|Assessment Details and Submission Guidelines|
|Unit Title||Taxation Theory, Practice & Law|
|Assessment Type||Individual Assignment|
|Assessment Title||Case Studies of Specific Deductions and Tax Liability|
|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:
|Weight||This assignment task accounts for 25 % of total marks in this unit.|
|Total Marks||This assignment task accounts for 25 marks of total marks in this unit.|
|Word limit||Max 2000 words (acceptable to be 10% above or below this word limit).|
Instructions: Please read carefully to avoid mistakes.
Harvard 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
|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.
Assignments’ Instructions and RequirementsQuestion 1
(Marks - 10)
Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below:
Question – 2
Marks (7.5 +7.5 =15)
What is ‘fringe benefit tax’ (FBT)? Explain at least five main salient features of the FBT?
Calculate the taxable value of the fringe benefit using the statutory formula in the following case context:
Carron provides his employee (Rabbie) with the use of a Nissan Xtrail car 196 days during the FBT year. During the period, the car travelled 15,000 km. Carron purchased the car last year for $45,000. Rabbie contributed $1,500 towards the cost of running the car and has provided Carron with relevant documentation.
Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through the Study Sills link on Blackboard.
Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.
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