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HI6028-Taxation Theory Practice and Law

Question

Answered

Purpose of this assignment

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

concept of deductions, CGT, general anti-avoidance provisions and income tax administration.

2. Identify and critically analyse taxation issues. 

3. Interpret the relevant taxation legislations and case law.

4. Apply taxation principles to real life problems. 

Question 1

Emmi studies accounting at Holmes Institute and works part-time in Crown Melbourne restaurant. During the year Emmi has receipts as follows:

(a) Tips from customers of $335 cash; 

(b) Income of $25,000 from working in the Crown Melbourne restaurants; 

(c) An expensive perfume worth $250, from a regular customer gifted to Emmi at Christmas time. Emmi does not use the perfume and gave the perfume to her mother;

(d) A monthly entertainment event paid by the restaurant owner. The owner spends around $380 on the meals

that Emmi consumed. Emmi enjoys these events and sees them as a reward for her hard work;

(e) Emmi received $15,000 as Christmas gift from her father.

With reference to relevant legislation and case law discuss Emmi's assessable income for the year.  HI6028 Taxation Theory, Practice and Law Individual Assignment T3.2019 4 Calculate Emmi’s Total Assessable income.

Question 2

Liu is a 65 years old Australian resident but born in China, Liu is retiring from her business and decides to sell all of her Australian assets and moving home to China.

The assets that she is selling include:

(a) A house Liu purchased in 1981 for $55,000 and now worth $630,000. This house was Liu’s main residence for the entire period of ownership (03 marks).

(b) Liu’s car which cost $37,000 in 2011 and is now worth around $8,000 (03 marks).

(c) Liu’s has a small business enterprise, Monte Liu Photography Studio. She started the photography business herself and has found a buyer to take over the business for $125,000. The sale price includes $53,000 for all of the photography equipment, which cost $63,000, and $50,000 for goodwill (03 marks).

(d) Liu’s furniture for $4,800. No single furniture item being sold cost more than $2,000 (03 marks).

(e) Liu paintings for $28,000. All of her paintings were purchased in second hand shops or markets and no single painting cost more than $500. The one exception was a painting she purchased direct from an artist for $1,000. This painting being sold for $8,000 (03 marks).

Advise the capital gains tax (CGT) consequences of the above sales. Your answer should include appropriate legislative references. 

HI6028-Taxation Theory Practice and Law

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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