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ACC3TAX S1 2018 Group Assignment Page 1 of 2 Group Assignment Instructions Carefully read the instructions below before submitting your assignment Due date: EXTENDED DEADLINE applicable to all...

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ACC3TAX S1 2018 Group Assignment Page 1 of 2 Group Assignment Instructions Carefully read the instructions below before submitting your assignment Due date: EXTENDED DEADLINE applicable to all students: 11pm on Friday 18 May 2018 (Friday of week 10). Weight: 15% of the total ACC3TAX assessment. The assignment will be marked out of 30 marks and the final score will be scaled down to reflect the 15% weight. Example: Raw score = 28/30, final assignment score = 14/15. Groups: Groups of minimum 2 maximum 3 students (any 3 ACC3TAX students within any workshop, as long as they are all enrolled in the same campus). It is strongly recommended you obtain your group members’ contact details and organise at least one meeting to discuss the assignment case. Submission: Only one assignment per group must be submitted electronically via LMS link. Submit your group assignment in one single Word or PDF file. No hard copy required. Professional presentation and logical/legal reasoning, with correct application of legislation and cases are part of the assessment. Similarity reports are generated when assignments are submitted. If you receive a high similarity report, you may re-submit your assignment as many times as necessary until the deadline (note: when you re-submit an assessment it may take 24 hours for a new similarity report to be issued). Resubmissions after the deadline will count as late submissions and will be penalised in accordance with the Late Submissions Policy (see below). Academic Integrity: All assignments are electronically checked for plagiarism and collusion. Assignments are also checked for contract cheating (where a student submits an assignment which is not of their own authorship, e.g.: purchase of assignments through specialised websites). Suspected cases of academic misconduct will be reported to the Academic Integrity Adviser for the appropriate measures. Please refer to the Academic Integrity policy (https://policies.latrobe.edu.au/document/view.php?id=221) for details. Late submission policy: Late submissions will be penalised in accordance with the Late Submissions Policy (https://policies.latrobe.edu.au/document/view.php?id=148). Special Consideration and Extensions: Extensions to the deadline will be granted only on exceptional and unforeseen circumstances in accordance with the Special Considerations policy and procedures (https://policies.latrobe.edu.au/document/view.php?id=205). Referencing and assignment format: Acknowledge the source of any materials used in the assignment via footnote references. For tips on acknowledgement, referencing and plagiarism please refer to: https://www.latrobe.edu.au/library/assignmentthesis-support/referencing. Always use academic formal language, ensuring your paragraphs are written in a clear and logical way. Legibility and logical sequence are part of the assessment. Assessment criteria: Assignments will be assessed against the SILOs for the assessment. In particular, assignments will be assessed based on objective demonstration of the following: 1) Engagement of critical thinking and interpretation skills to correctly identify the issues to be analysed in the case study. 2) Application of critical thinking, interpretation and analytical skills to develop a meaningful analysis of the issue(s) previously identified, with detailed and analytical application of tax concepts, tax principles, legislation and case law. Mere citation, transcription or repetition of theory, concepts, legislation and case law without proper application will not attract any marks. 3) Correct application of tax concepts and case law principles to calculate tax liability (if required). Calculations must be fully stated and supported by applicable legislation and case law (where case law is required). 4) Elaboration of a solution to the issues presented in the case study, referring to the elements analysed and concluding the case. Feedback: Specific written feedback will be provided via LMS. General verbal feedback will be provided in workshops. Graduate capabilities: The following Graduate Capabilities are assessed in this assignment:  Writing – Writing skills are assessed based on the quality of the arguments presented, marks are attributed where student presents a well organised essay written in academic English, with logically sequenced and coherent paragraphs and proper application of legislation and case law. A good essay must be clear, objective, and easily understandable, and must provide a conclusion that is logically derived from the arguments presented. Essays whose paragraphs are not logically organised, with tautological arguments and poor syntax will receive less marks depending on the quality of the work presented.  Quantitative Literacy – Quantitative literacy is assessed based on the demonstrated capacity to correctly interpret the information provided in the question as well as any informed values based on Business/Accounting concepts and general knowledge expected from final year Business/Accounting students.  Critical Thinking / Creative Problem-Solving - Critical thinking/Creative Problem Solving skills are assessed based on the student’s demonstrated capacity to make reasonable, justifiable and original assumptions leading to a correct and coherent conclusion grounded on legal provisions and case law precedents. ACC3TAX S1 2018 Group Assignment Page 2 of 2 Group Assignment Case Study and Questions Case study Emily Baff is a 43 year-old marketing director employed by Rockwood Pty Ltd in Melbourne. Emily engages your services for the preparation of her 2017/18 tax return. On 04 August 2018 Emily sends you the email below. From: Emily Baff Sent: 4 August 2018, 9:00:43 AM To: Tax Accountant Subject: Tax return 2017/18 – Emily Baff Attachments: Emily Baff – Payment Summary 2017/18 Dear Tax Accounting Team, As discussed, please find attached my 2017/18 payment summary. Also, below is additional information which may be of assistance in the preparation of my tax return.  My health insurance policy number is XXXXXXXXXXand I have top hospital cover.  Since I was promoted to my current Marketing Director position, Rockwood provided me with a Toyota Corolla at no cost (although I know the car cost them $25,000) except for fuel, which costs me $80 per month. I’ve been driving this car since 1 October 2017, to and from work and on the weekends, but not to visit clients (I prefer to take an Uber to visit clients so I can work during the trips).  On 1 January 2017 I took a loan with Rockwood of $600,000 at an interest of 4% per annum. I used $400,000 to buy an investment property in Inverloch/VIC, and the rest I used to pay off my home mortgage.  I signed the contract to purchase the Inverloch house on 10 August 2017 and it has been rented at $1,500 per month since 1 September 2017. On 1 October 2017 the tenants advised of a leak on the roof, so I had it fixed at a cost of $22,000. It was that expensive because 1/3 of the roof had to be replaced, and I paid this amount in full on 04 October 2017 when the service was completed.  I also had a new air-conditioner installed at the master bedroom of the Inverloch property on 10 December 2017 at a cost of $4,000 (I have all the receipts for these expenses). As the tenants told me this air-conditioner was excellent, I actually bought a second one and had it installed in my own house in Richmond on 25 January 2018.  On 15 May 2018 I sold 3,000 BHP shares for $10,000. I had bought those shares in 2014 for $6,000. Earlier this year (in February) I made a loss of $3,000 on the sale of all my ACACIA shares that I had purchased in December 2017. Luckily, in June this year the share marked recovered and I was able to sell my Orica shares (which I had bought in November last year for $4,000) at a capital gain of $5,000 on 30 June 2018.  Last year I had a capital loss of $4,000. I am not sure what to do with it, could you please advise?  Two years ago I bought an antique tea set with 4 teacups for $499. In March this year I sold each cup separately for $200. There is one more issue I need to discuss with you. In March this year I spent $25,000 in legal fees while suing my previous employer who, during my employment time, consistently paid me 25% less than a male colleague who held an equivalent position and performed exactly the same functions as me. We ended up settling the dispute out of Court and I agreed to receive a payment of $350,000 in arrears and moral damages, which were paid in a lump sum on 15 June this year. This is a significant amount and I don't want to have trouble with the ATO. Could you please provide me with a separate letter of advice explaining the income tax consequences related to the legal fees I incurred and the payment I received? I look forward to hearing back from you with my completed tax return and supporting schedules; as well as the aforementioned letter of advice. Kind regards, Emily Baff Marketing Director – Rockwood Ltd XXXXXXXXXX Required A) Prepare Emily Baff’s statement of taxable income and calculate her total tax liability (including Medicare Levy) for the year ending 30 June 2018. State all calculations and include any necessary explanatory notes and supporting schedules, applying legislation and case law. (15 marks) B) Prepare a letter of advice outlining the tax consequences related to the legal fees incurred and the lump sum payment received by Emily in connection with the lawsuit for the year ending 30 June 2018, applying legislation and case law to support your letter. (15 marks)
Answered Same Day May 10, 2020 ACC3TAX La Trobe University

Solution

Pulkit answered on May 18 2020
137 Votes
Sheet1
        Name:    Emily Baff
        Address:    00 ABC Avenue
Subu
ia/VIC 3001
        Payee’s tax file number    111 111 111
        Designation    Marketing Directo
        Income:
        Salary or Wages
        Gross Salary    $ 99,920.00
        Allowances    $ 5,000.00
        Lump Sum payment    $ 350,000.00
        Legal fees paid    $ (25,000.00)
        Rental Income    $ 16,500.00
        Capital Gain    $ 6,000.00
        Less:
f losses    $ (4,000.00)
        Other Income    $ 301.00
        Net taxable Income    $ ...
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