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Assessment Title Group Assignment Task Description Students shall be required to analyse, interpret and apply the correct tax regulations to given problems and this may involve tax calculations. As...

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Assessment Title Group Assignment Task Description Students shall be required to analyse, interpret and apply the correct tax regulations to given problems and this may involve tax calculations. As this is a group assignment students should form groups as quickly as possible from students in their class, and the group size is three students. The key objective of the study group is to ensure that the performance of the individual study group members is maximised. In order to enhance results the study group members will work collaboratively during the semester to ensure that each group member fully understands and can apply taxation rules to simulated real-life problems. As each group will include at least three students, one student should click on the "Group Assignment - Group Registration" link and enrol in an empty group. That is, select a group number from those available. That student then gives the group number to the other members of the group. They then click on the link and enrol in the same group. Students should not join a group via the above link unless they have already agreed – in person – with the other students in that group to work with them on the Group Assignment. Students should not join more than one group. It is expected that all members of the group are involved in the group assignment and it is highly recommended that the group hold regular meetings and submit work to each other for comment well in advance of the final submission date. A word limit of 1,500 words will apply. In the first instance please seek clarification from your lecturer/tutor regarding the requirements of your assignment. Further help is available at: http://www.latrobe.edu.au/students/learning/drop-in-learning-support Page 2 of 9 ACC3TAX /Taxation Maria Zito La Trobe University Assessment Due Dates 5 th May 2017 at XXXXXXXXXXpm) EXTENDED TO 10th of May 2017 at XXXXXXXXXXpm). There are policies and procedures to guarantee fair, consistent and transparent treatment of late submission of assessment tasks. Where a nonexamination item of assessment including essays or assignments is not submitted by the due date and time, a penalty will be levied as follows: The standard penalty for late submission of assessment tasks is 5% of the marks for that task for each delay in submission of a day or partial day up to a maximum of five (5) working days after the due date. Assessment tasks will not be accepted after the earlier of the following occurrences: the Teaching Team member. Post Date to Students Written feedback will be posted on LMS within three weeks of the submission date where they are submitted on time. Group Assignments which are submitted late may be posted after this time. Weighting 15% Submission Online through the Group Assignment Submission Link on the LMS subject homepage. The group assignment must be submitted in one (1) document only. This can only be in Word or PDF format. All assignments must be clearly identified with student names and student numbers Assignment Format Format your assignment as specified below: comments to be made by the assessor). a tolerance of 10% is allowed without penalty. Do not exceed the word limit if you can possibly avoid doing so. You
Answered Same Day Dec 26, 2021

Solution

David answered on Dec 26 2021
124 Votes
Part A
Case Study 1
As per provisions of Sect 6.5 of Income Tax Assessment Act 1997 assessable
income includes income according to ordinary concepts, which is called ordinary
income. The income of a person ca
ying on Business in Australia is charged to
income tax on the income earned by him in Australia.
What determines whether the profits on sale of land are ordinary income or not is
the fact purpose for which the assesse has been holding the land. It was held that
the assesse did not have enough capital to mine the land.
1
The memorandum of
association included the clause to buy the copper bearing land. Now it cannot be
claimed that it was merely a replacement of capital asset as the assesse was eager
to earn profits by speculating in land and investments as he held the land merely
for the purpose of appreciation in its value. Thus he was held liable to pay income
tax on the gain realized on sale of land.
The essence of “trade” necessarily gives the transaction a flavor of speculation in
land and thus makes the assesse liable to pay tax like ordinary income. It was
stated that there was no universal formula to make this decision but necessary
eliance has to be made on the nature of particular trade being ca
ied on and the
elation to expenditure to the promotion of the...
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