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LAWS 20060 Taxation Law Of Australia Assessment Item 1 Answer

LAWS 20060 – TAXATION LAW OF AUSTRALIA

ASSESSMENT ITEM 1 – INDIVIDUAL ASSESSMENT

Word limit: 3000 words

Note that Assignments submitted after this date (or a date approved by the unit coordinator after an online extension application) will incur a penalty of 5% of the total marks available for the assessment item per day.

Return to students: For students who have submitted their assignment by the due date, your assignments will be returned to you with feedback on or before Monday 14 September 2020. 

Extensions policy: The university policy on extensions of time will be strictly enforced. Extensions will only be considered if made via the online system and based on medical or compassionate grounds. Any extension application should be made before the due date for submission. Medical conditions should be supported by a medical certificate, and, since students are expected to start the assignment early, temporary or last-minute conditions are usually not grounds for an extension. Professionals are expected to manage their time to meet their obligations, so work or personal commitments are insufficient grounds for an extension. 

Plagiarism: The university’s plagiarism policy will also be strictly enforced. If plagiarism is found, a minimum penalty is likely to be zero marks for the assessment. It could be worse. This assignment is the only assignment for this course, and it carries a weighting of 40% of the total assessment for the course. While the assignment is largely based on material covered, you are free to research and seek advice as widely as you find necessary—there are no limitations as to sources. However, you must make sure that sources are appropriately referenced.

 Objectives: This assessment item links to the unit objectives as stated in the Unit Profile. Details This assignment is to be submitted in one (1) Word document only. This assignment is to be submitted online via Moodle by the due date stated. It is suggested that where necessary you put your calculations into columns or tables to improve readability in the assignment document.

Referencing: The method of referencing to be used in this assignment is the Australian Guide to Legal Citation (AGLC) 4th Edition Additional information regarding this method is available through the library and the Academic Learning Centre. When making a reference, cite the original source or authority in preference to a secondary source such as the textbook, especially when you are discussing various sections of legislation. This means you should make reference to legislation, cases and Tax Rulings as a priority to back up any arguments that you make in your assignment. Students must complete all Parts of the Assignment. To support the analysis in your answers, refer where appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law.

Word limit: University assignments are an exercise in identifying and filtering relevant material and communicating answers succinctly. Quality is always more important than quantity. Please ensure that you adhere to the word limit indicated above. Please note that the word limits that appear beside each part of the assignment are indicators only. You may choose to allocate your word limit differently. 

MARKING 

All parts of the assignment will be marked in accordance with the university’s Grades procedure (which can be accessed via the Course Profile). The following marking rubric incorporates that procedure. 

MARKING RUBRIC GRADE MARK 

GRADE - HD 

MARK - 85%+ 

CRITERION Demonstrates proficiency in all the learning outcomes of the unit; work is well read or scholarly. 

COMMENT: Here, the student will have done everything well and formulated their answer in a tight, efficient, thoroughly professional manner. Their explanations and arguments will have a strong logical flow and be convincing. Their research will be thorough. 

GRADE - D 

MARK - 75-84%

CRITERION Demonstrates awareness and understanding of deeper and less obvious aspects of the unit, such as ability to identify and debate critical issues or problems, ability to solve nonroutine problems, ability to adapt and apply ideas to new situations. COMMENT: The student will demonstrate this by achieving all the outcomes for a Credit, but also some of the higher level standards for a High Distinction. 

GRADE - C 

MARK - 65-74%

CRITERION Demonstrates ability to use and apply fundamental concepts and skills of the unit, going beyond mere replication of content knowledge or skill to show understanding of key ideas, awareness of their relevance and some use of analytical skills. 

COMMENT: Learning involves not only knowing principles or concepts but also the ability to apply them to a real-life situation. 

GRADE - P 

MARK - 50-64%

CRITERION Demonstrates the learning outcomes of the unit, such as knowledge of fundamental concepts and performance of basic skills; demonstrates sufficient quality of performance to be considered satisfactory or adequate or competent or capable in relation to the learning outcomes of the unit. 

COMMENT: Students who get a mark in this range usually demonstrate some knowledge of principles and concepts, but do not explain or apply them accurately. Answers often look like little more than a summary of what someone else has written. 

GRADE - F 

MARK - 40-49%

CRITERION Fails to demonstrate the learning outcomes of the unit.
COMMENT: Students in this range usually make some effort to perform the assignment task but fail to achieve what is prescribed for a Pass. 

GRADE – Low F 

MARK - <40%

CRITERION COMMENT: Students in this range usually fail to properly carry out the instructions or fully perform the tasks specified in the assessment. 

PART A: Short answer questions. Total 10 marks

Please use complete sentences in drafting your answer. Where possible, answers to these questions should be supported by reference to the relevant legislation, case law, and ATO guidance materials

  1. What is the current tax-free threshold for a resident individual?                    (1 mark)
  2. In determining a taxpayer’s income, is there a difference between the taxpayer receiving an allowance for work related expenses as against a reimbursement of a work-related expense? Briefly explain your answer with reference to legislation.                                                                                                               (2 marks)
  3. Can a taxpayer ever be carrying on a business of gambling, or will gambling always be considered a hobby?  Explain your answer with support from any relevant case law and ATO rulings.         
  4. Under what circumstances could a taxpayer become liable for a Medicare Levy Surcharge?    (2 marks)
  5. In claiming home office expenses, taxpayers who run a business from their home will be able to claim more deductions for their home office than a taxpayer who simply works at home as a matter of convenience. Explain, with reference to applicable case law, and provide an example of the differences.    (3 marks)

PART B: Case studies 10 marks total. Please use complete sentences in drafting your answer. Where possible, answers to these questions should be supported by reference to the relevant legislation, case law, and ATO guidance materials

Benjamin was born in Brisbane, Australia, and had lived here until he turned 25. After finishing university, Benjamin moved to Ireland, which is where he met his wife, Annaliese. Benjamin and Annaliese bought a house in Dublin, Ireland, and had two sons. When the boys reached school age, Benjamin and Annaliese decided to move back to Australia, to be closer to Benjamin’s family. They arrived in Australia in May 2000 and purchased a house in Noosa. In January 2019, Benjamin and Annaliese decided to return to Dublin, as their children had long moved out of home. They sold their house, all their personal possessions and closed their bank accounts. They left Australia on 1 February 2019 and settled back into life in Dublin. 

Required: Advise Benjamin whether he would be considered a resident for whole or part of the 2019 income tax year.     (5 marks) 

Rebekah was born in America and is 21 years old. She came to Australia from America on a working holiday on 1 September 2018 for a “gap year” after finishing high school. Rebekah does not have any relatives living in Australia. Whilst in Australia, Rebekah stayed in several different types of accommodation at several different locations across Brisbane and Melbourne (mostly in Airbnb accommodation). In Brisbane, she worked at a day-care centre in the CBD, and in Melbourne, she worked at a kindergarten in the outer suburbs. Her salary from both jobs was paid into an Australian bank account, which she opened when she first arrived in Australia. She made friends whilst in both cities and spent her free time with them. Rebekah left Australia to return to the USA on 23 June 2019.  

Required: Advise Rebekah whether she would be considered a resident for whole or part of the 2019 income tax year.
PART C: Case study 20 marks. Please use complete sentences in drafting your answer. Where possible, answers to these questions should be supported by reference to the relevant legislation, case law, and ATO guidance materials

Pooja, an art teacher at a local high school, is in the process of lodging her tax return for the 2020 income tax year. She has heard that you are studying taxation law and has asked for your advice. She provides you with the following information:

Receipts: 

  • $75,000 in salary 
  • In May 2020, Pooja decided to sell her investment property. She signed a contract for the sale of the home on 30 May 2020 for $790,000. However, due to the purchasers of the property struggling to obtain finance, the contract didn’t settle until 1 July 2020. Agent fees on the sale were $12,000 and solicitor fees were $600. She purchased the investment property on 1 October 2017 for $750,000.
  • On 1 February 2020, she sold a piece of jewellery she had received when her grandmother died on the 1st of September 2010. She received $5,000 from the sale. Family records showed that the grandmother first acquired the jewellery in 1998 at a cost of $200. The market value of the jewellery at the date of her grandmother’s death was $1,000.
  • $15,000 in rent from her investment property.
  • $500 in prize money. Pooja advises you that she won the $500 by entering a photography competition being run by her local art gallery. Pooja has never won a prize before but considers herself a talented photographer. 

In addition, Pooja incurred the following expenses:

  • $400 for the purchase of stationary for use by her students in her classroom.    
  • $300 speeding fine she incurred when she was rushing to work one day. 
  • $10,000 for attending a training course on contemporary teaching methods. Pooja attended this course in the hopes that it would secure her a promotion with her current employer. 

Required:

What is Pooja’s taxable income for the 2020 income tax year? You should provide a concise, but comprehensive, explanation as to why you have included/excluded any amount as assessable income or as an allowable deduction. To support the analysis in your answer, refer, where appropriate, to the ITAA 1993, ITAA 1997, Taxation Rulings, other relevant statues and/or case law. 

Answer

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