Income Tax Law Assigment
This is income tax law assignment. You have to discuss each case seperatley, each case one page of full discussion with the relevant calculation where is needed. Its very important to stick to the guide line and the recquired procedure attached to the assignment. There are some cases you need to use to support your answer and use them as a reference . use the Australian income tax act 1997
Cash/receipt basis cases: cardens case, firsten berg case
Accrual basis cases: Henderson case , Dunns case
Discuss the point asked to discuss in the assignment. There is some key points the teacher gave us.
Case1 :constructive receipts, ordinary income , cash basis S6-5 ITAA1997
Case2: cash basis the income will be assessed on refer to cardens case and firsten berg case to support answer s6-5(4) ITAA1997 42000+300
Case 3: discuss what amount it will be assesd on if it was cash basis 4200-2890= 1310-2000= -690 (loss) refer to cases cost basis should be less than 10000 and if it was accrual basis 35000 will be assesd on. For the second part of the case refer to cooked v sherden not convertible not transferrable than its not assessable.
Case4 : exclusive right is income or entry into income. 175000 +25000 =425000=21250 share of income from partnership sect 90 income of partnership 425000
Sec 92 represent income of partners from partnership
Case 5: is it carried on business on isolated transaction or is he selling as collectable?. Hint: he hasn’t sold them . isolated transaction – ordinary income income from carrying on business refer to Myer Emporium / white yurd beach case
Case 6: non assessable income- it’s a windfall gain 6-20, 615 sections from the act
Its very important to use the cases I named and the relevant sections. Please avoid plagiarism and use citation and easy Australian English that looks that a student has done it. And for the reference use APA style
Assessment Task 2: Individual Assignment
1) Assessment Details
The purpose of the assignment is to enable you to research and explore an aspect of taxation law. It is important for you to have time to think through how to structure and present arguments, and to discuss what the law is or should be in a particular area. This assessment task also gives you the opportunity to put the skills you have learned in tutorials into practice. Whilst discussion with others is encouraged, the final piece of work must be your own.
The length of the assignment is to be approximately 2,000 words. Essays of more than 2,200 words will not be marked; those less than 1,800 words will be at risk of failing. Please provide a word count with the essay. Do not include the synopsis, references or bibliography in the word count. Do not use appendices or footnotes as a way around the word limit. Penalties apply for late submission.
2) Criteria used to grade this task;
You will be assessed on:
a) Analysis (approx. 60% of the marks are allocated here)
• Depth of understanding of the topic and identification of relevant issues
• Accuracy of the law (legislation and cases) used to support discussion
• Clarity and coherence of the debate/discussion (think of leading the reader along a pathway, explaining the features, their importance and impact)
• Quality of discussion and argument
• Attempt to canvass a range of views and to offer an individual opinion on the state of the law/need for reform (depending on topic)
b) Research ( approx. 30% of the marks are allocated here)
• The use made of appropriate legal sources, in particular primary legal sources: e.g., the Income Tax Assessment Act (1936) (Cth) and cases (it is appropriate to rely on the summaries of cases located in secondary sources).
• The breadth and use made of relevant secondary legal sources, in particular a number of legal texts, internet sites and where possible academic journal articles.
c) Presentation (10% of the marks are allocated here)
• Readable connected prose NOT point form summaries
• Effective use of HEADINGS
• Consistent and accurate acknowledgment of sources using a recognised style – both in relation to in-text referencing and list of references/bibliography.
• Identification of the reference style being used (please put on title page)
• Typed preferably and double-spaced
3) Task Assessor
4) Suggested time to devote to this task;
A minimum time allocation of 20 hours is recommended.
5) Submission details
The Assignment is due in Week 9. You will be advised of the specific date for submission.
6) Feedback and return of work
Your Assignment with grade and comments will be returned to you within two weeks.
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