Advise megan of the assessability or non-assessability

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Reference no: EM131209799 , Length: word count:3000

Question

Megan is a mining engineer. Megan spends nearly 8 months of every year out of Australia for work. She is employed predominately by one (Australian based) mining company which issue her a Payment Summary on an annual basis and pay superannuation on her behalf. Megan earned $180,000 gross income from this mining company during the year and she also salary sacrificed $20,000 into superannuation. Megan has late this year accepted a one-off payment of $75,000 agreeing that next year she will not perform any mining services for any other mining company.

Megan performed some freelance services for a number of other mining companies (also Australian based) during the year on an ad hoc basis for which she provided an ABN and a tax invoice. These various invoices totaled $121,000 including GST. Megan also received a case of vintage champagne valued at $1,800 together with a cash amount of $5,000 as Christmas gifts from 2 of these mining companies.

During the year Megan together with a fellow mine engineering specialist designed a particularly useful item of mining equipment which one mining company paid $440,000 which included all rights to the equipment including its intellectual property. This is a one off venture and Megan has no intention of including her half share in her tax return as assessable income this year.

Megan also performs landscape painting activities. During the year her painting skills were recognised via an exhibition of her artwork to such an extent that people paid her $22,000 for the various works exhibited. Megan then won an award of $33,000 from an art industry representative entity for her exhibition. Megan has no intention of including these amounts in her next tax return as she has always enjoyed her painting as a hobby.

Required

You are to advise Megan of the assessability or non-assessability of the income earned in the current year for each of the activities in which she is involved. Your response will identify the key issues raised and provide a coherent argument for your conclusion based upon relevant legislation, case law and other material.

Rationale

This assessment task covers Topics 1 to 9. More specifically it tests your understanding of the tax forumla in relation to different types of income and the general rules relating to deductions. This assessment has been designed to ensure that you are engaging with the subject content on a regular basis and to assess your ability to:

- gather and integrate your knowledge on the Australian taxation system;

- describe and access the Australian regulatory taxation system;

- interpret legislation to compute taxable income and allowable deductions to determine taxation liabilities;

- investigate in depth the cases, rulings and legislation that are fundamental to taxation law;

- demonstrate your ability to apply that knowledge to a hypothetical, practical situation;

- exercise critical and reflective judgment;

- demonstrate your ability to conduct research using provided materials as well as other legal resources; and

- develop your written skillsBarkoczy, S. Foundations of Taxation Law 2016, (8th edition), CCH Australia
Barkcozy, S. Australian Tax Casebook 2014 (12th edition), CCH Australia
Barkoczy, S. Core Tax Legislation & Study Guide 2016 (19th edition), CCH Australia.

topic 1 Sources of authority in the Australian taxation system

topic 2 tax formulae

topic 3 tax residency and source

topic 4 ordinary income

topic 5 statutory income

topic 6 capital gain tax

topic 7 tax timing

topic 8 fringe benefits tax

topic 9 exempt income and non-assessable non-exempt income
these all topics belong to foundation of taxation law ......
please do calculation as well .
give answer in the mention format ....
Issue
law
application
conclusion .......

https://www.dropbox.com/s/z6pokvatygj33rc/Slides.zip?dl=0

Reference no: EM131209799

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Advise megan of the assessability or non-assessability : Your response will identify the key issues raised and provide a coherent argument for your conclusion based upon relevant legislation, case law and other material - You are to advise Megan of the assessability or non-assessability of the income ea..
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Reviews

len1209799

9/17/2016 2:03:32 AM

• Answers should have a complete bibliography listing all books and articles consulted. Beware of using the unacknowledged work of others. Plagiarism will result in zero marks and possible failure of the subject. (Refer to handbook rules). • Students must, in the course of answering questions, refer to and discuss relevant case authorities and appropriate statutory provisions in order to support the propositions and submissions made

len1209799

9/17/2016 2:03:24 AM

General Guidance for Law Assessment Tasks: • Word-process or type your assignment clearly. • Clearly show the subject name, your name and the date at the beginning of the assignment. • Use size A4 paper and leave at least a 3 cm margin on the right-hand side of the page. (This is the best format for both marking and photocopying.) • Retain a copy of each assignment. This overcomes any problems should your assignment be lost in transit, even though this rarely happens. • Number each page of the assignment. • The answers should be confined to 3,000 words in total, bibliography excluded. Both assignments should be neatly typed in Times New Roman, 12 point font. • A consistent system of footnotes or the APA Referencing System is required. Case and statute names should be italicised. • Answers must be original. They should demonstrate that students not only have read and understood the Study Guide and prescribed readings but also have broadened their knowledge by having read other reference works. Marks will not be awarded for duplication of paragraphs from the Modules or textbooks.

len1209799

9/17/2016 2:02:41 AM

Compliance with the Style Guide and overall structure. Uses Style Guide comprehensively, accurately and consistently. Uses ILAC model and tax computation format. Extremely well structured and organised, with one main argument introduced per paragraph, supported by well-written supporting sentences. Written expression and editing. Uses appropriate academic writing which is formal, impersonal and which contains no spelling, grammar and punctuation errors. Paper demonstrates careful proofreading.

len1209799

9/17/2016 2:02:22 AM

Explanation of law and citation of relevant legal authority Provides a complete explanation of the taxation law, justified by relevant law, with no errors. Discussion identifies key statute and case law stating relevant principles and shows insight in identification and discussion of potentially hidden issues. Research of relevant legal authority shows a breadth of investigation through detailed analysis and discussion.Application of legal principles to the facts Applies the law to the facts so as to reach a correct conclusion on all issues, with no errors. Argument discusses linkages between facts and the law and considers counter-arguments, completes tax computations correctly if required and evaluates the impacts of applying the law to the situation considering a broad range of factors that may affect the application. Conclusion draws together advice for client.

len1209799

9/17/2016 2:01:55 AM

Students are required to answer one problem type question in order to demonstrate: To meet this level you will achieve a cumulative mark of 85-100%. A mark in this range indicates that a student: Identification of relevant legal issues Comprehensive coverage and identification of all legal issues, which are discussed with consideration and evidence of all contextual factors and analysis of the relevant law.

len1209799

9/17/2016 2:01:21 AM

In assessing your assignment the marker will expect you to: • present an essay that is readable and coherent; • use appropriate language, correct spelling and grammar; • identify and analyse relevant issues; • explain and apply relevant cases, rulings and legislation; • reach a sound and well-reasoned conclusion; • use appropriate referencing; and • demonstrate time management skills. Your mark will depend upon the degree in which you demonstrate your understanding of the topics covered thus far, and the overall presentation of your advice to your client. For guidance, please refer to the section. “Presentation”.

len1209799

9/17/2016 2:01:00 AM

3000 words, This assessment task covers Topics 1 to 9. More specifically it tests your understanding of the tax formula in relation to different types of income and the general rules relating to deductions. I attached all topics support to give answer of four problems, these topics belong to foundation of taxation law, please make it sure to use this book specially, if book is not available, then I am attaching slides, please follow that, need it bySunday morning anyhow

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