BUS2006: the Fundamental Principles and Operations of the Australian Taxation System and the Income Tax Assessment Acts - Law Assignment Help

Assignment Task

Unit Learning Outcomes

On successful completion of this unit, students will be able to:

ULO1 Describe and discuss the fundamental principles and operations of the Australian taxation system and the Income Tax Assessment Acts.

ULO2 Apply the concepts of assessable income and allowable deductions to calculate taxable income and tax payable.

ULO3 Research and analyse examples of taxations cases to illustrate income tax rulings.

ULO4 Analyse, discuss, and apply problem solving skills to resolve problems and issues relating to taxation law.

1) Calculate the depreciation allowed on home office furniture; purchased 1 July 2021 for 2000. Effective life 4 years.

2) Would a gift from a customer to his accountant be assessable income to the accountant? Would a gift from his will be assessable? List a case that is similar. What legislation covers this income?

3) Provide a case that allows deductions for home office expenses. What section would allow these expenses?

4) What section allows repairs to income producing assets? List a case to allow repairing a roof. List a case to allow repairing a fence. List a case that does not allow repairing of a whole asset. List a case that allows a deduction for painting a rental property.

5) List a case to allow motor vehicle expenses. Give the section they are allowed under. What section requires records to support travel? Explain this section

6) What section allows the Commissioner to make a change to your assessment? What can the Commissioner do? (Read lecture 10 and text book)

7) List the sections a taxpayer can use to challenge the Commissioner of Taxation's decision. Explain how Objections and Review to the AAT and the Federal Court operate.

8) Identify the sections for calculating Capital Gains Tax on: Jewellery, Car, Home, BoatPre-1985 assets

9) What section do you use to calculate a NET CAPITAL GAIN?

10) What section covers the sale of a Capital Gain asset? What section covers collection of insurance on a Capital Gain Asset?

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