HOLMES INSTITUTE
FACULTY OF
HIGHER EDUCATION
HI6028 Taxation Theory, Practice and Law Individual Assignment T1 2019
Assessment Details and Submission Guidelines
Trimester T1 2019
Unit Code HI6028
Unit Title Taxation Theory, Practice & Law
Assessment Type Individual Assignment
Assessment Title Questions of Taxation Law
Purpose of the
assessment (with ULO
Mapping)
The individual assignment will assess students on the following learning outcomes:
1. Demonstrate an understanding of the Australian income tax system, the
concepts of income and deductions, CGT, FBT, GST general anti-avoidance
provisions and income tax administration. (ULO 1)
2. Identify and critically analyse taxation issues. (ULO 2)
3. Interpret the relevant taxation legislations and case law. (ULO 3)
4. Apply taxation principles to real life problems. (ULO 4)
Weight 20% of the total assessments
Total Marks 20
Word limit Not more than 2,000 words (acceptable to be 10% above or below this word limit)
Due Date Week 10 at 11:59PM
Submission
Guidelines
 This assignment along with a completed Assignment Cover Page is to be
submitted by the due date in soft-copy only (Safe assign – Blackboard).
 The assignment is to be submitted in accordance with assessment policy stated in
the Subject Outline and Student Handbook.
 It is the responsibility of the student submitting the work to ensure that the work
is in fact his/her own work. Ensure that when incorporating the works of others
into your submission that it is appropriately acknowledged.
 The assignment must be in MS Word format, no spacing, 12-pt Arial font and 2
cm margins on all four sides of your page with appropriate section headings and
page numbers.
 Reference sources must be cited in the text of the report, and listed appropriately
at the end in a reference list using Harvard referencing style.
 It is the responsibility of the student who is submitting the work, to ensure that
the work is in fact he
his own work. Incorporating another’s work or ideas into
one’s own work without appropriate acknowledgement is an academic offence.
Students should submit all assignments for plagiarism checking on Blackboard
efore final submission in the subject. For further details, please refer to the
Subject Outline and Student Handbook.
 Proper referencing in accordance with school regulations.
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HI6028 Taxation Theory, Practice and Law Individual Assignment T1 2019
Individual Assignment Specifications
Purpose:
This assignment aims at assessing students on the Learning Outcome from 1 to 4 as mentioned above.
Assessment task:
Question XXXXXXXXXXmarks)
Your client Helen wants to fund her business as a fashion designer, therefore she has sold some of the assets
as follows:
1- An antique impressionism painting Helen’s father bought in Fe
uary 1985 for $4,000. Helen sold the
painting on 1 December 2018 for $12, XXXXXXXXXXmarks)
2- Helen sold her historical sculpture on 1 January 2018 for $6,000. She has purchased the piece on
December 1993 for $5, XXXXXXXXXXmarks)
3- An antique jewellery piece purchased in October 1987 for $14,000. Helen sold the antique jewellery
piece on 20 March 2018 for $13, XXXXXXXXXXmarks)
4- Helen sold a picture for $5,000 on 1 July 2018. Her mother purchased the picture in March 1987 for
$ XXXXXXXXXXmarks)
Advise the Capital Gain Tax consequences of the above transactions.
Question XXXXXXXXXX marks)
Ba
ara is an economist researcher and commentator. The Eco Books Ltd offers her $13,000 for writing a book
about economics principles. Ba
ara has never written a book about economics principles, but accepts the
offer and writes the economics book called ‘Principles of Economics’. She assigns the book’s copyright for
$13,400 to The Eco Books Ltd. The book is published and she is paid. She also sells the book’s manuscript to
the Eco Books Ltd’s li
ary for $4,350 plus several interview manuscripts she has collected while writing the
economics book for which she receives $3,200.
Discuss each of the above payments to Ba
ara separately and states if these are income from Ba
ara’s
personal exertion. (2.5 marks) Would your answer differ if Ba
ara wrote the Principles of Economics’ book
efore signing a contract with The Eco Books Ltd in her spare time and only decided to sell it later? (2.5
marks) Support your answer by refe
ing to relevant statutory and case law.
Question XXXXXXXXXXmarks)
Patrick paid $52,000 to his son David to provide some assistance in his newly started business. They agreed
that David repay his father $58,000 at the end of five years. Patrick provided this loan to David without any
formal agreement or security deposit for the sum lent. Patrick told his son that he need not pay interest.
However, David repaid the full amount after two years through a cheque, which was included an additional
amount equal to 5% on the amount bo
owed.
By refe
ing to relevant statutory and case law, you need to discuss the effect of these a
angement on the
assessable income of Patrick. (5 marks)
Page 3 of 5
HI6028 Taxation Theory, Practice and Law Individual Assignment T1 2019
Assignment structure should be as the following (students responses involves calculations, and
students must refer to the relevant legislation and cases whenever required according to the
questions).
Questions 1:
Capital Gain Tax regarding antique impressionism painting
Capital Gain Tax regarding historical sculpture
Capital Gain Tax regarding antique jewellery piece
Capital Gain Tax regarding picture
Questions 2:
Discuss Ba
ara ‘s income under the case scenario
Discuss Ba
ara ‘s income under the alternative scenario
Questions 3:
Discuss the effect of these a
angement on the assessable income of Patrick
Marking criteria
Marking criteria Weighting
Question 1
Capital Gain Tax regarding antique impressionism painting 2.5%
Capital Gain Tax regarding historical sculpture 2.5%
Capital Gain Tax regarding antique jewellery piece 2.5%
Capital Gain Tax regarding picture 2.5%
Question 2
Discuss Ba
ara ‘s income under the case scenario 2.5%
Discuss Ba
ara ‘s income under the alternative scenario 2.5%
Question 3
Discuss the effect of these a
angement on the assessable income of Patrick 5%
TOTAL WEIGHT: 20%
Page 4 of 5
HI6028 Taxation Theory, Practice and Law Individual Assignment T1 2019
Marking Ru
ic
Excellent Very Good Good Satisfactory Unsatisfactory
Question 1
Capital Gain Tax
egarding
antique
impressionism
painting
Advised the
Capital Gain Tax
consequences
egarding the
antique painting
co
ectly.
Supported the
answer by
accurate
eferencing.
Student
demonstrates
very good
knowledge by
giving the
exempt capital
gain figure
egarding the
antique painting
accurately.
Student
demonstrates
good
knowledge of
CGT regarding
the antique
painting, the
esponse
needs more
elaborations.
Student
demonstrates
sound
knowledge of
CGT regarding
the antique
painting. Missed
to support the
answer by
proper
eferencing.
Student failed
to identify the
Capital Gain
Tax
consequences
egarding the
antique
painting.
Capital Gain Tax
egarding
historical
sculpture
Advised the
Capital Gain Tax
consequences
egarding the
historical
sculpture
co
ectly. Co
ect
CGT calculation
method has been
chosen. Co
ect
CGT figures and
clear final
comments are
present.
Student
demonstrates
very good
knowledge of
Capital Gain Tax
consequences
egarding the
historical
sculpture.
Co
ect CGT
calculation
method has
een chosen.
Minor e
or in
calculation of
the CGT figures
are present.
Final comments
are clear.
Student
demonstrates
good
knowledge of
Capital Gain
Tax
consequences
egarding the
historical
sculpture.
Co
ect CGT
calculation
method has
een chosen.
Minor e
or in
calculation of
the CGT
figures are
present. Final
comments
need more
elaborations.
Student
demonstrates
sound
knowledge of
Capital Gain Tax
consequences
egarding the
historical
sculpture.
However,
student missed
to missed to
selects the right
CGT calculation
method. As a
esult, the
calculation of
the CGT figures
are inco
ect.
Final comments
are not
elevant.
Student failed
to identify
Capital Gain
Tax
consequences
egarding the
historical
sculpture.
Capital Gain Tax
egarding
antique
jewellery piece
Capital gain or
loss of the
antique
jewellery has
een identified
co
ectly. Clear
final comments
are present.
Student
demonstrates
very good
knowledge of
CGT by refe
ing
to capital gain
or loss of the
antique. Clear
final comments
are present.
Minor e
or is
evidenced in the
answers.
Capital gain or
loss of the
antique
jewellery has
een
identified
co
ectly. But
fails to present
clear final
comments.
Student
demonstrates
sound
knowledge of
CGT by refe
ing
to capital gain
or loss of the
antique but not
all parts of the
questions.
Failed to
identify the
capital gain or
loss of the
antique
jewellery.
Capital Gain Tax
egarding picture
An excellent
esponse
presented and
identified the
Responded the
question very
good. Identified
the Capital Gain
Student
demonstrates
good
knowledge of
Sound
knowledge of
CGT is
presented
Student failed
to identify the
Capital Gain
Tax
Page 5 of 5
HI6028 Taxation Theory, Practice and Law Individual Assignment T1 2019
Capital Gain Tax
consequences
egarding the
picture co
ectly.
Supported the
answer by
accurate
eferencing.
Tax
consequences
egarding