Calculate depreciation using the prime cost

Assignment Help Taxation

Reference no: EM132934073 , Length: word count:1850

LAW6001 Taxation Law

Assessment - Case Study

Learning Outcome 1: Identify and analyse the tax treatment of various types of income and deductions.

Learning Outcome 2: Effectively apply taxation law in determining tax outcomes in various scenarios and sole trader structure

Learning Outcome 3: Apply the legislation to determine the assessable income and availability and amount of the tax deduction associated with employment and business structure on an accrual basis including GST application.

Learning Outcome 4: Calculate the specific deduction associated with trading stock balances

Learning Outcome 5: Calculate depreciation using the prime cost and diminishing value method and calculate an associated balancing adjustment following the disposal of a depreciating asset

Learning Outcome 6: Preparation and calculation of individual income tax return on various income and deductions using current tax return form.

Task Summary

Please refer to the Task Instructions for details on how to complete this task.

Context

This assessment assesses your research skills, your ability to synthesise an original piece of work to specific content requirements and your ability to produce a comprehensible piece of advice which addressing the client's needs.

It also assesses your written communication skills. The ability to deliver to a brief is an essential skill in the workplace. Clients may well approach advisors seeking a combination of specific information needs and advice on the tax implications of a particular arrangement in the Australian tax jurisdiction. It is therefore important to be able to identify all the issues presented by an arrangement and to think about the potential consequences of different approaches to addressing the client's needs.

Task Instructions

- Your case study needs to identify and discuss the tax implications of the various issues raised.
A report (word document, approx. 2,000 words) must be submitted for the calculations of the assessable income; allowable deductions and taxable income of the taxpayer including identifying and discussing them. E.g., how the amounts of income & deductions have been derived. If any receipts and payments are not assessable or deductible, the reasoning for non-inclusion of these in assessable income or deductions as per relevant legislation or cases.
- Critically analyse the following case study. With respect to each task:
- Review relevant case law and legislation (ITAA1936, ITAA1997)
- Apply the law to the facts of the case study
- Reach a conclusion/ give practical advice to your client.
- You will be assessed in accordance with the Assessment Rubric.
- This case study must be presented as an individual effort. The case study requires individual research. It is expected the student will 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.
- The format of the report should be a business report and using APA referencing style

Referencing
It is essential that you use appropriate APA style.Case Study: Comprehensive Individual Tax Return Advice

Required
The following Part A and Part B must be submitted as a single file in MS Word format.

Part A) Calculate Joseph's Australian taxable income and net tax payable/refundable for the 2018/19 and 2019/20 tax years including all possible tax offsets. You must give reasons for the inclusion or exclusion of all receipts in the assessable income. Refer to relevant legislation and case(s) to determine his residency.

Part B) Advise Joseph regarding foreign tax paid in Nepal for the 2018/19 tax year only. Calculate the tax offset amount. Do not copy and paste instructions from the ATO site. You must give your own explanations.

Attachment:- Taxation law.rar

Reference no: EM132934073

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