Prepare Emily Baff statement of taxable income

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Reference no: EM131981757

Assignment -

Assessment criteria: Assignments will be assessed against the SILOs for the assessment. In particular, assignments will be assessed based on objective demonstration of the following:

1) Engagement of critical thinking and interpretation skills to correctly identify the issues to be analysed in the case study.

2) Application of critical thinking, interpretation and analytical skills to develop a meaningful analysis of the issue(s) previously identified, with detailed and analytical application of tax concepts, tax principles, legislation and case law.

Mere citation, transcription or repetition of theory, concepts, legislation and ?case law without proper application will not attract any marks.

3) Correct application of tax concepts and case law principles to calculate tax liability (if required). Calculations must be fully stated and supported by ?applicable legislation and case law (where case law is required).

4) Elaboration of a solution to the issues presented in the case study, referring to the elements analysed and concluding the case.

Group Assignment Case Study and Questions -

Case study - Emily Baff is a 43 year-old marketing director employed by Rockwood Pty Ltd in Melbourne. Emily engages your services for the preparation of her 2017/18 tax return. On 04 August 2018 Emily sends you the email (attached).

Required

A) Prepare Emily Baff's statement of taxable income and calculate her total tax liability (including Medicare Levy) for the year ending 30 June 2018. State all calculations and include any necessary explanatory notes and supporting schedules, applying legislation and case law.

B) Prepare a letter of advice outlining the tax consequences related to the legal fees incurred and the lump sum payment received by Emily in connection with the lawsuit for the year ending 30 June 2018, applying legislation and case law to support your letter.

Attachment:- Assignment Files.rar

Reference no: EM131981757

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Reviews

len1981757

5/14/2018 4:48:15 AM

Carefully read the instructions below before submitting your assignment. Due date: EXTENDED DEADLINE applicable to all students: 11pm on Friday 18 (Friday of week 10). Weight: 15% of the total ACC3TAX assessment. The assignment will be marked out of 30 marks and the final score will be scaled down to reflect the 15% weight. Example: Raw score = 28/30, final assignment score = 14/15. Groups: Groups of minimum 2 maximum 3 students (any 3 ACC3TAX students within any workshop, as long as they are all enrolled in the same campus). It is strongly recommended you obtain your group members’ contact details and organise at least one meeting to discuss the assignment case.

len1981757

5/14/2018 4:48:10 AM

Submission: Only one assignment per group must be submitted electronically via LMS link. Submit your group assignment in one single Word or PDF file. No hard copy required. Professional presentation and logical/legal reasoning, with correct application of legislation and cases are part of the assessment. Similarity reports are generated when assignments are submitted. If you receive a high similarity report, you may re-submit your assignment as many times as necessary until the deadline (note: when you re-submit an assessment it may take 24 hours for a new similarity report to be issued). Re-submissions after the deadline will count as late submissions and will be penalised in accordance with the Late Submissions Policy (see below).

len1981757

5/14/2018 4:48:04 AM

Graduate capabilities: The following Graduate Capabilities are assessed in this assignment: Writing – Writing skills are assessed based on the quality of the arguments presented, marks are attributed where student presents a well organised essay written in academic English, with logically sequenced and coherent paragraphs and proper application of legislation and case law. A good essay must be clear, objective, and easily understandable, and must provide a conclusion that is logically derived from the arguments presented. Essays whose paragraphs are not logically organised, with tautological arguments and poor syntax will receive less marks depending on the quality of the work presented.

len1981757

5/14/2018 4:48:00 AM

Quantitative Literacy – Quantitative literacy is assessed based on the demonstrated capacity to correctly interpret the information provided in the question as well as any informed values based on Business/Accounting concepts and general knowledge expected from final year Business/Accounting students. Critical Thinking / Creative Problem-Solving - Critical thinking/Creative Problem Solving skills are assessed based on the student’s demonstrated capacity to make reasonable, justifiable and original assumptions leading to a correct and coherent conclusion grounded on legal provisions and case law precedents.

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