LAW3130 - Roy Case Study - Taxation Law Assignment Help

Assignment Task

Assessment

Roy lives in Mitchelton and carries on a pet food retail business in the local shopping centre. During the year ended 30 June 2019 he had the following receipts:

• On 31 March 2019 Roy received a non-refundable non-transferrable holiday worth $15,000 from one of his suppliers for having the highest sales of that brand in Queensland. Roy will not be able to take the holiday but is not permitted to sell it to one of his friends.
• Roy received $24,000 on 12 November 2018 from the owner of a nearby shopping centre in Keperra as an incentive for Roy to move his shop to Keperra and sign a 5-year lease. Roy had also been offered $8,000 to sign a new lease by his current landlord, but Roy decided to accept the higher offer.
• Roy donated dog food to Guide Dogs Queensland for their Bald Hills kennels. The food cost Roy $5,000 but he would have sold it to his customers for $10,000. Roy also took some dog and chicken food home during the year to feed his own pets. Roy recorded that he took products costing $3,000 for his own use which he would have sold to his customers for $6,000.
• On 28 May 2019 Roy placed an order with an organic food producer based in the United States costing $45,000. The goods were loaded onto the ship on 10 June 2019 and arrived at Roy’s shop on 5 July 2019. The shipping terms were FOB, meaning Roy took ownership, risk and control of the stock once it was loaded onto the ship.

Required:

Based on this information what are the income tax consequences of the above transactions for Roy for the year ended 30 June 2019? Support your discussion with reference to legislation, case law and/or taxation rulings.

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