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LAW 6001 Taxation Law

ASSESSMENT 2 BRIEF
Subject Code and Title	LAW 6001 Taxation Law
Assessment	Assessment 2: Case Study (Individual Taxpayer)
Individual/Group	Individual
Length	(2000 Words +/- 10%)
Learning Outcomes	c) Effectively apply taxation law in determining the tax outcome in various client’s scenarios d) Critically assess differences between the tax treatment of individuals, partnerships, companies and trusts and evaluate the effectiveness of each structure in meeting various client needs. e) Analyse, evaluate and recommend taxation strategies to develop comprehensive solutions in order to maximise client financial outcomes. f) Research, interpret and effectively communicate complex taxation concepts and recommended taxation strategies to clients in an industry compliant format.
Submission	By 11:55pm AEST/AEDT Sunday of Week 7 (Module 4.1)
Weighting	20%
Total Marks	100 Marks

Context:

This assessment assesses your research skills, your ability to synthesise an original piece of work to specific content requirements and your ability to produce a comprehensible piece of advice while addressing the client’s needs.

It also assesses your written communication skills. The ability to deliver to a brief is an essential skill in the workplace. Clients often approach advisors seeking solution to a combination of scenarios, including advice on the tax implications of a particular arrangement within the Australian tax jurisdiction. It is therefore important to be able to identify all the issues presented by an arrangement and to think about the potential consequences of different approaches to addressing the client’s needs.

Instructions:

You will be expected to identify and discuss tax implications of the various issues
In the case study, the taxpayer’s assessable income, allowable deductions must be identified and recorded in the Excel Workbook (2019 Individual Tax Return) where applicable (only blue coloured cells are required to be filled) as per the information provided in the case
In addition, a report (Word document, approx. 2,000 words) must be submitted, summarizing all the calculations of the assessable income; allowable deductions and taxable income of the

taxpayer including identifying and discussing them. E.g., how the amounts of income & deductions have been derived. If any receipts and payments are not assessable or deductible, the reasoning for non-inclusion of these in assessable income or deductions as per relevant legislation or cases should be provided.

Critically analyse the following case study. With respect to each task:
- Review relevant case law and legislation (ITAA1936, ITAA1997)
- Apply the law to the facts of the case study
- Reach a conclusion/ give practical advice to your client.
You will be assessed in accordance with the Assessment Rubric.
This case study must be presented as an individual effort. The case study requires individual It is expected the student will research relevant literature, including decided cases, and select appropriate additional resources.
Your case study is not just a list of answers. The reasons for your conclusions and recommendations must be based on your research into the relevant cases and
The format of the report should be a business report, using APA referencing
You are expected to submit both files: Individual Tax Return Excel file, Business report in the Word format

Expert's Answer

This report supplements the enclosed 2019 Individual Tax Return, the summarized the calculations of assessable income, allowable deductions and taxable income made therein, as well as discusses the tax implications of the various issues identified in the income tax return and that are applicable for tax year 18/19.

According to section 6.5 of the Income Tax Assessment Act 1997 (“ITAA97”), being an Australian resident, your assessable income includes incomes earned by your goodself, directly or indirectly from all ordinary sources, whether in or outside Australia during the income year.

During the year you have derived income from employment exercised, business conducted, rental income from property as well as interest income from joint term deposit account at ANZ. All of these are a part of Ordinary Income which is assessable under section 6.5 of the ITAA97.