TAXATION LAW
SUPPLEMENTARY ASSESSMENT
TRIMESTER 2, 2021
TIME ALLOWED: 4.5 hours
All answers must be submitted within this time frame. Late submissions are not accepted.
Assessment Weight: 50 total marks
Instructions:
• All questions must be answered by using the answer boxes provided in this paper.
• Completed answers must be entered on this paper and submitted to Blackboard by the published due date and time.
Submission instructions are at the end of this paper.
Purpose:
This assessment consists of six (6) questions and is designed to assess your level of knowledge of the key topics covered in this unit
Question 1 (11 marks)
Why are the concepts of residents and sources important? In what circumstances are individuals and companies treated as residents of Australia?
(Maximum 400 words)
ANSWER: ** Answer box will enlarge as you type
Question 2 (11 marks)
Mark is the director of HR Pty Ltd, a property investment company in Sydney, and the company is registered for Goods and Services Tax. Due to the COVID-19 impact, HR Pty Ltd has decided to rent out their 20 existing office units that they finished its building project in February 2020.
To negotiate rental contracts, HR Pty Ltd employs a property lawyer, Mr Andrew Rees. Andrew is a busy lawyer and his practice income is $300,000 per year. HR Pty Ltd offered Andrew a rent-free office in the city of Brisbane in exchange for his service to HR Pty Ltd. The market rental value of the office provided to Andrew is $38,000 per year.
Required:
Advise GST obligations and an input tax credit of this arrangement to HR Pty Ltd and Mr Andrew Rees.
(Maximum 400 words)
ANSWER:
Question 3 (7 marks)
What is a ‘base rate entity’ and what rates are payable by these entities?
(Maximum 200 words)
ANSWER:
Question 4 (7 marks)
Haris and Jenish are partners, carrying on a business as a partnership. The partnership agreement provides that Haris is to be paid an annual salary of $40,000. The balance is to be distributed equally between Haris and Jenish. The partnership agreement also provides that the partners are to share the losses equally in the case of losses. The partnership’s assessable income for the income year is $100,000. Deductible expenses are $120,000. (Maximum 400 words)
Required:
What are the tax consequences for the partnership and each partner?
(Maximum 200 words)
ANSWER:
Question 5 (7 marks)
Referring to relevant statutory provisions and common law, discuss whether the following amounts would be as an allowable deduction against assessable income. (Maximum 250 words)
a) Provision for the estimated amount of trade debtors’ accounts which might not be collected.
b) Speeding fines of $ 900 paid by an owner to a driver.
c) An amount of $1200 paid to a solicitor for preparing a partnership deed.
d) Travel cost of a business executive to attend a trade fair in Munich paid by the employer.
e) Newspapers purchased by an accountant who advises clients on financial and investment matters.
ANSWER:
Question 6 (7 marks)
What is an assessment? Why are assessments important?
(Maximum 200 words)
ANSWER:
END OF SUPPLEMENTARY ASSESSMENT
Submission instructions:
• Save document with your STUDENT ID NUMBER and UNIT CODE e.g. EMV54897 HA3042
• Document must be in MICROSOFT WORD FORMAT ONLY
• Upload your document to the appropriate link on Blackboard
• Only one submission is accepted. Please ensure your document submitted is the correct one.
• Incorrect unit or blank documents are not accepted
• All submissions are automatically passed through SafeAssign to assess academic integrity
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