Assessment Details and Submission Guidelines
Trimester T3 2019
Unit Code HI6028
Unit Title Taxation Theory, Practice & Law
Assessment Type Assignment
Assessment Title Individual Assignment
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:
1. Demonstrate an understanding of the Australian income tax system, the concept of deductions, CGT, general anti-avoidance provisions and income tax administration. (ULO 1).
2. Identify and critically analyse taxation issues. (ULO 2).
3. Interpret the relevant taxation legislations and case law. (ULO 3).
4. Apply taxation principles to real life problems. (ULO 4).
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).
Due Date Refer to the Unit Outline, as Normal & Block Modes have different due dates.
Submission Guidelines • All work must be submitted to the Blackboard by the due date along with a completed Assignment Cover Page.
• The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.
• 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.
Individual Assignment Specifications
Purpose:
This assignment aims at assessing students on the Learning Outcome (LO) from 1 to 4 as mentioned above.
Instructions: Please read carefully to avoid mistakes.
· Answer all questions.
· This assignment along with a completed Assignment Cover Page is to be submitted on Blackboard by the due date in soft-copy only.
· The self-check links are no longer available as a separate link in each unit’s assessment. Students are now limited to attempt any given assignment submission a maximum of three times. After every attempt you will receive a SafeAssign originality report with Blackboard Learning Management System. This will provide detailed information about the matches found between your submitted works and existing sources.
· The assignment is to be submitted in accordance with assessment policy stated in the Unit Outline and Student Handbook.
· It is the responsibility of the student submitting the work to ensure that the work is in fact his/her own work. Incorporating another’s work or ideas into one’s own work without appropriate acknowledgement is an academic offence.
· The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.
· 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 referencing style.
· 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.
Assignment Structure should be as the follows:
Question 1: ASSESSABLE INCOME Weighting
Identification of material facts (issues) regarding Emmi’s assessable income scenario, and the consequences discussed in the assignment question. 1 %
Identification and analysis of legal issues / legal question and relevant taxation law in regards to Emmi’s income (e.g. ITAA 1936 and ITAA 1997). 2 %
Thorough yet succinct application of tax law (e.g. ITAA 1936 and ITAA 1997) to material facts in Emmi’s case. 2 %
Detailed and accurate assessable income conclusion are reached from the discussion. 2 %
Correct information and taxation law have been used and properly cited. A detailed analysis has been performed. 2 %
Ability to show excellent understanding of the cases and/or section of legislation, its context and application of taxation law. 1 %
QUESTION 1 TOTAL MARKS: 10 %
QUESTION 2: CAPITAL GAINS TAX (CGT) Weighting
Identification of material facts regarding the capital gains tax (CGT) consequences of Liu’s transactions discussed in the assignment question. 1 %
Identification and analysis of legal issues / legal question and relevant taxation law. 3 %
Thorough yet succinct application of ITAA 1997 to material facts. 5 %
Detailed and accurate conclusions are reached from the scenario discussion. 2 %
Correct information and taxation law have been used and properly cited. A detailed analysis has been performed. 2 %
Students are able to demonstrate understanding of the cases and/or section of legislation, its context and application of taxation law. 2 %
QUESTION 2 TOTAL MARKS: 15 %
Assignments’ Instructions and Requirements QUESTION 1- (10 MARKS)
Emmi studies accounting at Holmes Institute and works part-time in Crown Melbourne restaurant. During the year Emmi has receipts as follows:
(a) Tips from customers of $335 cash; (1.5 marks)
(b) Income of $25,000 from working in the Crown Melbourne restaurants; (1.5 marks)
(c) An expensive perfume worth $250, from a regular customer gifted to Emmi at Christmas time. Emmi does not use the perfume and gave the perfume to her mother; (1.5 marks)
(d) A monthly entertainment event paid by the restaurant owner. The owner spends around $380 on the meals that Emmi consumed. Emmi enjoys these events and sees them as a reward for her hard work; (1.5 marks)
(e) Emmi received $15,000 as Christmas gift from her father. (1.5 marks)
With reference to relevant legislation and case law discuss Emmi’s assessable income for the year.
Calculate Emmi’s Total Assessable income. (2.5 marks)
QUESTION 2 – (15 MARKS)
Liu is a 65 years old Australian resident but born in China, Liu is retiring from her business and decides to sell all of her Australian assets and moving home to China.
The assets that she is selling include:
(a) A house Liu purchased in 1981 for $55,000 and now worth $630,000. This house was Liu’s main residence for the entire period of ownership (03 marks).
(b) Liu’s car which cost $37,000 in 2011 and is now worth around $8,000 (03 marks).
(c) Liu’s has a small business enterprise, Monte Liu Photography Studio. She started the photography business herself and has found a buyer to take over the business for $125,000. The sale price includes $53,000 for all of the photography equipment, which cost $63,000, and $50,000 for goodwill (03 marks).
(d) Liu’s furniture for $4,800. No single furniture item being sold cost more than $2,000 (03 marks).
(e) Liu paintings for $28,000. All of her paintings were purchased in second hand shops or markets and no single painting cost more than $500. The one exception was a painting she purchased direct from an artist for $1,000. This painting being sold for $8,000 (03 marks).
Advise the capital gains tax (CGT) consequences of the above sales. Your answer should include appropriate legislative references.
Assignment Structure should be as the following (students’ responses involves calculations, and students must refer to the relevant legislation and/or cases whenever required according to the questions).
Marking criteria
Marking criteria Weighting
Question 1
Identification of material facts regarding the given FBT scenarios, and the consequences discussed in the assignment question. 1 mark
Identification of material facts (issues) regarding Emmi’s assessable income scenario, and the consequences discussed in the assignment question. 2 marks
Identification and analysis of legal issues / legal question and relevant taxation law in regards to Emmi’s income (e.g. ITAA 1936 and ITAA 1997). 2 marks
Thorough yet succinct application of tax law (e.g. ITAA 1936 and ITAA 1997) to material facts in Emmi’s case. 2 marks
Detailed and accurate assessable income conclusion are reached from the discussion. 2 marks
Correct information and taxation law have been used and properly cited. A detailed analysis has been performed. 1 mark
HI6028 Taxation Theory, Practice and Law Individual Assignment T3.2019 4
Ability to show excellent understanding of the cases and/or section of legislation, its context and application of taxation law. 10 MARKS
Question 2
Identification of material facts regarding the income and deductions consequences of David’s transactions discussed in the assignment question. 1 mark
Identification of material facts regarding the capital gains tax (CGT) consequences of Liu’s transactions discussed in the assignment question. 3 marks
Identification and analysis of legal issues / legal question and relevant taxation law. 5 marks
Thorough yet succinct application of ITAA 1997 to material facts. 2 marks
Detailed and accurate conclusions are reached from the scenario discussion. 2 marks
Correct information and taxation law have been used and properly cited. A detailed analysis has been performed. 2 marks
Students are able to demonstrate understanding of the cases and/or section of legislation, its context and application of taxation law. 15 MARKS
Marking Rubric
Excellent Very Good Good Satisfactory Unsatisfactory
Demonstrated ability
to identify issues
relating to taxation
law : Knowledge and
understanding of
income tax and CGT. Comprehensive identification of key issues. Frequent links drawn across topics or to extraneous materials. Student property generates questions and problems around a case. Very good identificatio n and discussion of issues. Several
links drawn across topics or to extraneous materials. Majority of relevant issues identities and discussed. Some links drawn across topics or to extraneous materials. Some relevant issues overlooked or misunderstood. Few links made drawn across topics or to extraneous materials. Failure to identify and discuss relevant issues. No links made drawn across topics or to extraneous materials.
Ability to synthesise
material in order to
raise issues or
construct a
persuasive argument.
Ability to engage in a
reflective discourse:
Synthesis analysis
and argument. Thorough analysis and synthesis of issues. Persuasively argued
throughout, contrary
arguments anticipated. Excellent critical evaluation of other metrical and appropriate response. Detailed conclusion is reached from the discussion. Very good analysis, argument well- developed and supported, some critical evaluation of other material and appropriate response. Conclusion is reached from the discussion. Some analysis of issues: argument may be under- developed or unpersuasive. Limited critical evaluation and response to other material. Conclusion is reached but do not supports the analysis. Mainly descriptive with little analysis of issues basic argument is unclear or use undeveloped or not well supported. Limited reference to other material. The response shows some understanding of the case, its context and application of tax law. Insufficient analysis argument is lacking or unsound, failure to use relevant materials, or use of materials may indicate confusion or
misunderstanding. No response to other material. No conclusion is given.
Writing presentation
and referencing Clear and logical organisation; precise and concise writing. Minimal errors in expression, grammar, spelling or punctuation. Very good structure and organisation . Generally well- written. Occasional Generally coherent structure a with occasional deficiencies; reasonably well written. Some flaws in Some defects in structure and organisation; writing may be difficult to follow in parts. Flaws in expression, Structure and
organisation
incoherent or
lacking; poorly
written, difficult to follow. Frequent or
repeated flaws in
expression,
HI6028 Taxation Theory, Practice and Law Individual Assignment T3.2019 5
Excellent and complete referencing. minor flaws in
expression, expression,
grammar,
spelling or grammar, spelling or punctuation; a grammar, spelling
or punctuation;
inadequate citation
Grammar and spelling are correct. grammar, spelling or punctuation. Correct and complete referencing. punctuation. number of missing, incomplete or incorrect footnote citations. of sources. Errors in referencing.
Referencing omissions