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instruction is shown in the files2021/11/14 下午1:20 Preview Rubric: Assessment 2 - Letter of Advice Rubric - (BLO5539) Australian Income Tax Law & Practice - SY - Victoria University https://vucollaborate.vu.edu.au/d2l/lp/rubrics/preview.d2l?ou=1118190&rubricId=420315&originTool=quicklinks 1/3 Assessment 2 - Letter of Advice Rubric Course: (BLO5539) Australian Income Tax Law & Practice - SY Criteria Full HD D C P N The extent of research demonstrat ed and the overall grasp of the subject matter. Use of client centric approach Accurate and comprehensiv e knowledge of the law (e.g., correct identification of key sections, or key cases or articles) (marks 4.9 - 5.3) Very good knowledge of the law (e.g., very good identification of key sections, or key cases or articles) (marks 4.3 - 4.8) Good knowledge of the law (e.g., Good identification of key sections, or key cases or articles) (marks 3.6 - 4.2) Basic knowledge of the law (e.g., some identification of key sections, or key cases or articles) (marks 3 - 3.6) Limited or no knowledge of the law. (marks 0-2.9) Professionally presented letter tailored to the client’s needs that is dated, has an executive summary, a disclaimer and is signed off by a partner. (marks 1.7 - 1.9) Well- presented letter that is tailored to the client’s needs, dated, has an executive summary, a disclaimed and is signed off by a partner. (marks 1.4 - 1.6) A letter that is dated, has an executive summary, a disclaimed and is signed off by a partner. (marks 1.8 - 2.1) A well-argued essay that is not presented to meet the needs of the client. (marks 1 - 1.1) An essay that does not meet the needs of the client. (marks 0 - 0.9) 2021/11/14 下午1:20 Preview Rubric: Assessment 2 - Letter of Advice Rubric - (BLO5539) Australian Income Tax Law & Practice - SY - Victoria University https://vucollaborate.vu.edu.au/d2l/lp/rubrics/preview.d2l?ou=1118190&rubricId=420315&originTool=quicklinks 2/3 Criteria Full HD D C P N The quality of legal writing. Excellent application of legal precedent which was correctly evidenced with footnotes. Uses succinct, accurate sub- headings to add clarity and direction for both the reader and the writer. Skillful use of IRAC to present a well-argued letter of advice. Excellent use of the English language and appropriate grammar. (marks 1.7 - 1.9) Very good application of legal precedent which was correctly evidenced with footnotes. Uses sub- headings to add clarity and direction for both the reader and the writer. Minor errors in structure/font /space/margin /page number. Good use of IRAC to present a well-argued letter of advice.  No spelling or grammar errors. (marks 1.4 - 1.6) Good application of legal precedent which was correctly evidenced with footnotes. Uses a few sub-headings to add clarity and direction for both the reader and the writer. Several errors in font/space/m argin/page number. Adequate use of IRAC to present a well-argued letter of advice. Minor spelling and grammar errors. (marks 1.8 - 2.1) Acceptable application of legal precedent which was correctly evidenced with footnotes. Uses a few sub-headings which contribute minimally to clarity and direction for both the reader and the writer. Demonstrates an attempt to use suggested presentation of report. Adequate use of IRAC to present an argument, which presented accurate information but was not written in a persuasive manner. Some spelling and grammar errors. (marks 1 - 1.1) Incorrect or no application of legal precedent without referencing. Limited or no use of subheadings. Disregard suggested presentation of report. IRAC was not used, or used incorrectly and the letter did not have a good structure. Numerous spelling and grammar errors. (marks 0 - 0.9) 2021/11/14 下午1:20 Preview Rubric: Assessment 2 - Letter of Advice Rubric - (BLO5539) Australian Income Tax Law & Practice - SY - Victoria University https://vucollaborate.vu.edu.au/d2l/lp/rubrics/preview.d2l?ou=1118190&rubricId=420315&originTool=quicklinks 3/3 Overall Score HD D C P N

Rochak · Accepted Answer

Trading Stock
Trading stock according to the ATO (Australian Taxation Office) is any things which a business or organization acquires from outside sources, produces on its own, or manufacturers with its own ability for the purpose of selling or exchanging with any party.
Livestock which is also one of the trading stocks.
The trading stock treatment for almost all the goods are same unless and until it is differently defined by the Australian Taxation Office (ATO).
The recording of a sale which is made by the company of its trading stock can be recorded using any of the following methodology which the business thinks is relevant, the methods are:
· FIFO (First-In-First-Out), 
· LIFO (Last-In-First-Out),
· Weighted average cost.
Trading stock does not include each and everything, the things which are not included in trading stock are:
· Crops, timber, or fruits which are not yet harvested, these will become trading stock after they are harvested from the farm or agricultural field
· Spare parts which are available at a maintenance organization
· Goods which are owned by a business which is into the business of lending the goods in order to earn income, the income which these organization earn are income by hire or rental
· Consumables which are used for manufacturing a stock, like sandpaper.
All the business be it in any country account the value of trading stock at the end of the year (which is also called closing stock), and the same becomes the stock in hand at the beginning of next year (which is also called opening stock).
The trading stock value can be calculated using three methods which are defined by the Australian Taxation Office (ATO) as follows:
1. Cost-price method: The cost price method is the method in which the stock value is calculated by adding all the costs which were incurred by the organization in order to bring the stock to the current location and the environment from where it will be sold and exchanged. The various costs which are included are cost price of the stock purchased plus customs, taxes, excise duties, freight, and other costs.
2. Market-selling value method: The market selling value method which is also known as the fair value method calculates the value of the trading stock on the basis of at what price the stock can be sold today. The market selling price is determined by assuming that the current stock is getting sold to a customer and therefore seeing the value which the organization can get for that good out of that sale from the customer.
3. Replacement-value method: Here,

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