Trimester : T 1 2020
Unit Code : HI6028
Title : Taxation Theory, Practice & Law
Assessment Type : Assignment
Assessment Title : Individual Assignment
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).
HI6028 Taxation Theory Practice And Law Assignment – Australia.
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).
Individual Assignment Specifications :
Purpose:
This assignment aims at assessing students on the Learning Outcome (LO) from 1 to 4 as mentioned above.
Assignment Structure should be as the follows:
Assignments’ Instructions and Requirements
Question 1 :
John has applied and been approved a licence to operate a casino in Melbourne, which later on he named it The Casino East. John has received 10-year licence from Victorian Government to operate the casino. He also received approval for Casino’s building for a long period of time (90 years).John was instructed by the relevant Government agency to pay $180 million for the approved casino’s licence and $80 million as prepaid rent covering the first 10 years of casino’s rental. John has negotiated to pay $400,000 rental per year for the remaining 80 years of the lease.
With reference to relevant legislation and case law discuss whether casinos prepaid rent is considered a revenue expense or a capital expense.
HI6028 Taxation Theory Practice And Law Assignment – Australia
Question 2 ;
Alex Kings ford is a mechanical engineer working for ABC Engineering in Melbourne.Alex owns a property in Dandenong Victorian where he and his family are residing. He also runs a home-based food catering business, preparing food for local residents and school canteens. Catering business is well-structured. Alex works 15 days a month and earns a substantial income from the catering services business. He is travelling from ABC Engineering workshop to his home- based business by car or sometimes Uber. When he lodged his tax return in July 2019, he has requested a deduction for a substantial amount of travelling expenses between the ABC Engineering workshop and home-based food business.
HI6028 Taxation Theory Practice And Law Assignment – Australia.
Alex is now seeking your advice. With reference to relevant legislation and case law discuss whether Alex’s travelling expenses between the ABC Engineering work shop and his home-based catering business is an allowable deduction.
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
