What are the primary sources of tax law

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Reference no: EM131627054 , Length: word count:3000

Taxation Law and Practice Assignment

Complete all Parts of the Assignment.

Part A: You have just started a new job as a graduate accountant. Your managing partner has to do a media interview and he asks you to provide answers to some questions that will be asked. He has given you a list of questions that he has to address in his interview and he needs you to provide him with short answers to these questions and provide references so that he can check the answer if required.

1. Where is the primary source of the Commonwealth Parliament's taxation power found?

2. What are the primary sources of tax law?

3. Explain what topic Taxation Ruling TR 98/17 discusses?

4. How is the Medicare levy calculated?

5. Which Division of the Income Tax Assessment Act 1997 denies a company that has been fined under Commonwealth consumer legislation for engaging in misleading and deceptive conduct from deducting the costs of the fine?

6. Explain how Section 25-45 ITAA97 relates to specific deductions?

7. Explain the significance of the High Court case, W Thomas & Co Pty Ltd v FC of T (1965) 115 CLR 58, in the topic of deductions?

8. Explain the three ways that a taxpayer can choose to value each item of stock on hand at the end of the income year.

9. What is the applicable tax rate for a taxpayer who has $45,000 taxable income in 2016/17?

10. Explain the PAYG tax collection system?

Part B: During the financial year Ram paid his tax agent $1,000 to complete the previous year's income tax return. He also paid his solicitor $2,000 to draft an objection to an ATO assessment that he received two years ago. Ram also paid $50,000 in income tax.

Explain with supported reasons which of the three costs are deductible.

To support the analysis in your answers refer where appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law.

Part C: On November 11 Tina a twenty year old international student arrives in Brisbane to study at university. She works part time in a local supermarket to help with living expenses and study fees. Her earnings to 30 June are $12,000. Regrettably she does not do well in the assignments and exams and fails all subjects. With deep regret she returns to her home country.

Did the student become an Australian resident?

To support the analysis in your answers refer where appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law.

Part D: Jimmy is an Australian single full-time university student who works part time in a restaurant. During the year he has receipts as follows:

(a) Income from working in the restaurant $27,000;

(b) Tips from customers $750 cash;

(c) At Christmas time, a regular and satisfied customer gives Jimmy an expensive bottle of Scotch alcohol, worth $250. Jimmy does not drink and gives the bottle to his friend, Eva;

(d) Also at Christmas time, Jimmy's parents give him as a gift $15,000;and

(e) Each month his employer at the restaurant takes all staff including Jimmy out for dinner and the total expense of the food that Jimmy eats on these nights is $645.

What is Jimmy's assessable income for the year? To support the analysis in your answers refer where appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law.

Part E: Josie is a single Australian mortgage broker who obtains loans for her clients from various banks. She earns commission from the banks when she introduces a successful loan application to any of the banks.

Usually she works from home and at times she also visits her clients at their homes to arrange the documents for the applications. At times she visits the branches of the banks to drop in hard copies of the paperwork.

Her home office is where she does most of the work with these applications, stores client information and keeps hard copies of the various client applications.

Her home office occupies 15% of the total space in her home. Her outgoings in relation to her home for the current financial year are as follows:

(a) Council rates $4,900

(b) Interest on her home loan $18,900

(d) Cleaning lady $3,400

(e) Home telephone (60% of which is for business use ) $2,700

(f) Mobile telephone bill (90% of which is for business use) $7,200

Calculate how much of the above outgoings are a deductible expense for Josie?

To support the analysis in your answers refer where appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law.

Reference no: EM131627054

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Reviews

len1627054

9/5/2017 1:29:49 AM

Australian student, total 2500-3000 words. These criteria are a general guide as to the standard expected at the various levels. Characteristics indicative of the respective levels of achievement in the assignment are as follows. It is not necessarily the case that all these criteria will be met at a particular standard as there may be a superior performance on one of the criteria and not so satisfactory performance on another.

len1627054

9/5/2017 1:29:44 AM

High distinction standard - The answer is very well written and clearly expressed. There is a demonstrated appreciation and understanding of the issues involved. The answer is well structured and logically organized. Demonstrated mastery of referencing system. There is evidence of a comprehensive analysis of the issues. Conclusions are backed by well-reasoned arguments demonstrating a detailed insight and analysis of issues. Comprehensive coverage of all relevant issues. References are made to the appropriated legislation for particular issues. Statutory provisions are analysed and interpreted correctly. The legislation is applied to the particular fact situation in a competent manner. Consideration is given to the operation of the common law and There may be consideration of issues not raised in the tutorials and answer guides.

len1627054

9/5/2017 1:29:38 AM

Demonstrates imagination, originality or flair, based on proficiency in all the learning outcomes of the unit; work is interesting or surprisingly exciting, challenging, well read or scholarly. COMMENT: Here, the student will have done everything well, provided some original insights, and formulated their answer in a tight, efficient, thoroughly professional manner. Their explanations and arguments will have a strong logical flow and be convincing. Their research will be thorough.

len1627054

9/5/2017 1:29:32 AM

This assignment is to be submitted in one (1) Word document only. This assignment is to be submitted online via Moodle by the due date stated. It is suggested that where necessary you put your calculations into columns or tables to improve readability in the assignment document. Naming protocol for your assignment submission is as follows: student surname_student number_LAWS19033_assignment. The method of referencing to be used in this assignment is the American Psychological Association (APA) referencing method. Additional information regarding this method is available through the library and the Academic Learning Centre. When making a reference, cite the original source or authority in preference to a secondary source such as the textbook, especially when you are discussing various sections of legislation. This means you should make reference to legislation, cases and Tax Rulings as a priority to back up any arguments that you make in your assignment.

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