Assessment item 2
Use ILAC method
Question 1 (25 Marks) ( 2000 words)
Edward had just graduated as a chartered accountant. He joined PwC, a major accounting firm in Sydney as an audit junior where he was living with his parents in Sydney. After two years he was promoted as an audit senior and was posted to Singapore for a period of two years. He found a share apartment and adapted to the new lifestyle in Singapore. Edward closed his Australian bank account and applied for a work visa in Singapore as he was not sure if he would return to Australia after two years. After the end of two years in Singapore, he took a year leave of absence from his work and traveled to Europe before returning to Australia. Before he left for Europe, he sent all his personal effects except for his clothes to his parent’s house in Sydney. On his return home to Sydney, he moved out of his parent’s house and rented an apartment.
Discuss if Edward is a tax resident of Australia during his absence from Australia. You must make reference to the relevant legislation, rulings and case law.
QUESTION 2 (10 marks) (1000 words)
John owns a backyard furniture factory out of the premises that he purchased 30 years ago for $300,000. He has been operating the factory for the past 10 years. Recently, his neighborhood was sought after by land developers to build residential properties. As a result, the value of the land where John operates his factory had surged in value. John enters into a negotiation with several property developers and had finally sold the land for $5 million. After selling his land, he moved his factory to another location.
Advise John of his tax consequences on the sale of the land. You must make reference to the relevant legislation and case law.
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This assessment task will assess the following learning outcome/s:
§ be able to locate and analyse the sources of taxation law in Australia.
§ be able to describe and access the Australian regulatory taxation system and compliance regime.
§ be able to interpret legislation to compute taxable income and allowable deductions to determine taxation liabilities and evaluate appropriate offsets.
§ be able to critically evaluate the law relating to capital gains taxation and trading stock and calculate the relevant tax liabilities.
This assessment task covers Topics 2 to 12 and has been designed to ensure that you are engaging with the subject content on a regular basis and to assess your ability to:
§ gather and integrate your knowledge on the Australian taxation system;
§ describe and access the Australian regulatory taxation system;
§ interpret legislation to compute taxable income and allowable deductions to determine taxation liabilities;
§ investigate in depth the cases, rulings and legislation that are fundamental to taxation law;
§ demonstrate your ability to apply that knowledge to a hypothetical, practical situation;
§ exercise critical and reflective judgment;
§ demonstrate your ability to conduct research using provided materials as well as other legal resources; and
§ develop your written skills
Question 1 requires you to identify the issues relating the the tax residency and source of income of the taxpayer. You are then required to identify and apply the legal principles relating to ordinary income and statutory income and critically evaluate them..
Question 2 requires you to address the principles related to assessable income. You must be able to discuss and crtically evaluate the concept of revenue and capital receipt. .
Marking criteria and standards
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In assessing your assignment the marker will expect you to:
§ present an essay that is readable and coherent;
§ use appropriate language, correct spelling and grammar;
§ identify and analyse relevant issues;
§ explain and apply relevant cases, rulings and legislation;
§ reach a sound and well-reasoned conclusion;
§ use appropriate referencing; and
§ demonstrate time management skills.
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General Guidance for Law Assessment Tasks:
§ Type your assignment clearly using sentences in paragraphs, not dot points.
§ This is a research paper and you are expected to locate your own journal articles and books for material to back up your arguments.
§ Clearly show the subject name, your name and the date at the beginning of the assignment.
§ Use size A4 paper and leave at least a 3 cm margin on the right-hand side of the page. (This is the best format for both marking and photocopying.)
§ Retain a copy of each assignment. This overcomes any problems should your assignment be lost in transit, even though this rarely happens.
§ Number each page of the assignment.
§ The answers should be confined to 3,000 words in total, bibliography excluded. Both assignments should be neatly typed in Times New Roman, 12 point font.
§ A consistent system of footnotes or the APA Referencing System is required. Case and statute names should be italicised.
§ Answers must be original. They should demonstrate that students not only have read and understood the Study Guide and prescribed readings but also have broadened their knowledge by having read other reference works. Marks will not be awarded for duplication of paragraphs from the Modules or textbooks.
§ Answers should have a complete bibliography listing all books and articles consulted. Beware of using the unacknowledged work of others. Plagiarism will result in zero marks and possible failure of the subject. (Refer to handbook rules).
§ Students must, in the course of answering questions, refer to and discuss relevant case authorities and appropriate statutory provisions in order to support the propositions and submissions made.
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