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Posted: December 20th, 2021
ACC3TAX S1 2018 Group Assignment, Assignment Instructions
ACC3TAX S1 2018 Group Assignment Page 1 of 2
Group Assignment Instructions
Carefully read the instructions below before submitting your assignment
Due date: EXTENDED DEADLINE applicable to all students: 11pm on Friday 18 May 2018 (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.
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). Resubmissions
after the deadline will count as late submissions and will be penalised in accordance with the Late Submissions
Policy (see below).
Academic Integrity: All assignments are electronically checked for plagiarism and collusion. Assignments are also checked for
contract cheating (where a student submits an assignment which is not of their own authorship, e.g.: purchase of assignments
through specialised websites). Suspected cases of academic misconduct will be reported to the Academic Integrity Adviser for
the appropriate measures. Please refer to the Academic Integrity policy
(https://policies.latrobe.edu.au/document/view.php?id=221) for details.
Late submission policy: Late submissions will be penalised in accordance with the Late Submissions Policy
(https://policies.latrobe.edu.au/document/view.php?id=148).
Special Consideration and Extensions: Extensions to the deadline will be granted only on exceptional and unforeseen
circumstances in accordance with the Special Considerations policy and procedures
(https://policies.latrobe.edu.au/document/view.php?id=205).
Referencing and assignment format: Acknowledge the source of any materials used in the assignment via footnote references.
For tips on acknowledgement, referencing and plagiarism please refer to: https://www.latrobe.edu.au/library/assignmentthesis-support/referencing.
Always use academic formal language, ensuring your paragraphs are written in a clear and logical
way. Legibility and logical sequence are part of the assessment.
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.
Feedback: Specific written feedback will be provided via LMS. General verbal feedback will be provided in workshops.
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.
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.
ACC3TAX S1 2018 Group Assignment Page 2 of 2
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 below.
From: Emily Baff
Sent: 4 August 2018, 9:00:43 AM
To: Tax Accountant
Subject: Tax return 2017/18 – Emily Baff
Attachments: Emily Baff – Payment Summary 2017/18
Dear Tax Accounting Team,
As discussed, please find attached my 2017/18 payment summary. Also, below is additional information which may be
of Helpance in the preparation of my tax return.
My health insurance policy number is 123456-78 and I have top hospital cover.
Since I was promoted to my current Marketing Director position, Rockwood provided me with a Toyota Corolla
at no cost (although I know the car cost them $25,000) except for fuel, which costs me $80 per month. I’ve
been driving this car since 1 October 2017, to and from work and on the weekends, but not to visit clients (I
prefer to take an Uber to visit clients so I can work during the trips).
On 1 January 2017 I took a loan with Rockwood of $600,000 at an interest of 4% per annum. I used $400,000
to buy an investment property in Inverloch/VIC, and the rest I used to pay off my home mortgage.
I signed the contract to purchase the Inverloch house on 10 August 2017 and it has been rented at $1,500 per
month since 1 September 2017. On 1 October 2017 the tenants advised of a leak on the roof, so I had it fixed
at a cost of $22,000. It was that expensive because 1/3 of the roof had to be replaced, and I paid this amount
in full on 04 October 2017 when the service was completed.
I also had a new air-conditioner installed at the master bedroom of the Inverloch property on 10 December
2017 at a cost of $4,000 (I have all the receipts for these expenses). As the tenants told me this air-conditioner
was excellent, I actually bought a second one and had it installed in my own house in Richmond on 25 January
2018.
On 15 May 2018 I sold 3,000 BHP shares for $10,000. I had bought those shares in 2014 for $6,000. Earlier this
year (in February) I made a loss of $3,000 on the sale of all my ACACIA shares that I had purchased in
December 2017. Luckily, in June this year the share marked recovered and I was able to sell my Orica shares
(which I had bought in November last year for $4,000) at a capital gain of $5,000 on 30 June 2018.
Last year I had a capital loss of $4,000. I am not sure what to do with it, could you please advise?
Two years ago I bought an antique tea set with 4 teacups for $499. In March this year I sold each cup
separately for $200.
There is one more issue I need to discuss with you. In March this year I spent $25,000 in legal fees while suing my
previous employer who, during my employment time, consistently paid me 25% less than a male colleague who held an
equivalent position and performed exactly the same functions as me. We ended up settling the dispute out of Court
and I agreed to receive a payment of $350,000 in arrears and moral damages, which were paid in a lump sum on 15
June this year. This is a significant amount and I don’t want to have trouble with the ATO. Could you please provide me
with a separate letter of advice explaining the income tax consequences related to the legal fees I incurred and the
payment I received?
I look forward to hearing back from you with my completed tax return and supporting schedules; as well as the
aforementioned letter of advice.
Kind regards,
Emily Baff
Marketing Director – Rockwood Ltd
e.baff@rockwood.com.au
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. (15 marks)
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. (15 marks)
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