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Tax 231 Written Assessment Worth 15% Monday 7th October @ 5pm Henry told us in his guide to the Institutional Framework of Taxation in Australia that the Australian Taxation System is one of the most...

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Tax 231 Written Assessment
Worth 15%
Monday 7th October @ 5pm
Henry told us in his guide to the Institutional Framework of Taxation in Australia that the Australian Taxation System is one of the most complex in the world and is made up of approximately 125 taxes including taxes such as Income Tax, Capital Gains Tax, Fringe Benefits Tax and Goods and Services Tax just to name a few. He also mentioned that there are many different organisations that play different and varied roles within this system to ensure its integrity and all Australians are equally treated with equity.
The Australian Taxation System is embedded in the way of life for all Australian taxpayers, we pay tax on our income, we pay tax when we purchase goods and use services, we pay tax when we sell assets and this is just to name a few.
It is important that you as a future tax professional understand how this system impacts on yourself and those around you and this can be seen from paying attention to media reports.
This assessment is in two parts –
Part One
You are required from week 1 to week 8 to review Australian newspapers such as the West Australian, Financial Review, The Australian, Sunday Times and various others for articles on Australian Tax. Please cut them out as they will need to be handed in with your assignment. If you do not have access to Australian Newspapers for examples you are an overseas student or have financial issues then you may use the Factiva Database within the Curtin Library. A factsheet on how to use this database in attached.
5 marks will be allocated for this task.
Part Two
After spending 8 weeks reading newspapers on the Australian Taxation System, you should have started to develop your own view of the system and how the system is used for different purposes.
For example many consider that it is used as a political tool by governments and other political parties, that it is far too complex and the average Australian does not fully understand their taxation obligations, that the organisations that are responsible for administrating the system are overloaded already. Whilst others have a strong view that the system is one of the best in the world and that its function is to raise money for public goods and without tax we do not have a civilised society. These are just a few observations and there are many more and if you speak to a number of different people you will get very wide ranging opinions.
But this assignment is based on your opinion of the Australian Taxation System.
The requirements of the assignment for part two is to produce a 1000 to 1500 word essay on your opinion of the Australian Taxation System which is based on your findings from the Australian newspapers and any other research you may want to undertake.
10 marks will be allocated for this task.
Criteria for Marking Assignments
This gives you an idea of what we are looking for when marking the assessments
Cover Page
Unit Title, assignment number, due date
Lecturers name, Student name and ID
Contact Address and Email Address
Structure
Introduction to assignment
Content of body (detailed)
Conclusion to assignment
Appropriate sentence structure
Correct grammar, spelling and punctuation
Appropriate use of language
Paragraph sizes appropriate
Font size readability
Appropriate line spacing
Appropriate headings and sub-headings
Pagination
Consistent format
Content
Evidence of appropriate reading on the areas required
Shows an understanding of the topics
Shows conceptual understanding of the issued involved in the assignment
Shows ability to analyse the issues involved in the assignment
Shows ability to convey to marker an understanding of the issues
Shows an understanding of the legal issues involved
Shows an ability to think broadly
Includes understanding of relevant legislation, rulings, etc
Includes all relevant documentation and attachments that is required within the assignment to back up theory
Referencing
Refers to sections of legislation (where appropriate)
Refers to legal cases (where appropriate)
Uses correct method of citing legislation and cases
References appropriate and current
Uses references to identify sources of information and acknowledges such sources
Bibliography at the end indicating materials read/used
Assignment Submission Process
Please read the submission process carefully. Students should understand that compliance with instructions in relation to an assessment task is critical. Students MUST be aware that non-compliance with these instructions can result in a mark of ZERO.
All assignments must be submitted by 5pm (western standard time) on the Monday of the week the assignment is due.
Students will also be required to submit their assignment to Blackboard. The assignment will automatically be submitted to the plagiarism detection programme, Turnitin.
What is Turnitin?
Turnitin is an electronic text matching system that compares text in a student’s assignment against electronic text on the Internet, in published works, on commercial databases, and in assignments previously submitted to Turnitin by students in universities all over the world, including assignments obtained from 'paper mills' (Internet sites which sell student papers).
Students and Turnitin
Turnitin is a fantastic resource to assist students with their referencing. Students are given the option to submit a draft assignment into Turnitin (via Blackboard) to retrieve an originality report of their assignment. The originality report is a tool to help locate potential sources of unoriginal work in submitted documents by highlighting similarities between the submitted text and the data in the Turinitin database.
Submitting a draft assignment and reviewing the originality reports provides students with the opportunity to ensure their assignment is referenced appropriately, and to make any necessary changes.
Please note that the similarity percentage that an originality report generates is not a measure of plagiarism, provided students have referenced the relevant primary sources which they obtained their information and ideas from correctly.
Submitting a draft assignment to view originality report
1. Log into the Taxation 231 Blackboard site. Open the ‘Assessment’ folder.
.
2. Click on the ‘Written Assessment: Revision 1’ link.
3. i. Complete the relevant information in the boxes provided.
ii. Ensure the draft assignment complies with the Turnitin requirements.
iii. Locate the draft assignment through the ‘Browse’ option.
ix. Submit the draft assignment by clicking the ‘Upload’ button.
4. Confirm the document you submitted is the correct document and click ‘Submit’.
5. Click ‘go to portfolio’.
6. Click the ‘similarity’ percentage or ‘View’ button to view the originality report.
SUBMISSION INSTRUCTIONS: Submitting assignment (final version)
? Follow the instructions provided above for submitting a draft assignment.
? PLEASE NOTE: Students can only submit a final assignment once. Students must take time and care when submitting their assignment.
Factiva Instructions
Using Factiva
Step 1. Go to the Curtin Library page and select Databases A-Z
Curtin Home > Library > Find books and resources > Databases A-Z
Step 2. Select Factiva
Step 3. Once you are in the Database – set up your search.
i) Select your keywords in the Free Text Search (we recommend Tax* OR FBT OR GST)
ii) Select the Date (e.g. in the last day, in the last week, in the last 3 months)
iii) Select your sources (e.g. The Australian, the West Australian, The Australian Financial Review)
iv) Select the area where you want to search for text (e.g. Full Article or Headline and Lead paragraph)
v) Click search
Answered Same Day Dec 24, 2021

Solution

David answered on Dec 24 2021
126 Votes
Introduction
Taxes are an important component of revenues that are required by the government to provide
services and amenities to its citizens. Tax structure of a country is a critical driver in designing
the consumption patterns of the individuals. Also, it is the deciding factor of the business mix that
the economy has.
Australian taxation system was classified as one of the most complex taxation systems of the
world by Australian Institute of Chartered Accountants in April 2010. It consists of more than
5,700 pages of income tax legislation, and consists of a total of 125 types of taxes. Of these 10
taxed make up 90% of the revenue collections for the government.
The analysis of the taxation system in Australia
The Organisation for Economic Co-operation and Development report pointed out that for
Australia, the revenue collection from taxation had declined in the recent years, especially after
the global financial crisis. The reason behind this is that Australian economy is more reliant on
corporate and income taxes and less on consumption taxes (the Goods and Services tax).
The report has noted that corporate tax revenues are the most cyclical in nature among the major
tax categories. On the other hand, consumption taxes are known to be more stable sources of
evenue and have known to play an important role in the process of fiscal consolidation in a lot of
countries. In an event of downturn in economy businesses are the first ones to be hit and result in
lower revenues and hence lower taxes. However, consumption still remains relatively robust
which is why it generates good amount of tax revenues. The country should be considering
altering its tax mix from a high proportion of revenues from corporate tax to increasing the share
of consumption taxes in revenue generation.
The tax system suffers from many defects which result in the erosion of revenue collection for the
government. The tax system in unable to deliver what is expected of it and is struggling to meet
its expectations. The government is already crunched up because there have been tax cuts which
have cut down the revenue but the spending continues to increase. This has added the burden on
the economy and raises an urgent need for reforms.
The Treasury has also identified their weakness in preventing dodging of tax by multinationals
such as Apple and Google dodging tax. The factors that enabled this behaviour were the features
of the “Australia's corporate tax system and policy developments.” The Treasury will now try to
align Australia’s tax system with the international standards.
The country has a high corporate tax rate among the OECD countries but there may be a
consideration to lower the tax rates for foreign companies in an attempt to attract investment from
overseas companies. The trick here is to identify the foreign investments which show sensitivity
towards the tax structure...
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