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HI6028 Taxation Theory, Practice & Law

HI6028

HI6028 Taxation Theory, Practice & Law

Assessment Details and   Submission Guidelines

 

Trimester


T2 2019

 

Unit Code


HI6028

 

Unit Title


Taxation Theory, Practice & Law

 

Assessment Type


Assignment

 

Assessment Title


Individual Assignment

 

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).

 

Weight


This assignment task accounts for 20 % of total marks in this unit.

 

Total Marks


This assignment task accounts for 20 marks of total marks in this   unit.

 

Word limit


Max 2000 words (acceptable to be 10% above or below this word limit).

 

Due Date


Refer to   the Unit Outline, as Normal Mode & Block Mode have different due dates.

 

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.

   

Individual Assignment Specifications

Purpose:

This assignment aims at assessing students on the Learning Outcome from 1 to 4 as mentioned above.

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.

· Late submissions will be subject to Holmes Institute policy on student assessment submission and late penalties (please refer to subject outline and Student handbook).

· 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. You also must refer to relevant legislation and/or case law in your answer. 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.

· All assignments are expected to strictly follow Holmes Institute’s Academic Conduct and Integrity Policy and Procedures. A copy of the Policy is available on the Holmes Institute home page. (About Holmes > Policies) This policy is also explained in your Student Handbook.

· Plagiarism and contract cheating in any form will not be tolerated and will have severe consequences for the groups found committing the same, including receiving zero (0) for the entire assignment and possible failure in the entire unit.

· For further details, please refer to the Subject Outline and Student Handbook.

· Note: Assessment task is set around the work that you have done in class. You are not expected to go outside the content of the unit but you are expected to explore it.

   

Assignment Structure should be as the following:

  

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 %

 

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 %

          
  

Assignments’ Instructions and Requirements

QUESTION 1- (10 MARKS)

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 - (10 MARKS)

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.

Assignment Structure should be as the following (students’ responses involves calculations, and students must refer to the relevant legislation and/or cases whenever required according to the questions).

Marking criteria

  

Marking criteria


Weighting

 

Question 1

 

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


1 Mark

 

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


2 Marks

 

Thorough yet succinct application of tax law to material facts.


3 Marks

 

Detailed and accurate conclusions are reached from the discussion.


1 Mark

 

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


2 Marks

 

The work shows excellent understanding of the cases and/or section of

legislation, its context and application of taxation law.


1 Mark

 

QUESTION 1 TOTAL MARKS:


10 MARKS

 

Question 2


 

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


1 Mark

 

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


2 Marks

 

Thorough yet succinct application of tax law to material facts.


3 Marks

 

Detailed and accurate conclusions are reached from the discussion.


1 Mark

 

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


2 Marks

 

The work shows excellent understanding of the cases and/or section of

legislation, its context and application of taxation law.


1 Mark

 

QUESTION 2 TOTAL MARKS:


10 MARKS


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