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Identification and analysis of legal issues

Assignment Help Taxation
Reference no: EM132361569 , Length: 2000 Words

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:

1. 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).
2. Identify and critically analyse taxation issues. (ULO 2).
3. Interpret the relevant taxation legislations and case law. (ULO 3).
4. Apply taxation principles to real life problems. (ULO 4).

Question 1: The goods and services tax (GST)

Identification of material facts regarding The City Sky Co goods and services tax (GST) consequences discussed in the assignment question.

Identification and analysis of legal issues / legal question and relevant laxation law.

Thorough yet succinct application of tax law to material facts.
Detailed and accurate conclusions are reached from the discussion.

Correct information and taxation law have been used and properly cited. A detailed analysis has been performed.

Shows excellent understanding of the cases and/or section of legislation, its context and application of taxation law.

Question 2: Capital gains tax (CGT)

Identification of consequences question. material facts regarding of Emma's transactions the capital discussed in gain the tax (CGT) assignment

Identification and analysis of legal issues / legal question and relevant laxation law.

Thorough yet succinct application of tax law to material facts.

Detailed and accurate conclusions are reached from the discussion.

Correct information and taxation law have been used and properly cited. A detailed analysis has been performed.

Shows excellent understanding of the cases and/or section of legislation, its context and application of taxation law.

Instructions and Requirements

QUESTION 1

The City Sky Co is a property investment and development company. Recently the company purchased a vacant piece of land south of Brisbane on which it is planning to build 15 apartments to sell. The City Sky Co has engaged the services of the local lawyer, Maurice Blackburn, to provide the legal services required for the development for $33,000. Maurice Blackburn runs an established sole trader business and turns over revenue of $300,000 per year.

Advise The City Sky Co of the input tax credit entitlements that they may be entitled to. Assume that The City Sky Co is registered for GST purposes.

QUESTION 2

Emma has provided to you a listing of the transactions she has undertaken throughout the financial year to assist you in completing her 2015 income tax return.

Sale of a block of land for $1,000,000: Emma purchased the land as an investment in 1991. The purchase price was $250,000, plus $5,000 in stamp duty, $10,000 in legal fees. To fund the purchase, she took out a loan on which she paid interest totalling $32,000. During the period of ownership her council rates, water rates and insurance totalled

$22,000. In January 2005 a dispute occurred with a neighbour over the use of the land and legal fees incurred amounted to $5,000 in resolving this dispute. Before putting the property on the market $27,500 was spent to remove a number of large dangerous pine trees that were on the land. Advertising, legal fees and agent's fees on the sale of the land were $25,000.

Sale of Emma's 1000 shares in Rio Tinto for $50.85 per share: Emma paid brokerage fee of 2% on the sale. Emma initially purchased the shares for $3.5 per share in 1982.

Sale of a stamp collection Emma had purchased, from a private collector, in January 2015 for $60,000: Emma sold the collection at auction for $50,000. Auction fees totalled
$5,000 for the sale.

Sale of a grand piano for $30,000: It was initially bought for $80,000 in 2000.

Advise Emma of the capital gain tax (CGT) consequences of her transitions. Ignore indexation. Your answer must include references to relevant tax law and or cases.

Verified Expert

This assignment contains solution for the different aspects of Australian taxation. It also contains provisions in regard to the GST and different situations of capital gain tax. The capital gain is being calculated for sale of different assets which provides information in regard to provisions of Australian Taxation Office. Thus the regulations in regard to capital loss on collectable and personal use assets is also provided.

Reference no: EM132361569

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Reviews

len2361569

8/27/2019 12:06:46 AM

Writing presentation and referencing Clear and logical organisation; precise and concise writing. Very good structure and organisatio Minimal errors in n. expression, Generally grammar, well- spelling or written. punctuation. Occasional Excellent and minor flaws complete in referencing. expression, Grammar and grammar, spelling are spelling or correct. punctuatio n. Correct and complete referencing .

len2361569

8/27/2019 12:06:40 AM

Excellent Very Good Demonstrated ability to identify issues relating to taxation law : Comprehensive identification of key issues. Frequent links drawn across topics or to Very good identificatio n and discussion of issues. Several Knowledge and understanding. extraneous materials. Student property links drawn across topics or to generates extraneous questions and materials. problems around a case. Ability to Thorough analysis and synthesis of issues. Persuasively argued throughout, contrary arguments anticipated. Excellent critical evaluation of other metrical and appropriate response. Detailed conclusion is reached from the discussion. Very good analysis, argument well- developed and supported, some critical evaluation of other material and appropriate response. Conclusion is reached from the discussion.

len2361569

8/27/2019 12:06:26 AM

Question 2: Capital gains tax (CGT) Weighting Identification of consequences question. material facts regarding of Emma’s transactions the capital discussed in gain the tax (CGT) assignment 1 % Identification and analysis of legal issues / legal question and relevant laxation law. 2 % Thorough yet succinct application of tax law to material facts. 3 % Detailed and accurate conclusions are reached from the discussion. 1 % Correct information and taxation law have been used and properly cited. A detailed analysis has been performed. 2 % Shows excellent understanding of the cases and/or section of legislation, its context and application of taxation law. 1 % QUESTION 2 TOTAL MARKS: 10 %

len2361569

8/27/2019 12:06:18 AM

Question 1: The goods and services tax (GST) Weighting Identification of material facts regarding The City Sky Co goods and services tax (GST) consequences discussed in the assignment question. 1 % Identification and analysis of legal issues / legal question and relevant laxation law. 2 % Thorough yet succinct application of tax law to material facts. 3 % Detailed and accurate conclusions are reached from the discussion. 1 % Correct information and taxation law have been used and properly cited. A detailed analysis has been performed. 2 % Shows excellent understanding of the cases and/or section of legislation, its context and application of taxation law. 1 % QUESTION 1 TOTAL MARKS: 10 %

len2361569

8/27/2019 12:06:08 AM

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 (via 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. 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 (Via SafeAssign) on Blackboard before final submission in the subject. For further details, please refer to the Unit Outline and Student Handbook.

len2361569

8/27/2019 12:05:29 AM

Submission Guidelines • All work must be submitted on 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.

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