HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester T3, 2021 Unit Code HA3042 Unit Title Taxation Law Assessment Type Assignment Assessment Title...

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HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester T3, 2021 Unit Code HA3042 Unit Title Taxation Law Assessment Type Assignment Assessment Title Individual Assignment Purpose of the assessment Students are required to follow the instructions provided by the Unit Co- (with ULO Mapping) ordinator to confirm any relevant information. You also need to refer to the relevant announcement(s) on Blackboard to confirm the due date and the time of the assignment. The individual assignment will assess students on the following learning outcomes, as listed below: 1. Identify the sources of taxation law and the framework in which taxation is administered (ULO 1) 2. Identify various types of taxation including income tax, consumption taxes, goods and services tax, taxes on capital and fringe benefits tax (ULO2) 3. Identify and apply the fundamentals of calculating the taxable income and tax payable for individuals and business entities (ULO 3) 5. Communicate knowledge of taxation law, through written and/or Oral communication, and be able to demonstrate critical thinking and legal analytical skills. (ULO 5) Weight 25%. This assignment assessment accounts for 25% of the total marks in this unit. Total Marks 25 Marks. This assignment assessment accounts for 25 marks of the total marks in this unit. Word Limit Maximum 1,200 words Due Date Week 11 – 11 February 2022 at 11.59pm Late submission incurs penalties of 5 (five) % of the assessment value per calendar day unless an extension and/or special consideration has been granted by the lecturer prior to the assessment deadline HA3042 Individual Assignment Submission Instructions: Guidelines Please read the following information 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. • The self-check links are no longer available as a separate link in each unit’s assessment. Students are now limited to attempt any given assignment submission a maximum of three times. After every attempt you will receive a SafeAssign originality report with Blackboard Learning Management System. This will provide detailed information about the matches found between your submitted works and existing sources. • The assignment is to be submitted in accordance with assessment policy stated in the Unit 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. • 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 Adapted Harvard Referencing Holmes has now implemented a revised Harvard approach to referencing: 1. Reference sources in assignments are limited to sources which provide full text access to the source’s content for lecturers and markers. 2. The Reference list should be located on a separate page at the end of the essay and titled: References. 3. It should include the details of all the in-text citations, arranged alphabetically A-Z by author surname. In addition, it MUST include a hyperlink to the full text of the cited reference source. For example; P Hawking, B McCarthy, A Stein (2004), Second Wave ERP Education, Journal of Information Systems Education, Fall, http://jise.org/Volume15/n3/JISEv15n3p327.pdf 4. All assignments will require additional in-text reference details which will consist of the surname of the author/authors or name of the authoring body, year of publication, page number of content, paragraph where the content can be found. 5. For example; “The company decided to implement an enterprise wide data warehouse business intelligence strategies (Hawking et al, 2004, p3(4)).” http://jise.org/Volume15/n3/JISEv15n3p327.pdf HA3042 Individual Assignment Non - Adherence to Referencing Guidelines Where students do not follow the above guidelines: 1. Students who submit assignments which do not comply with the guidelines may be required to resubmit their assignments or incur penalties for inadequate referencing. 2. Late penalties will apply per day after a student or group has been notified of a resubmission requirement.  Students whose citations are fake will be reported for academic misconduct Reference sources must be cited in the text of the report and listed appropriately at the end in a reference list using the Harvard referencing style, which includes the page no. and the paragraph. You also must refer to the relevant legislation and/or case law in your answer. Note - If you use a journal article or a published academic document, you must provide the full text reference with a weblink in the list of references. Note: This assessment task is based on the work that you have done in the interactive tutorials. You are not expected to go outside the content of the unit but you are expected to explore it. Individual Assignment Specifications Purpose: This individual assignment aims to assess students on learning outcomes 1, 2, 3 and 4 as mentioned above. This assignment covers the following key topics: Specific Deductions, Individual Income Tax and Fringe Benefits Tax (FBT). Students need to research these two (2) topics, as stated above, and apply their knowledge from the relevant weeks 1 – 10, before attempting these questions. The Assignment Structure is as follows: HA3042 Individual Assignment HA3042 Assignment Questions Question 1 (15 Marks) Deepika is your client. She wants to know about some tax-related provisions and practices. She asks some questions - what are the legal provisions related to Taxable Income, Medicare Levy, and Medicare Levy surcharge? Answer these questions based on legal provisions and practice. (5 marks) She needs to lodge his income tax for 2020/21. Calculate her Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer with the information below: • Deepika is a single and an Australian resident who plans to lodge tax for the tax year 2020 -2021 • Her total taxable income is $100,000 (Including tax withheld) • She does not have private health insurance. • Deepika has a student loan HECS outstanding for her previous study at Tasmania University of $43,000. • Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. • Deepika earned a passive income of $6,000 from the investments in shares in the same tax year. (Maximum – 800 words) Hint: The following website can be used to cross-check your answer, but you need to provide detailed calculations, rates and explanations with the screenshots of rates from the ATO website. https://www.paycalculator.com.au/ QUESTION 1: Income Tax Calculation Weighting Total Assessable income 1 % Total taxable income 1% Using correct income tax rate 1 % Medicare Levy 1 % Medicare Levy Surcharge 1 % HELP repayment amount with using current threshold and rate 1 % Total Tax Liability 2 % Net Tax Liability (Total Tax Liability less any applicable tax offset if any) 2 % QUESTION 1 TOTAL MARKS: 10 % https://www.paycalculator.com.au/ HA3042 Individual Assignment QUESTION 2 (10 MARKS) Calculate the taxable value of the fringe benefit using the statutory formula in the following case context: Harris provides his employee (John) with the use of a Nissan car 216 days during the Fringe Benefits Tax year. During the period, the car travelled 11,000 km. Harris purchased the car last year for $57,000. Harris contributed $3,000 towards the cost of running the car and has provided Harris with relevant documentation. (Maximum – 400 words) Academic Integrity Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these resources can also be found through the Study Skills link on Blackboard. Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment. Table 1: Six Categories of Academic Integrity Breaches Plagiarism Reproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism. Collusion Working with one or more other individuals to complete an assignment, in a way that is not authorised. Copying Reproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work
Answered 3 days AfterFeb 04, 2022

Answer To: HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION Assessment Details and Submission Guidelines Trimester...

Sandeep answered on Feb 08 2022
108 Votes
Q1
        Calculation of Total Assessable Income
        Taxable Income     $100,000
    Less     Superannuation (9.
5%)    $9,500
    Less     Medicare Levy (2%)    $2,000
    Add     Income earned from Investment in shares    $6,000
        Total Assessable Income     $94,500
        Tax Calculation from Tax slab
    Slab Rate    $ 45,000 - $ 1,20,000    $5,092
    Add    Excess over $45,000 @ 32.5% of taxable amount    $16,088
        Total Tax Liability     $21,180
        Correct Income Tax Rate is based on Taxable income
    Slab Rate    $ 45,000 - $ 1,20,000    $5,092
    Add    Income Tax rate     $0
        Medicare Levy @ 2% of Taxable Income    $2,000
        Total Medicare Levy Surcharge @ 1.25%    $1,325
         Total Taxable Income     $100,000
    Add...
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