Reference no: EM131036255 , Length: word count:3000

Student Comments: Australian student, 3000 words, first read assignment and when someone start doing it please he should read a document with i am attaching with the name of ASSIGNMENT CRITERIA.

OBJECTIVES

This assessment item relates to the course learning outcomes 1, 2, 3 and 4 as stated in the course profile.

This assessment task comprises several compulsory parts.

This assessment item may be completed either individually or in groups of three (3) students. The group mark will be given to all students. Please ensure that you include everystudents' details and clearly identify that the assessment task is a group task. A forum will be available on Moodle for students seeking a group partner.

Students completing this item as a group task are required to work on all components of the assessmenttogether. You must keep a work journal of your group and individual contributions. This record will be attached to the assignment per Part D.

BACKGROUND AND GENERAL OVERVIEW

Theories of regulation are used to explain the regulatory process. You are required to examine the academic literature on Public Interest Theory and Economic Interest Group Theory. Identify, through a process of consideration and evaluation, one (1) academic journal article that discusses Public Interest Theory and one (1) that discusses Economic Interest Group Theory. Having identified and evaluated the articles, provide a detailed explanation of each theory, justify which theory best explains the case scenario, and discuss the case in the context of regulation being the output of a political process. The case is provided after the specific requirements presented below.

Ideally you should use the CQUniversity Library Databases to source your academic journal articles. The Library Guide for ACCT19082 provides additional guidance on appropriate databases and search options.

You may supplement the explanation of the theories in your articles with additional sources including your set readings.

PART A - Critical evaluation of information source

Required:

Review the requirements for this assessment item carefully. Giving due consideration to the requirements, find and review one (1) scholarly academic journal article on each theory sourced from the CQUniversity Library database. Your articles should be (i) appropriate to the key requirements of the assessment item and also be (ii) identifiable as a quality source. To demonstrate this you must justify the quality of your articles using the five standard criteria for evaluating sources on the Library "Compass: library help online" site (see links to criteria on the Moodle course website or you can access it by navigating through the Library site). You may use a table in this part to summarise your evaluation.

You should write approximately 800 words in this Part.

PART B - Practical application of accounting theory

(i) Write an explanation of each theory sourced, in the most part from the academic journal articles evaluated in Part A above (you may use additional sources to support your discussion including your set text). Your discussion in this section should be focussed on the key features of the theories.

You should write approximately 1000 to 1200 words in this section.

(ii)

Following from your reading of the Media Release and newspaper article attached, you should now do some background research on:
- The Resource Super Profits Tax (RSPT) proposed by former Prime Minister Kevin Rudd;
- The RSPT's replacement with a Minerals Resource Rent Tax (MRRT) by former Prime Minister Julia Gillard; and
- The recent repeal of the MRRT byPrime Minister Tony Abbott.
Which theory of regulation best explains the position of the Government when proposing the Resource Super Profits Tax (RSPT)? Justify your answer. (5 marks)
You should write approximately 300 words in this section.
(iii) Which theory of regulation best explains the regulatory process that occurred with the RSPT's replacement with a MRRT and/or the MRRT's repeal on 5 Sept 14? Justify your answer. (7 marks)
You should write approximately 500 words in this section.

PART C - Accounting regulation processes

Discuss the Media Release and newspaper article in the context of the statement "regulation is the output of a political process". Do you agree or disagree? Why, or why not? Include in your discussion what the potential social/economic consequences could be for the mining companies and society if a ‘mining tax'is or is not adopted.
You should write approximately 200 words in this section.

PART D - Journal and/or reflection

Graduate attributes are the qualities, skills and understandings that a student should develop during their studies. These attributes shape the contribution students are able to make to their profession and society. Graduate attributes include: communication; problem solving; critical thinking; information literacy; team work; information technology competence; cross cultural competence; and ethical practice.
You will be assessed based on your ability to demonstrate your developing self-awareness of these attributes. Provide a self or group reflection on how this course and specifically this assessment assisted you in building these attributes. You may address only some or the entire list of graduate attributes.

If you have chosen to work as a group you must also include a work journal for this task. The journal should include details of group activities (when, where, what and how) and individual work undertaken (similar to a diary outlining your contribution). You should submit your journal/s as an appendix to the assessment item.

Repeal of the Minerals Resource Rent Tax

The Government has delivered on its election commitment to repeal the failed Minerals Resource Rent Tax (mining tax), with the Bill receiving Royal Assent on Friday, September 5 2014.

The Government can today announce that it will be recommending to the Governor-General, His Excellency General the Honourable Sir Peter Cosgrove AK MC (Retd), that he affix by way of proclamation, 30 September 2014 as the commencement date for Schedules 1 to 5 to the Minerals Resource Rent Tax Repeal and Other Measures Act 2014. As a result the Schedules will have the following dates of effect for most taxpayers1:
- Schedule 1 - Abolition of the mining tax from 1 October 2014 (with taxpayers final MRRT year (even if it is a part year) ending on 30 September 2014);
- Schedule 2 - Abolition of the company loss carry-back from 1 July 2013;
- Schedule 3 - Reduction of the instant asset write-off from 1 January 2014;
- Schedule 4 - Abolition of accelerated depreciation for motor vehicles from 1 January 2014; and
- Schedule 5 - Abolition of geothermal energy concessions from 1 July 2014.

The dates above are consistent with the Government's 2013 Federal Election commitment, the Exposure Draft to the mining tax repeal legislation2, and with the dates announced in November last year at the time of the introduction of the first mining tax repeal bill to Parliament3. This is also consistent with the costings presented with subsequent bills.

The Government has consulted with the Australian Taxation Office (ATO) in relation to the administration of these measures and their dates of effect to ensure that assistance is provided to affected businesses.
...
Consistent with the policy the Government took to the last election and ATO advice provided to the Government, the relevant start dates have been outlined by the ATO and advised to taxpayers from as early as 8 November 20134.

1. Taxpayers with a substituted accounting period may have a different start date.

2. https://treasury.gov.au/ConsultationsandReviews/Consultations/2013/MRRT-and-related-measures-Repeal

3. Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 introduced on 13 November 2013, the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 [No. 2] introduced on 23 June 2014, and the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 introduced on 1 September 2014.

4. Repeal of the mining tax: https://www.ato.gov.au/General/New-legislation/In-detail/Other-topics/Repeal-of-MRRT-and-related-measures/Legislation-to-repeal-the-minerals-resource-rent-tax-law/;

Abolition of company loss carry-back: https://www.ato.gov.au/General/New-legislation/In-detail/Other-topics/Repeal-of-MRRT-and-related-measures/Company-loss-carry-back-repeal/;

Reduction of the instant asset write-off: https://www.ato.gov.au/General/New-legislation/In-detail/Other-topics/Repeal-of-MRRT-and-related-measures/Instant-asset-write-off-and-simplified-depreciation;

Abolition of accelerated depreciation for motor vehicles: https://www.ato.gov.au/General/New-legislation/In-detail/Other-topics/Repeal-of-MRRT-and-related-measures/Accelerated-initial-deduction-for-motor-vehicles/;

Abolition of geothermal energy concessions: https://www.ato.gov.au/General/New-legislation/In-detail/Other-topics/Repeal-of-MRRT-and-related-measures/Repeal-of-the-deductibility-of-geothermal-energy-exploration-expenditure/