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PowerPoint Presentation BULAW5916 assignment information Faculty of Business Citation and referencing The assignment information mentions that “answers should be supported by reference to appropriate case law, statutory provisions and ATO rulings” The course description mentions that APA style should be used (you can use either APA 6th or 7th edition referencing style) APA means in text citation and a reference list at the end There is a section in the Library’s information about APA on legal material: https://federation.edu.au/library/student-resources/fedcite In your reference list, include all cases, statutes and ATO rulings that you mention, along with any books and websites Word count 1,800-2,200 words (not including references) You should not include the questions in your answer (just headings with Question 1 and Question 2 is fine) Turnitin Your assignment will be submitted via the Turnitin link in the Assessment Information section on Moodle. In law courses, it is not unusual to find a fairly high similarity ratio given the use of particular phrases. However, your lecturer (who will mark your assignment) will be concerned if the assignment contains large extracts from one source Students should submit their assignments in word documents Plagiarism is where a student presents the work of someone else as their own work and they do not properly acknowledge the work of others. Plagiarism is not acceptable. Information on plagiarism can be found at: https://federation.edu.au/current-students/assistance-support-and-services/student-support-services/student-advisory-service/misconduct/accused-of-plagiarism-or-misconduct If there are problems submitting your assessments… Take screen shots / keep evidence of the issue, and send this to your lecturer Special consideration Information is available here: https://federation.edu.au/current-students/essential-info/administration/special-consideration/higher-education Note regarding discretionary assessment extension: This should be applied for no later than 2 working days prior to the assessment submission date BULAW5916 Taxation Law & Practice Assignment – Semester 1, 2021 Purpose The purpose of this assignment is to enable you to explore and communicate your understanding of relevant aspects of taxation law. In the future some of you will work as accountants. While doing so, you may have clients who ask for tax advice. They may ask you how transactions they have entered into might be regarded for tax purposes (for example, is a transaction likely to be regarded as income or capital?). You may therefore be faced with clients in real-life situations and be asked to give advice to them about how they should treat these situations for the purpose of their tax returns. During this course, we will discuss what the law is (through reference to some of the main tax legislation, case law and ATO rulings) and will also discuss from time to time how we would tackle giving advice. For example, with some of the tutorial questions, we will discuss how to study law courses and write answers to tax law exams. While doing so, we will talk about how we must identify the relevant facts in a situation, identify the relevant rules, apply the rules to the facts and reach a conclusion. This will lead us to the exam, where you will continue to gain practical experience in answering problem style questions. This assignment will enable you to develop skills in answering such problem style questions before you sit the examination for this course. Word limit The length of the assignment is to be approximately 2,000 words. Assignments of more than 2,200 words will not be marked; those with less than 1,800 words will be at risk of failing. Please provide a word count with your assignment. Do not use appendices or footnotes as a way around the word limit. Due date 4pm on Thursday of Week 9. Penalties apply for late submission of work. Please submit your assignment via Turnitin through the BULAW5916 Moodle shell. Note all Federation University Australia rules relating to assessment apply. Marks Your lecturer will mark your assignment. Your marks will reflect the extent to which you have demonstrated an understanding of the material examined. This assignment carries a 30% weighting. It contains two questions. You must answer both question 1 and question 2. Feedback and grades will be communicated via Moodle within three weeks of the submission of your assignment. Please note, as per the course description assessment tasks submitted after the due date, without prior approval/arrangement will be penalised at 10% of the available marks per day (inclusive of Public Holidays and Weekends). Information about applying for Discretionary Assessment Extensions and Special Consideration is available here: http://federation.edu.au/current-students/essential-info/administration/special-consideration Presentation All written answers (other than calculations) should be presented as complete sentences. Where relevant, answers should be supported by reference to appropriate case law, statutory provisions and ATO rulings. Please do not refer to legislation other than the Income Tax Assessment Acts. For example, please do not refer to legislation governing taxation in other countries. Also, please do not consider residency and source issues. State any assumptions you make, and if your answer requires further information from the hypothetical client, please state precisely what information this is and why this is required. Providing irrelevant detail and lengthy references to facts without attempting to analyse the situation from a tax law perspective will not be looked on favourably. Question 1 Jo, a lawyer, took a voluntary redundancy from her full-time position at a law firm. She had done some photography when she was younger and decided to engage an architect to build her a dark room in her house. The dark room was completed at a cost of $55,000, equipped with all of the equipment that she needed to take her photography further. Jo advertised her services in the local newspaper and hired an assistant to help carry her expensive photography equipment around photo shoots, but few people were interested in paying Jo for her photography. For the year ending 30 June 2020 Jo sold $12,200 worth of professionally finished photographs and had expenses of $16,500. She is considering selling her photography equipment and taking up painting. Referring mainly to income tax cases, advise Jo of the tax implications of these activities. Would she be carrying on a business? What implications would this have? Please include specific advice on whether receipts would be assessable and whether expenses would be deductible. Refer to relevant cases and statutory provisions in your answer.15 marks Question 2 ABC is in the business of selling computer equipment and related software. In January 2019, ABC entered into a contract with XYZ, a computer retailer, to supply XYZ with computers and software over a period of two years. The contract provided that each computer sold by ABC to XYZ within the two-year period would be sold for a fixed price. Due to a change in ABC’s suppliers in November 2019, the price of ABC computers increased by an average of 20%. As a result, ABC indicated that it wished to cancel the contract from 1 December 2019. The cancellation of the contract meant that XYZ had to purchase other computers from another supplier at a higher price. XYZ commenced legal action against ABC seeking $2,000,000 in compensation, being compensation for the increased cost of having to purchase its computers and software elsewhere and also for the fact that the software which XYZ had already purchased from ABC was not compatible with the new computers which XYZ purchased from another supplier. The legal action was discontinued when XYZ paid ABC $1,500,000 to settle all claims against it. Advise XYZ as to whether the amount it has received as compensation constitutes assessable income. Refer to case law and statutory provisions in your answer. 15 marks Criteria used to grade this assessment In marking your assignment, your lecturer will place emphasis on whether you have demonstrated an ability to: · Identify and appropriately explain the range of tax issues connected with the fact scenarios posed in the questions · Apply case law and legislation (where appropriate) to the fact scenarios posed in the questions · Communicate in clear written English · Format your assignment appropriately