17 Pages 4458 Words Taxation For Business Decision Making


Objectives 

The objectives of this ordinance are to:
 
•    Expand your cognizance of areas prepared in this subject 
•    Develop dubious thinking 
•    Develop written despatch skills 

The ordinance attempts to detain some of the issues addressed by authoritative advisors.
Ordinance question

Part (a)

On 1July, 2014, Jane Jackson, a lone IT specialist and an Australian burgess, left Australia to investigate her kinsmen in England. As she was referable expecting to restore to Australia restraint span years, Jane rented extinguished her Melbourne settlement (on a one-year lease) and sold her car. Jane did referable entertain any extraction members in Australia. During her come in England, Jane rented a cottage in Oxford. As it happened, the English region did referable concur with her and she restoreed to Australia on 1 September, 2015.  She has remained in Australia regularly since, influence in her Melbourne settlement.

Your task:

Advise Jane whether she was a dweller of Australia restraint impost purposes restraint the pay years ended (i) 30 June 2015 and (ii) 30 June 2016. Give reasons restraint your command. If you deficiency further postulates be strong to pretext those that are deficiencyed and infer the consequences if those postulates exercise.
[8 marks]

Part (b)
 
During each of the pay years referred to in Part (a) Jane common concern payments from a United States bank in which she had deposited currency distinct years precedent. 

Your task:

Advise Jane of the impost implications restraint her arising from the reception of the concern. Give reasons restraint your command. If you deficiency further postulates be strong to pretext those that are deficiencyed and infer the possible impost consequences if those postulates exercise.
[4 marks]

Part (c)

In January 2017 Jane steadfast to renew her settlement.  Being scanty of funds, Jane is infering selling a unfilled arrest of place which she had extraneous in December 1997. She regularly contrived to uplift her extraction settlement on the place (which is in Ballarat, Victoria) barring this did referable happen. She compensated $50,000 restraint the place and believes she can attain $150,000 if she sells it. 

Your task:

Advise Jane of the impost implications restraint her if she goes restraintward with the sale. Give reasons restraint your command. If you deficiency further postulates be strong to pretext those that are deficiencyed and infer the possible impost consequences if those postulates exercise.
[4 marks]

Part (d)

On 1 July 2016, Jane was re-employed by the IT steadfast where she used to operation precedently she lone. To appendix the pay she now admits from this possession, on 1 November 2016 Jane began a stake in which regularlyy weekend she took tripists on a guided trip of the most chronicled upliftings in Melbourne. It has befit free to Jane that restraint the pay year ended 30 June 2017 the extinguishedgoings on this stake procure distant achieve the fees she procure admit from the tripists. 

Your task:

Advise Jane on how the predicted financial results of her stake procure pretend her pay impost pose restraint the pay year ended 30 June 2017. Give reasons restraint your command. If you deficiency further postulates be strong to pretext those that are deficiencyed and infer the possible impost consequences if those postulates exercise.
[8 marks]
Part (e)

Jane seeks GST command from you in kindred to the subjoined postulates which parent from distinct of the over Parts. 
1)    In the year of pay ended 30 June 2015, she common rental pay of $11,000 from the lease of her Melbourne settlement and compensated a pastureer $440 restraint maintaining the pasture during that end.
2)    She sold the car in Part (a) privately restraint $8000.
3)    It has been attached that her trip stake’s entire pay restraint the pay year ended 30 June 2017 procure referable achieve $3,000. Her accounts pretext that in that year restraint the purposes of the stake she bought a computer, allusion books and incurred different found costs totalling $5000. She has invoices restraint some of the costs and referable restraint others. 
Your task:

Advise Jane of the GST implications arising from these stipulation. Give reasons restraint your command. If you deficiency further postulates be strong to pretext those that are deficiencyed and infer the possible GST consequences if those postulates exercise.


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