2,000
Environmental protection (disposal of chemicals)	600
Fines (speeding and parking tickets)	500
Insurance	600
Interest expenses within Australia	1,200
Lease expenses within Australia	4,000
Motor Vehicle 3^rd Party insurance	550
Motor Vehicle expenses (petrol & maintenance)	4,000
Motor Vehicle Registration	1,200
Rent expenses	11,800
Stationery & Office supplies	200
Tea, coffee, sugar & milk for staff use	100
Telstra (Phones & Internet)	2,000
Wages	45,000

Required:

Task 1 Calculate the net tax payable/ refundable situation for Green Pty Ltd (include references, calculations & assumptions)

Reference no: EM131519063

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len1519063

6/6/2017 1:40:01 AM

To apply taxation knowledge to the provided scenarios enabling completion of the required calculations. Product: Individual Case Study containing two completed calculations, with assumptions and references. Criteria: Accurate interpretation, application and referencing of Taxation Laws to the facts presented. Apply ethics and professional acumen. Demonstration of thorough research.Satisfactory completion requires: ? The requested outputs ? Worksheet containing assumptions, explanations and calculations ? Relevant legislation and / or case law and / or rulings

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