Posted: March 3rd, 2022

TAXATION THEORY, PRACTICE AND LAW

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Scholar Title: (enter on the road beneath)

HI6028
TAXATION THEORY, PRACTICE AND LAW
FINAL ASSESSMENT
TRIMESTER three, 2021
Assessment Weight: 50 whole marks
Directions:
• All questions should be answered through the use of the reply containers supplied on this paper.
• Accomplished solutions should be submitted to Blackboard by the printed due date and time.
Please make sure you observe the submission directions on the finish of this paper.
Goal:
This Assessment consists of six (6) questions and is designed to evaluate your degree of data of the important thing matters coated on this unit.

Question Assignment 1 (11 marks)
Jack is an accountant for a global accountancy agency primarily based in Fiji. He has investments in Fiji comprising of his own residence, a rental property, shares in native corporations and money deposits in excessive interest-bearing financial institution accounts. On 1 February 2020, Jack was transferred to the agency’s Brisbane workplace on a brief three-month secondment. The aim of the secondment was to determine networks with current Australian purchasers which have indicated the potential of investing in Fiji. Through the secondment interval, Jack remained an worker of the Fiji workplace, and his wage was paid into his Fiji checking account. Whereas Peter’s intention was to return to Fiji on the conclusion of his secondment, he sought and was efficiently supplied a everlasting place in Brisbane. In early June 2020, he grew to become an worker of the Brisbane workplace. His relocation concerned buying an condo within the Brisbane suburb of Ascot, renting out his own residence in Fiji and transferring a sum of money to a excessive interest-bearing checking account in an Australian financial institution. Focus on residency and supply points. (Most 500 phrases)
ANSWER: ** Reply field will enlarge as you sort
Question Assignment 2 (7 marks)
Sam is an worker at a big land growth firm. He has negotiated automobile advantages together with his employer. Sam was supplied with the automobile for the interval 1 April 2020 to 31 March 2021. The leased automobile worth was $22,000 on 1 April 2020, and the automobile had solely been leased for a yr at the moment. Sam is required to pay for any petrol and different upkeep prices, which he has decided to be $1,300 for the interval 1 April 2020 to 31 March 2021.
Advise Sam’s employer as to the FBT penalties (utilizing statutory components technique) arising out of the usage of the automobile. You might assume that any advantages are Sort 1 fringe advantages. (Most 300 phrases)
ANSWER:
Question Assignment three (11 marks)
Divanee is a Neurosurgeon on the native hospital. Nonetheless, the lengthy hours have been very draining, and he or she has determined to take a depart of absence from the hospital and pursue her curiosity in mixing espresso beans to seek out the proper style. She has incurred the next bills:
a) Fee of $5,000 to the Australian Society of Neurosurgeons (Divanee has determined to take care of her membership throughout her depart of absence in case she decides to return to work as a surgeon);
b) Donation of $500 to Medecins Sans Frontières (a registered Deductible Reward Recipient);
c) Donation of $1,000 to her native neighbourhood group home (a registered Deductible Reward Recipient). All donors are permitted to e-book the perform room in the home at no cost as much as three occasions per yr. The conventional reserving payment can be $250;
d) She paid $500 for Newspapers which coated some health-related data; and
e) Journey price $2,500 to attend a worldwide convention in London.
Advise Divanee as to her revenue tax penalties arising out of the above data. (Most 400 phrases)
ANSWER:
Question Assignment four (7 marks)
During the last 6 months, Rohan acquired the next property:
– an engagement ring which price $5,000
– a ceramic vintage vase (for $three,000),
– a portray (for $eight,500),
– a Tv (for $15,000),
– Australia Financial institution’s shares (for $5,000).
Final week he offered these property as follows:
– an engagement ring which price $6,000
– a ceramic vintage vase (for $1,000),
– a portray (for $2,500),
– a Tv (for $11,000) and
– Australia Financial institution’s shares (for $25,000)
Calculate his web capital achieve or web capital loss for the yr. (Most 300 phrases)
ANSWER:
Question Assignment 5 (7 marks)
What’s a base charge entity? And what charges of tax are payable by these entities? (Most – 200 phrases)
ANSWER:
Question Assignment 6 (7 marks)
In what circumstances can a taxpayer problem an Assessment exterior the odd attraction course of. Focus on primarily based on statutory and customary legislation. (Most 200 phrases)
ANSWER:
END OF FINAL ASSESSMENT
Submission directions:
• Save submission together with your STUDENT ID NUMBER and UNIT CODE e.g. EMV54321 HI6028
• Submission should be in MICROSOFT WORD FORMAT ONLY
• Add your submission to the suitable hyperlink on Blackboard
• Just one submission is accepted. Please guarantee your submission is the proper doc as particular consideration just isn’t given in case you make a mistake.
• All submissions are robotically handed by means of SafeAssign to evaluate educational integrity.

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Title of the coed: (enter on the road beneath)

HI6028

THEORY, PRACTICE, AND LAW OF TAXATION

FINAL Assessment

third TRIMESTER, 2021

Your complete weight of the Assessment is 50 factors.

Directions:

• Use the reply containers supplied on this paper to reply all questions.

• Accomplished solutions should be submitted to Blackboard by the due date and time specified.

Please make sure you observe the submission directions on the finish of this paper.

Goal:

This Assessment consists of six (6) questions and is designed to evaluate your degree of data of the important thing matters coated on this unit.

Question Assignment 1 (11 marks)

Jack is an accountant for a global accountancy agency primarily based in Fiji. He has investments in Fiji comprising of his own residence, a rental

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