17 Pages 4485 Words Case Study Report

Taxation Law and Practice Toll 2: Occurrence Study Report (40%) 1 ADMINISTRATIVE DETAILS Goal: To allot taxation acquirements to the supposing scenarios enabling gist of the required investigations. Product: Individual Occurrence Study containing two completed investigations, subjoined a while assumptions and references. Criteria: Accurate definition, impression and referencing of Taxation Laws to the postulates presented. Allot ethics and authoritative acumen. Demonstration of powerful investigation. Weighting: 40% Due end: Week 11 – Monday 12am AEST Submission: Safe Assign (Excel) Slow penalties: 5% (of the toll job’s verified treasure) per day for the highest two days from the end verified as the due end for the toll job. 10% (of the toll job’s verified treasure) for the third day. 20% (of the toll job’s verified treasure) for the fourth day and slowr days up to and including seven days from the end verified as the due end for the toll job. A development of naught is awarded for an toll job submitted subjoined seven days from the end verified as the due end for the toll job. Weekdays and weekends are interjacent in the investigation of days slow. To beseech an production, you must adjunction your line coordinator to transact an termination. 2 TECHNICAL DETAILS 1. Satisfactory gist requires: • The beseeched outputs • Worksheet containing assumptions, explanations and investigations • Relevant comp and / or occurrence law and / or rulings 3 PRACTICAL DETAILS Question 1 (20 marks): Jane Brown (patriarchal 30). Jane is an choice beneficiary of the Brown Family Discretionary Trust. The trustees unwavering to allot a money equality of $20,000 to Jane for the popular tax year. Jane so receives $20,000 abundantly franked dividends.Jane has a $20,000 HELP claim. Jane vulgar $79,000 (vicious proceeds) from encroachment at Fraternity Pty Ltd for the duration 1 July 2016 to 30 June 2017. The emend equality of PAYG has been subjoined a whileheld. Jane reports concern proceeds of $475. Jane advises of boarding expenses of $250. Jane receives rental proceeds of $35,000 from an boarding wealth. The associated expenses are: • Mortgage repayments: $25,000 • Repairs: $2,000 • Rates: $2,500 • Insurance: $500 Jane sold a bundle of 200 Coles Myer Group shares on 1 July 2016 for $3,500. She had purchased these shares on 1 July 2009 for $800. Her brokerage costs of buying and selling were $300 in completion. Jane made donations (for which she presents tax invoices and avail) to the treasure of $900. Jane does not sport a even to composition. Jane pays premiums on an proceeds security prophylactic system equiponderant to $1,000 per year. Jane does not keep Private Health Insurance. Required: Job # Job Description Marks 1 Calcuslow the net tax payable/ refundable residence for Jane for the popular tax year (embrace references, investigations & assumptions) 20 Question 2 (20 marks): Green Pty Ltd is a occupant gardening fraternity registered subjoined a while the subjoined notification: TFN: 859 376 213 ABN: 79 512 647 864 ACN: 86 572 314 719 The subjoined is thefinancial notification for the year ended 30 June 2017. GST (where it is ry) has not been removed from the subjoined equalitys. Depreciation (for tax purposes) was reputed to be $5,500 for the popular year. Income: Sales 345,000 Exempt proceeds 10,000 Dividends (abundantly franked) 10,260 Concern vulgar 900 Compensation from a client who failed in a allowable assist to accomplish satisfaction from Green Pty td for alleged wealth hurt. 4,000 Net cardinal bring-about 4,000 Expenses: Advertising (print, net, signage, flyers) 1,000 Bad claims 900 Bank Charges 150 Cardinal disbursement (qualifies for contiguous abatement) 3,000 Cost of sales 6,000 Sub-contractor expenses 23,000 Depreciation expenses 2,000 Electricity 800 Entertainment 2,000 Environmental security (arrangement of chemicals) 600 Fines (speeding and parking tickets) 500 Prophylactic 600 Concern expenses subjoined a whilein Australia 1,200 Lease expenses subjoined a whilein Australia 4,000 Motor Vehicle 3rd Party prophylactic 550 Motor Vehicle expenses (petrol & subsistence) 4,000 Motor Vehicle Registration 1,200 Rent expenses 11,800 Stationery & Office preparation 200 Tea, coffee, sugar & subside for staff use 100 Telstra (Phones & Internet) 2,000 Wages 45,000 Required: Job # Job Description Marks 1 Calcuslow the net tax payable/ refundable residence for Green Pty Ltd (embrace references, investigations & assumptions) 20

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