What is the source of his salary from sails international

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Reference no: EM132220146

Income Taxation Law & Practice Assignment -

Part A -

James Cookie is a ship's officer employed by Sails International Inc, a company incorporated in Bermuda that owns cruise boats and operates passenger cruises in the Pacific Ocean.

James owns a house in Sydney which was formerly his family home but his estranged wife and children now live in Singapore. James rents the house to his cousin and family. The house is let fully furnished; the furniture belongs to James. Whenever he is in Sydney, James stays in the house and has his own room in which are stored his personal belongings. In the current income year James spent 80 days in the house. The remainder of the time was spent on a cruise ship except for 20 days spent visiting his children in Singapore.

The ship on which James serves visits a variety of ports, mainly in the South Pacific. James's employment contract was negotiated and signed in Hong Kong.

Required 1: For Taxation purposes, is James a resident of Australia? What is the source of his salary from Sails International?

Required 2: If James sold his house, would he be entitled to the main residence exemption in Subdiv 118-B?

Part B -

Refer to the decisions in FCT v Rowe (1997) 35 ATR 432; 97 ATC 4317 and FCT v Stone(2005) 59 ATR 50; 2005 ATC 4234:

(a) In your own words, briefly outline the facts and issues in each case.

(b) Explain why the government grants to the taxpayer in Stone were income but the grant in Rowe's case was not.

Reference no: EM132220146

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Reviews

len2220146

1/21/2019 4:26:16 AM

The assignment should not exceed approximately 2000 words. The assignment is worth 30%. Please answer all parts of the question. All work presented for assessment in this course must comply with the format outlined in the University's Presentation of Academic Work publication. All essays must be accompanied by a signed official cover sheet. You MUST reference in the body of the essay every time you use information from other people. This requires you to keep a track of where you are taking information from and then writing the reference up. You should use the Harvard/APA style; and use the University’s new Presentation of Academic Work. The Library’s website also has a citation style guide site.

len2220146

1/21/2019 4:26:10 AM

The assignment is no more than 2000 words long (excluding abstract, references, bibliography). Read and tried to address the criteria in the Course Description. Read and addressed the issues raised in the University’s Presentation of Academic Work. Referenced direct quotes (use quotation marks or indent) AND summarising from another person’s work in the body of the essay. (This includes internet sources). Indicated what referencing style you have chosen Harvard/APA and USED IT. Answered all parts to the question. Used headings (even though this is not a report, headings are encouraged to assist structure and flow).

len2220146

1/21/2019 4:26:05 AM

Proof read the assignment for spelling, punctuation and grammar errors. Where required, used relevant sections of legislation, legal rules/principles. Where required, used cases to support your points or arguments. These cases can be obtained from textbooks, or the CCH online libraries, articles found via AGIS PLUS TEXT database etc. Put case citations in the body of the work as well as listing the case in the List of References. Discussed the issues as required and put arguments and gave your view. Used a range of resources. Included a title page with your name, student number, course code and name and lecturer’s name. Have a margin so comments can be added; put page numbers and your name and student number on each page.

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