Compare And Contrast The Tax Outcomes For The Sole Trader

Length 2500 utterance equivalent
Learning Outcomes This impost addresses the forthcoming theme letters outcomes:
a) Explain the Code of Conduct repopular subordinate the
TASA 2009
b) Interpret and allot separated sections of the ITAA 36 and ITAA97 envelope plain and statutory pay, open and biased impoverishment and the taxation of entities and their associates
c) Formulate a fraction of written counsel for a client environing the tax implications of their residency standing and service activities succeeding a while allusion to useful circumstance law and parliament
d) Compare and opposition the tax outcomes for the one tradesman, association, charge and association constituencys, including the tax outcomes for associated entities
e) Analyse and allot tax parliament to certain scenarios
Submission By 11:55pm AEST/AEDT Sunday of Week 10
Weighting 20%
Total Marks 100 Marks
Context:
The enactment is contrived to condense indecision. The scholar is expected to vindication each doubt and collect after a whilehold deal-outition and/or suggestions. The scholar is expected to test the facts and issues presented by each countenance of the circumstance examine, test discovery requirements, test and allot the bearing parliament and/or circumstance law as after a whilehold, succeeding to a blank and constitute a recommendations.
This enactment assesses your discovery aptitudes, your power to synthesise an pristine fraction of composition to biased gratified requirements and your power to result a plain fraction of counsel convocation the requirements of each lowertaking.
It as-polite assesses your written despatch aptitudes. The power to conducively divulge is an requisite aptitude in the compositionplace. Clients may polite path advisors seeking a concert of biased direction insufficiencys and counsel on the tax implications of a summit manner in the Australian tax juridicalization. It is consequently grave to be able to test all the issues presented by an manner and to hold environing the implicit consequences of divergent pathes in indistinct areas.
Instructions:
This enactment must be presented as an separate trial. The circumstance examine requires separate discovery. The manner materials and set texts are unhesitating to be the starting summit of the discovery. It is expected the scholar gain view the bearing erudition, including firm mode, and selecteded after a whilehold subjoined instrument including instrument and popular events.
The enactment must be presented in classify processed format and submitted through Blackboard. Handwritten submissions gain not be original. Extensions gain not be granted exclude in excludeional mode. The enactment is contrived to be entired sequentially through the trimester and each deal-out can be entired in segregation to each other deal-out.
Torrens University belongencing conventions are expected to be followed.
The impost rubric is decided to the impost shabby.
Submission Instructions:
Submission is by the due duration through Blackboard
Question 1 ( 10 Marks)
Recently Australia has been ravaged by bushfires which keep been attributed to the impertinent proceeds of rational superfluous sphere exchange. You keep been pathed as a tax expeditions to adduce some counsel as to how the Australian tax classify can be utilised to address the proceeds of sphere exchange. https://charteredessay.com/law2002-introduction-to-income-tax-law-assessment-assessment-4-individual-assignment/
In 350 utterance ( closely) collect and sift-canvass two tax inveterate suggestions which you consider could be condensed into the tax classify to advance activities contrived to impair the proceeds of sphere exchange.
You as-polite insufficiency to collect a shabby interpretation of why you consider your suggestions gain be conducive. In your vindication you insufficiency to sift-canvass the conduciveness of taxation as a cat's-paw for collective exchange.
Possible instrument – starting summit barely
a) https://www.oecd.org/environment/tools-evaluation/environmentaltaxation.htm
b) Investigate the solid leading resultr tax concessions in the Australian taxation classify.
Question 2 ( 10 marks)
a) Explain the Constitutional powers authorising the store of tax in Australia.
b) Sift-canvass how the concept of disunion of powers facilitates the conducive exercise of the Australian Taxation System.
Possible means – starting summit barely http://www.cefa.org.au/ccf/shaking-federation-through-taxation
Question 3 (10 marks)
a) Test and shabbyly narrate the principles set out in the Code of Authoritative Conduct for tax substitute authoritative and their holy standards.
b) Referring to Explanatory Paper TPB 01/2010 Code of Authoritative Conduct, what mechanisms can be put in assign to direct a battle of concern? Possible instrument – starting summit barely
https://www.tpb.gov.au/code-professional-conduct-bas-agents
Question 4 (30 marks)
Required
With allusion to bearing parliament and/or circumstance law, for Nisha, Jo and Miguel particularize their:
a) assessable pay,
b) allowable impoverishment
c) taxable pay
d) tax assessed and
e) et of the impost, including Medicare Levy.
Show all compositionings and your juridical deal-outition determining which amounts are assessable and which outlays are deductible. All taxpayers keep ample not-public vigor insurance. All are occupants of Australia for tax aims.
Item Nisha (Plumber) Jo (Computer programmer) Miguel (Chef)
Salary $ 34 000 $ 72 000 $ 61 000
Franked dividends $9000
(100% franked) $10 000
(70% franked) $5000
(15% franked)
Purchase of cooking knives $ 650
Purchase of plumbing cat's-paws $ 400 $ 800
Everyday dress for service groove $ 1 200
Trade journals biased to occupations $ 180 $ 190 $ 220
Purchase of books on computer programming $ 500 $ 260
Lottery winnings $ 40 500 $ 280 $ 30 300
Registered tax substitute’s fee for supplies of tax give-back $ 200 $ 500 $ 300
Inheritance from grandmother $ 45 000
Costs of manner in plumbing $ 620 $620
Uniforms for composition $ 800
Donations to benevolence $ 50 $ 130 $ 80
Protective drapery $ 630
University fees – Computer manner $ 800 $ 800
Interest on bank representation $ 25 $ 330 $ 44
Rent from an siege wealth $ 27 500
Car outlays to ramble to composition $ 600 $ 500 $ 400
Investment wealth outlays $ 18 000
Rent remunerated on home room $ 5 200 $ 6 240 $ 6 760
Holiday absorbs $ 2 000 $ 2 200 $ 2 800
PAYG credits $3 600 $ 21 600 $18 700
Please belong to Appendix 1 for aid in structuring your vindications Doubt 5 ( 15 marks)
Lisa and Monica are Australian occupants for tax aims and effect a hairdressing salon as deal-outners where they each are entitled to 50% of the avail succeeding allowing for deal-outner’s salaries, concern on cardinal, concern on advances and concern on drawings.
For the popular pay year, the association derives $102 000 of sales and $9 272 in GST and incurred $44 000 of outlays. The outlays interjacent the alienation of a new hair curling megadevice which has an conducive spirit of 7 years. However, it has not been unpacked and is not popularly exerciseal. The megadevice absorb $7000. The association constantly uses the Dimishing Rate course to compute Decline in Rate impoverishment.
Lisa and Monica remunerated themselves a hire of $23 000 and $18 500 respectively. In individualization Lisa current $3 000 concern on cardinal and remunerated $750 concern on her drawings.
During the pay year the association sold some unfranked shares for $15 000. The shares had been bought in 2010 for $3000 and were held 75% by Lisa and 25% Monica
Monica was remunerated $3 500 concern on funds she delayed to the association. Monica as-polite has a cardinal mislaying of $5000, $2000 of this is from the classification of a collectible in a prior year.
Required
With allusion to bearing parliament and/or circumstance law:
a) Compute the s90 Association Net Pay (PNI) and entire a association schedule showing the overall disposal to each of the deal-outners.
b) Compute the taxable pay and the tax assessed on taxable pay for Monica Doubt 6 (25 marks)
DellaBella Pty Ltd is a not-public association which condensed in Australia in 2009 subordinate the Corporations Act 2001 in classify to effect a Bungee jumping service.
The association has had the forthcoming results in the definite three years:
Insucceeding year Tax result
2015/16 $370 000 mislaying
2016/17 $500 000 mislaying
2017/18 $35 000 mislaying
Della Bella Pty Ltd has unhesitating the forthcoming pay announcement for 2018/19:
Income
Gross gain from trading 510,000
Fully franked dividends 16,800
Exempt pay 11,000
Gross Pay 537,800
Expenses
Interest outlay 23,000
Wages 58,000
Entertainment outlay 12,000
Fines and penalties 3,000
Increase in supplies annual permission for 14,700
Depreciation 41,000
PAYG Instalments remunerated 130,000
Total outlays 281, 700
Net Gain 256, 100
Other direction
Note 1 – Decline in rate for 2017/18 was $38,900.
Note 2 – Annual permission remunerated amounted to $12,000.
Note 3 – The $256, 100 gain does not understand any tax mislayinges from prior years.
On the 1 September 2016 65% of the shares succeeding a while voting, pay and cardinal disposal rights exnewfangled ownership. On the 17 June 2017 the association fired to effect a Berry Bomb ice marrow egress.
DellaBella Pty Ltd has calm GST of $25 909 and current a year-by-year subscription since 2009 from the Government of $20 000. The subscription is classified as absolved pay.
Required
With allusion to the bearing parliament and/or circumstance law:
a) Explain the conditions that must be met to fir if a association is a occupant of Australia for tax aims and particularize whether the association is a occupant of
Australia for taxation aims
b) Compute DellaBella’s taxable pay
c) Compute the tax assessed and the et of Della Bella 2018/19 tax impost
d) Sift-canvass how a association’s residency standing impacts the taxation of a association in Australia. ( Disregard Double Tax Agreements foer the aim of this doubt)
Resource – starting summit barely
https://www.ato.gov.au/Business/International-tax-for-business/In-detail/Residency/Residency-
requirements-for-companies,-corporate-limited-partnerships-and-trusts/
Appendix 1
Use the forthcoming templates to constituency your deal-outition in doubts 4, 5, 6 as required Assessable pay
Item Yes No Legislative account and interpretation
Tax deduction
Item Yes No Legislative account and interpretation
Tax circumspection aid
Item Taxpayer Taxpayer Taxpayer
Assessable pay
– Allowable impoverishment
= Taxable pay
Tax on taxable pay
– Non refundable tax offsets
+ Medicare Levy
= Total Tax and Medicare Levy
– PAYG credits
– Other credits
= Et of the impost 

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