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HA3042 TAXATION LAW 作业代写

    1
    HA3042 TAXATION LAW
    TRIMESTER 1, 2013
    RESEARCH ASSIGNMENT 2
    Assessment Value: 20%
    HA3042 TAXATION LAW  作业代写
    Instructions:
    1. You must attach a cover sheet, and documentation to evidence that your
    assignment has been safe assigned on submission.
    2. Maximum marks available: 20 marks.
    3. There are four parts: each part is worth 5 marks.
    4. You should refer to the prescribed textbook, recommended textbooks, and any
    relevant Acts and case law in your answer.
    5. Maximum word length is 2000 words.
    6. This paper is due by 5pm Friday, in week 9.
    Student Name:
    ………………………………………………
    (Block letters)
    Student Number:
    HA3042 TAXATION LAW  作业代写
    2
    Part One: Capital Gains Tax
    Anita is a client of yours. To fund her career as an artist Anita sold some of her art
    collection by other artists. It consisted of:
    (a) An antique ceramic bowl purchased in February 1985 for $4,000. She sold the bowl
    on 1 December of the current tax year for $12,000.
    (b) A sculpture purchased in December 1993 for $5,500. She sold the sculpture on 1
    January of the current tax year for $6,000.
    (c) A bronze figure purchased in October 1987 for $14,000. She sold the bronze figure
    on 20 March of the current tax year for $13,000.
    (d) A painting purchased in March 1987 for $470. She sold the painting on 1 July of the
    current tax year for $5,000.
    HA3042 TAXATION LAW  作业代写
    Consider the CGT consequences of the above transactions.
    Part Two: General deductions
    Henry is a plasterer. He uses his own car (engine capacity 2600cc) to travel to the
    premises where he works. He acquired the care on 1 October 2012 for $60,000. The
    acquisition cost was funded entirely by a loan at an interest rate of 15%. He has
    determined that the depreciation on the care would be $2,300 for the year. In addition,
    Henry incurred the following expenses during the year:
    Registration and insurance = $2,000; Repairs and maintenance = $1,000; Oil and fuel
    costs = $1,500.
    For the period 1 October 2012 to 30 June 2013, Henry estimates that the care travelled
    a total of 15,000 km, 12,000 of which were for business purposes. You may assume
    that Henry has maintained all necessary records and a logbook.
    Calculate Henry’s deduction for car expenses under each of the four methods in Div 28
    of ITAA 1997. Use the “cents per kilometre” amounts for the 2011-12 year in answering
    this question. At the time of writing, reg 28-25.1 had not be updated for the 2012-13
    year. Assume that depreciation has be adjusted for part year use and the impact of the
    car limit.
    Part Three; Offsets
    Consider whether the following are allowable medical expenses for the purposes of the
    medical expenses rebate:
    HA3042 TAXATION LAW  作业代写
    3
    (a) A man suffers from Coeliac disease (a disease affecting the internal lining of the
    small bowel). A doctor prescribes the use of gluten-free foods to assist him in the
    performance of daily living activities.
    HA3042 TAXATION LAW  作业代写
    (b) A woman suffering from a defect of the circulatory system is advised by a doctor to
    wear heavy underclothing to protect her from the harmful effect of the cold.
    (c) A women suffers from a disease that causes baldness. She suffers extreme
    embarrassment and psychological stress associated with this baldness. The woman’s
    doctor advises her that she should wear a wig.
    HA3042 TAXATION LAW  作业代写
    (d) A man has a chronic back problem. On the advice of his doctor he installed a spa
    with extra hydrojets to help relieve the pain.
    Part Four: Tax accounting
    HA3042 TAXATION LAW  作业代写
    Your client is a medium-sized building company and has provided you with its
    accounting records for the 2012–13 financial year. Included in the accounting figures
    are the following amounts. How would you treat them for tax purposes?
    (a) Provision for long service leave for 10 employees — $25,000. The actual amount
    paid during the year was $12,000.
    HA3042 TAXATION LAW  作业代写
    (b) Insurance premium on the plant and equipment — $22,500, paid on 1 June 2013 for
    12 months.
    (c) As at 30 June, there is an outstanding electricity account for $1,500 and telephone
    account for $4,500.
    (d) A maintenance contract on the computer equipment for 12 months — $12,000. The
    contract ends at the end of May 2013, but was paid on 1 June 2012.
    HA3042 TAXATION LAW  作业代写
    (e) The sum of $165,000 was paid to the sales manager on 30 June 2012 as
    compensation for the early termination of his employment contract. The employment
    contract had one year to go; it would have ended on 30 June 2014.
    (f) Interest expense of $56,000 on a loan that has five years to run that was originally
    used to purchase a computer repair business which ceased to operate on 30 June
    2009.