Microsoft Word - HI6028 Individual Assignment T2 2019
HI6028 Taxation Theory, Practice and Law Individual Assignment T2.2019 XXXXXXXXXX1
HOLMES
INSTITUTE
FACULTY OF
HIGHER
EDUCATION
Assessment Details and Submission Guidelines
Trimester T2 2019
Unit Code HI6028
Unit Title Taxation Theory, Practice & Law
Assessment Type Assignment
Assessment Title Individual Assignment
Purpose of the
assessment (with
ULO Mapping)
Students are required to follow the instructions by your lecturer to
confirm any relevant information. You also need to follow any relevant
announcement on Blackboard to confirm the due date and time of the
assignment.
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 This assignment task accounts for 20 % of total marks in this unit.
Total Marks This assignment task accounts for 20 marks of total marks in this unit.
Word limit Max 2000 words (acceptable to be 10% above or below this word limit).
Due Date Refer to the Unit Outline, as Normal Mode & Block Mode have different
due dates.
Submission
Guidelines
• All work must be submitted on Blackboard by the due date along with
a completed Assignment Cover Page.
• 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.
HI6028 Taxation Theory, Practice and Law Individual Assignment T2.2019 XXXXXXXXXX2
Individual Assignment Specifications
Purpose:
This assignment aims at assessing students on the Learning Outcome from 1 to 4 as
mentioned above.
Instructions: Please read carefully to avoid mistakes.
• Answer all questions.
• This assignment along with a completed Assignment Cover Page is to be submitted on
Blackboard by the due date in soft-copy only (via 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. 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 (Via SafeAssign) on Blackboard before final
submission in the subject. For further details, please refer to the Unit Outline and
Student Handbook.
• Late submissions will be subject to Holmes Institute policy on student assessment
submission and late penalties (please refer to subject outline and Student handbook).
• 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. You also must refer to relevant
legislation and/or case law in your answer. Reference sources must be cited in the text
of the report, and listed appropriately at the end in a reference list using Harvard
eferencing style.
• All assignments are expected to strictly follow Holmes Institute’s Academic Conduct
and Integrity Policy and Procedures. A copy of the Policy is available on the Holmes
Institute home page. (About Holmes > Policies) This policy is also explained in your
Student Handbook.
• Plagiarism and contract cheating in any form will not be tolerated and will have severe
consequences for the groups found committing the same, including receiving zero (0)
for the entire assignment and possible failure in the entire unit.
• For further details, please refer to the Subject Outline and Student Handbook.
• Note: Assessment task is set around the work that you have done in class. You are not
expected to go outside the content of the unit but you are expected to explore it.
HI6028 Taxation Theory, Practice and Law Individual Assignment T2.2019 XXXXXXXXXX3
Assignment Structure should be as the following:
Question 1: The goods and services tax (GST) Weighting
Identification of material facts regarding The City Sky Co goods and services
tax (GST) consequences discussed in the assignment question.
1 %
Identification and analysis of legal issues / legal question and relevant
laxation law.
2 %
Thorough yet succinct application of tax law to material facts.
3 %
Detailed and accurate conclusions are reached from the discussion. 1 %
Co
ect information and taxation law have been used and properly cited. A
detailed analysis has been performed.
2 %
Shows excellent understanding of the cases and/or section of legislation, its
context and application of taxation law.
1 %
QUESTION 1 TOTAL MARKS: 10 %
Question 2: Capital gains tax (CGT) XXXXXXXXXXWeighting
Identification of material facts regarding the capital gain tax (CGT)
consequences of Emma’s transactions discussed in the assignment
question.
1 %
Identification and analysis of legal issues / legal question and relevant
laxation law.
2 %
Thorough yet succinct application of tax law to material facts.
3 %
Detailed and accurate conclusions are reached from the discussion. 1 %
Co
ect information and taxation law have been used and properly cited. A
detailed analysis has been performed.
2 %
Shows excellent understanding of the cases and/or section of legislation, its
context and application of taxation law.
1 %
QUESTION 2 TOTAL MARKS: 10 %
HI6028 Taxation Theory, Practice and Law Individual Assignment T2.2019 XXXXXXXXXX4
Assignments’ Instructions and Requirements
QUESTION XXXXXXXXXXMARKS)
The City Sky Co is a property investment and development company. Recently the
company purchased a vacant piece of land south of Brisbane on which it is planning to
uild 15 apartments to sell. The City Sky Co has engaged the services of the local lawyer,
Maurice Blackburn, to provide the legal services required for the development for $33,000.
Maurice Blackburn runs an established sole trader business and turns over revenue of
$300,000 per year.
Advise The City Sky Co of the input tax credit entitlements that they may be entitled to.
Assume that The City Sky Co is registered for GST purposes.
QUESTION XXXXXXXXXXMARKS)
Emma has provided to you a listing of the transactions she has undertaken throughout the
financial year to assist you in completing her 2015 income tax return.
Sale of a block of land for $1,000,000: Emma purchased the land as an investment in
1991. The purchase price was $250,000, plus $5,000 in stamp duty, $10,000 in legal fees.
To fund the purchase, she took out a loan on which she paid interest totalling $32,000.
During the period of ownership her council rates, water rates and insurance totalled
$22,000. In January 2005 a dispute occu
ed with a neighbour over the use of the land and
legal fees incu
ed amounted to $5,000 in resolving this dispute. Before putting the property
on the market $27,500 was spent to remove a number of large dangerous pine trees that
were on the land. Advertising, legal fees and agent’s fees on the sale of the land were
$25,000.
Sale of Emma’s 1000 shares in Rio Tinto for $50.85 per share: Emma paid
okerage
fee of 2% on the sale. Emma initially purchased the shares for $3.5 per share in 1982.
Sale of a stamp collection Emma had purchased, from a private collector, in January
2015 for $60,000: Emma sold the collection at auction for $50,000. Auction fees totalled
$5,000 for the sale.
Sale of a grand piano for $30,000: It was initially bought for $80,000 in 2000.
HI6028 Taxation Theory, Practice and Law Individual