ACC304 Assessment 3 Information T2_2020 Page 1 XXXXXXXXXXKaplan Business School Assessment 3 Outline Assessment 3 Information Subject Code: ACC304 Subject Name: Taxation Law Assessment Title:...

ACC304 Assessment 3 Information T2_2020

Page 1 XXXXXXXXXXKaplan Business School Assessment 3 Outline

Assessment 3 Information

Subject Code: ACC304
Subject Name: Taxation Law
Assessment Title: Assessment 3- Individual assignment
Assessment Type: Individual Assignment – Written letter of advice, Capital Gains Tax calculations
Weighting: 20 %
Total Marks: 20
Due Date: Due by Monday 21 September 2020 @ 19:55 (AEST)


Your Task

• This assignment must be presented as an individual effort.
• The assignment requires individual research using a range of tax resources. It is expected
you will survey the relevant literature, including decided cases, and select appropriate
additional resources.
• You are expected to identify the facts and issues presented by each question, identify and
apply the relevant legislation and/or case law, and reach a conclusion.
• This assessment assesses your research skills, your ability to synthesise an original piece of
work to specific content requirements. It also assesses your written communication skills.
• Your reasons for your conclusions and recommendations must be based on your research
into the relevant cases and legislation. Please check the marking sheet (included below) for
Part A to ensure that you have followed all the guidelines

Required

The assignment consists of two parts:

• PART A: Written letter of advice. (10 marks)

• PART B: Advise net capital gains (losses) to be included in Madison Turner’s tax return for
the years ending 2019 and 2020. Include ALL available methods for calculating a capital gain
for both years. (10 marks)

Page 2 XXXXXXXXXXKaplan Business School Assessment 3 Outline

Assessment Description

PART A: Written letter of advice.

Due to COVID-19, Madison was informed by her two cu
ent employers that she would be
nominated as an eligible recipient for JobKeeper payments from the government. Madison is
confused about the tax ramifications of receiving JobKeeper payments and she is seeking your
advice. In your own words, explain the tax treatment of JobKeeper payments to Madison and the
potential impact of having two employers nominating her. She also has some sole trader income
on the side and is wondering whether this will impact her nomination. (500 word limit)

PART B: Calculate net capital gains (losses) to be included in Madison Turner’s tax return
for the years ending 2019 and 2020.

Madison Turner, an Australian resident, seeks advice on the CGT consequences of the following
events. She exchanged contracts for the acquisition of an investment property, at market value, on
30 January 1999, paying a 10% deposit of 60,000. Property settlement was defe
ed until 10
December 2001, when the balance of $540,000 was paid, title transfe
ed, and her name was
ecorded as the registered proprietor. At the time of the settlement, the market value of the
property was $800,000. She sold the property on 15 June 2019 for $1 million.

She also bought 20,000 shares in BHP Billion in October 1985, paying $18.50 per share. She
decided to sell her entire holding, for $40 per share, and signed a share transfer document and
handed the transfer and share script to the Stock Exchange on 21 June 2019. The transfer was not
egistered with BHP Billiton until 10 July 2019.
She also incu
ed a capital loss of $50,000 from another CGT event in 2019/2020.

You have to include ALL available methods for calculating the net capital gains for the
years ending 2019 and 2020.

You have to show all workings.
















Page 3 XXXXXXXXXXKaplan Business School Assessment 3 Outline


Part A Assignment Ru
ic: 10% Written Letter of Advice


Components High
Distinction
85 – 100%
(Marks 8.5 to
10.0)
Distinction
75 - 84%
(Marks 7.5 to
8.49)
Credit
65 – 74%
(Marks 6.5 to
7.49)
Pass
50 – 64%
(Marks 5 to
6.4)
Fail
0 – 49%
(Marks 0 to
4.9)
Mark
Awarded
(Out of
10)
Written
Letter

10%
The letter
clearly
identifies and
addresses all
the technical
issues raised &
provides clear,
co
ect &
decisive
answers
displaying an
outstanding
understanding
of each of the
technical
issues.
* It is easy for
the client (non-
accountants) to
understand.

The Letter
clearly
identifies and
addresses most
of the technical
issues raised by
the client and
provides clear,
co
ect and
decisive advice
displaying a
good
understanding
of most of the
technical
issues. * It is
easy for the
client (non-
accountants) to
understand.

The Letter
clearly
identifies &
addresses
some of the
technical issues
aised by the
client and
provides
easonably
clear, co
ect
and decisive
advice
displaying a
easonably
good
understanding
of some of the
technical
issues.
* It is relatively
easy for the
client to
understand.

The Letter
identifies and
addresses
some of the
technical issues
aised by the
client and
provides fairly
clear, but not
always co
ect
and/or decisive
advice. It
displays a
easonable
understanding
of some of the
technical issues
aised.
* It is relatively
easy for the
client to
understand.

The Letter does
not
identify or
address the
technical issues
aised by the
client
It displays a lack
of understanding
of some
or most
of the
technical
issues
aised.
*It is difficult for
the client to
understand.
* It does not
give co
ect
clear and/or
decisive advice
on most of the
issues raised
.
















Page 4 XXXXXXXXXXKaplan Business School Assessment 3 Outline

Important Study Information


Academic Integrity Policy

KBS values academic integrity. All students must understand the meaning and consequences
of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct
Policy.

What is academic integrity and misconduct?
What are the penalties for academic misconduct?
What are the late penalties?
How can I appeal my grade?

Click here for answers to these questions:
http:
www.kbs.edu.au/cu
ent-students/student-policies/.


Word Limits for Written Assessments

Submissions that exceed the word limit by more than 10% will cease to be marked from the point
at which that limit is exceeded.


Study Assistance

Students may seek study assistance from their local Academic Learning Advisor or refer to the
esources on the MyKBS Academic Success Centre page. Click here for this information.

http:
www.kbs.edu.au/cu
ent-students/student-policies
https:
elearning.kbs.edu.au/course/view.php?id=1481
    Assessment 3 Information
    Subject Code:
    Subject Name:
    Assessment 3- Individual assignment
    Assessment Title:
    Individual Assignment – Written letter of advice, Capital Gains Tax calculations
    Assessment Type:
    Weighting:
    Total Marks:
    Due by Monday 21 September 2020 @ 19:55 (AEST)
    Due Date:
    Your Task
     This assignment must be presented as an individual effort.
     The assignment requires individual research using a range of tax resources. It is expected you will survey the relevant literature, including decided cases, and select appropriate additional resources.
     You are expected to identify the facts and issues presented by each question, identify and apply the relevant legislation and/or case law, and reach a conclusion.
     This assessment assesses your research skills, your ability to synthesise an original piece of work to specific content requirements. It also assesses your written communication skills.
     Your reasons for your conclusions and recommendations must be based on your research into the relevant cases and legislation. Please check the marking sheet (included below) for Part A to ensure that you have followed all the guidelines
    Required
    The assignment consists of two parts:
     PART A: Written letter of advice. (10 marks)
     PART B: Advise net capital gains (losses) to be included in Madison Turner’s tax return for the years ending 2019 and 2020. Include ALL available methods for calculating a capital gain for both years. (10 marks)
    Taxation Law
    ACC304
    20
    20 %
    PART A: Written letter of advice.
    Due to COVID-19, Madison was informed by her two cu
ent employers that she would be nominated as an eligible recipient for JobKeeper payments from the government. Madison is confused about the tax ramifications of receiving JobKeeper payments and she...
    PART B: Calculate net capital gains (losses) to be included in Madison Turner’s tax return for the years ending 2019 and 2020.
    Madison Turner, an Australian resident, seeks advice on the CGT consequences of the following events. She exchanged contracts for the acquisition of an investment property, at market value, on 30 January 1999, paying a 10% deposit of 60,000