you can do it word limit 10% less or more. it has to be very low plagiarism and quality work.1 ...

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you can do it word limit 10% less or more. it has to be very low plagiarism and quality work.1  Assessment Task – Tutorial Questions Assignment 1  Unit Code: HA3042   Unit Name: Taxation Law  Assignment: Tutorial Questions Assignment 1  Due: 11:30pm 15th May 2020  Weighting:  25%  Total Assignment Marks: 50 Marks  Purpose: This assignment is designed to assess your level of knowledge of the key topics covered  in this unit  Assignment word limit: 1000 words (acceptable to be 10% above or below this word limit). Unit Learning Outcomes Assessed:   1. Gain a broad understanding of tax law 2. Demonstrate ability to analyse and synthesise complex tax law issues 3. Demonstrate ability to apply principles of tax law to complex legal problems Description: Each week students were provided with three tutorial questions of varying degrees of  difficulty.  These tutorial questions are available in the Tutorial Folder for each week on Blackboard.  The Interactive Tutorials are designed to assist students with the process, skills and knowledge to  answer the provided tutorial questions.  Your task is to answer a selection of tutorial questions from  weeks 1 to 5 inclusive and submit these answers in a single document.  The questions to be answered are:  Week 1 Question (10 marks)  Alex is resident of the UK for tax purposes. He lives in Australia and had $90,000 assessable income  from Australian sources in 2019/2020. He does not have any allowable deductions.   Required:   a- What is Alex’s taxable income? b- Calculate Alex’s tax payable. 2  Week 2 Question (10 marks)  Anna is a fitness consultant operating as a sole trader. Anna recently completed two fitness contracts  for two of her clients.   In her first contract, Anna provided a 10-hour fitness training course to her client, Sam. Anna charged  $1,000 for her fitness training course. This included fitness training materials that cost Anna $100.   In her second contract, Anna provided fitness video tutorials for a client, Lilly. Anna charged $1,000 in  total. This included $200 to cover the cost of the video recording materials.   With reference to the relevant legislation and/or case law, discuss whether or not these receipts are  Anna’s income from personal services.   Week 3 Question (10 marks)  Alex is a musician who is also interested in collecting old golden gramophones. He is not collecting  these old golden gramophones for business purposes.  On 20 February 2020, Alex sold one of these  old golden gramophones for $3,000. The gramophone cost him $500 when he acquired it on 1 June  2000. With reference to the relevant legislation, discuss Alex’s net capital gain or net capital loss for  the year ended 30 June.  Week 4 Question (10 marks)  Sam is a property investor. He purchased a small commercial building in Sydney for $2,000,000. Sam  had to take out a loan from the ANZ Bank to purchase this property and Sam is charged interest on  that loan. In order to rent the property, he met William, who is an experienced real estate agent. Sam  and William agreed that an upfront lump-sum payment of $8,100 as a management fee is to be paid  to William. With reference to the relevant legislation and case law, discuss the issue as to the  deductibility of the management fee to William and the bank interest charges. 3    Week 5 Question (10 marks) John purchased new machinery for his small business factory on 1st June 2018 for $8,000. The  effective life of the machinery is determined to be five years. John sold his old business machinery for  $4,000 on 31 August 2019. John used this machinery 90% for business purposes. With reference to  the relevant legislation and case law, discuss the tax consequences arising from the disposal of the old  machinery under the prime cost method. Submission Directions: The assignment has to be submitted via Blackboard.  Each student will be permitted one submission  to Blackboard only.  Each student needs to ensure that the document submitted is the correct one. Academic Integrity  Academic honesty is highly valued at Holmes Institute. Students must always submit work that  represents their original words or ideas. If any words or ideas used in a class posting or assignment  submission do not represent the student’s original words or ideas, the student must cite all relevant  sources and make clear the extent to which such sources were used. Written assignments that include  material similar to course reading materials or other sources should include a citation including source,  author, and page number.   In addition, written assignments that are similar or identical to those of another student in the class is  also a violation of the Holmes Institute’s Academic Conduct and Integrity Policy. The consequence for  a violation of this policy can incur a range of penalties varying from a 50% penalty through to  suspension of enrolment.  The penalty would be dependent on the extent of academic misconduct  and the student’s history of academic misconduct issues. All assessments will be automatically  submitted to Safe-Assign to assess their originality. Further Information:   For further information and additional learning resources, students should refer to their Discussion  Board for the unit.   Ethics and Fraud HA3042 Taxation Law Lecture 1 This lecture does not include any audio as it was created prior to going online By the end of this lecture, you should be able to  understand the following topics: The taxation formula; Residence and source. Summarising this lecture * * Functions of the Australian tax system Taxation receipts for 2018-19, approximately $440.5 billion, comprising approximately 93% of total government revenue Main source of funding for government expenditure, used: 	To provide public / social goods 	As a redistribution function 	Socio-economic purposes 	Social engineering – encouraging and discouraging certain types of behaviour PoTL 2019 paragraph [3.10] Power to tax Commonwealth Government’s power to impose taxes is from the Australian Constitution. 	Section 51(ii) grants the Commonwealth Parliament to “make laws for the peace, order and good government of the Commonwealth with respect to … taxation”. 	No discrimination between States or parts of States: 	Section 51(ii) also provides that laws with respect to taxation cannot discriminate between States or parts of States. PoTL 2019 paragraph [3.20] Power to tax 	Laws imposing taxation can only deal with the imposition of taxation and deal with one subject of taxation: s 55 	Imposition Act: imposes liability for the tax 	Rates Act: specifies the applicable rate of tax 	Assessment Act: sets out the rules for working out what is subject to tax or how to calculate the tax payable. 	Example in relation to income tax: PoTL 2019 paragraph [3.20] 	Type	Name of Act 	Imposition Act	Income Tax Act 1986 	Rates Act	Income Tax Rates Act 1986 	Assessment Act	Income Tax Assessment Act 1936 Income Tax Assessment Act 1997 Power to tax 	Distribution of taxing rights between Commonwealth and State Governments 	For example, customs and excise duties can only be imposed by the Commonwealth Government: s 90 	Different types of taxes: PoTL 2019 paragraph [3.20] Levies & charges 	Australian tax system is also a collection mechanism for other amounts payable by Australian tax residents. Examples: 	Medicare levy 	Medicare levy surcharge 	Repayment of higher education debts (Higher Education Loan Program, known as HELP). PoTL 2019 paragraph [3.40] Medicare levy 	Basic levy payable: 	Certain individuals are exempt from the Medicare levy, examples include: 	Non-residents 	Persons not entitled to Medicare benefits in respect of services, treatment or care (exemption certificate required). 	 PoTL 2019 paragraphs [3.50], [3.70] Medicare levy 	Low income earners may be fully or partially exempt 	Thresholds for 2017-18 income year: 	Medicare levy for individuals: Whose taxable income is > “threshold amount” but

1 Assessment Task – Tutorial Questions Assignment 1 Unit Code: HA3042 Unit Name: Taxation Law Assignment: Tutorial Questions Assignment 1 Due: 11:30pm 15th May 2020 Weighting: 25% Total Assignment...

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