Topics: Taxation, Capital gain, Capital gains tax Pages: 10 (2799 words) Published: September 12, 2013
LAWS7012 | Business Taxation
Assignment – Semester 2 | 2013
Important Facts to Note
1. The assignment is worth 40% of the assessment in this course.

2. The assignment has 2 questions, each worth 20 marks. 3. You must submit your assignment before 4.00pm on Thursday, 12 September 2013. 4. Students must submit their assignment electronically via the Turnitin link [LAWS7012 | 2013 – Semester 2] in the Assignment Submission folder in the Assessment area of the course website in Blackboard. Online assignments do not require a separate cover sheet. Refer to documentation in the Assignment Submission folder on the naming requirements of the assignment file. 5. There is no prescribed word limit for this assignment and no penalties will be applied for students who exceed the suggested word limit. As a guide, your assignment could be completed under 3,000 words. 6. Students must retain a hard copy of their submitted work.

7. Review Sections 5.3, 5.5 & 6.1 of the Course Profile for information on assessment procedures. In particular, note: “Where a non-examination item of assessment (including essays, assignments, take-home tests, etc) is not submitted by the due date and time, a penalty will be levied at the rate of 10% of the marks available for the assessment item per day (or part thereof) that the assessment is overdue.

LAWS7012 Business Taxation | Assignment | Semester 2 - 2013 Assessment submitted more than 5 days after the due date will receive zero marks. For full details, students should refer to the Law School policy on Late Submission of Assessment & Absences from Mid-Semester Examinations.

Extensions for non-examination items of assessment will only be considered in respect of illness or other certified medical condition. Applications for extension shall be made by lodging the Application for Extension of Assessment / Special Mid-Semester Examination form (and supporting documentation) with the Law School Office prior to the due date for assessment unless the illness or other medical condition is such that the student cannot reasonably be expected to have applied prior to the due date.

Students who are granted an extension beyond the due date for assessment items must submit their assessment to the Law School Office, NOT the BEL Faculty Collaborative Learning Centre.”

The Business Taxation Assignment examines a student’s ability to conduct research into taxation issues and to provide advice to a client. The assignment will also examine an understanding of statutory income, in particular the capital gains tax provisions of the Income Tax Assessment Act 1997.

Question 1 and Question 2a require students to clearly identify the relevant tax issues, reference all applicable sections of the Income Tax Assessment Act 1936 and/or the Income Tax Assessment Act 1997, related tax cases and/or rulings of the Australian Taxation Office. A suggested format to answer Question 1 and Questions 2a is the traditional ILAC approach:1. Identify the relevant issue(s) 2. State the relevant law 3. Apply the relevant law to the facts provided 4. Reach a conclusion based on the application of the law to the facts

Students can review past year examples of Business Taxation assignments in the Assessment folder of the course website. These examples demonstrate some of the better formats used to present answers, however they do not necessarily contain the correct answer. 2|Page

LAWS7012 Business Taxation | Assignment | Semester 2 - 2013

Question 1 | 20 Marks
Based on the information below determine which receipts, if any, are assessable income for your client for the year ended 30 June 2013. You answer should include exact dollar amounts and where applicable any relevant rates of taxation that will be applied to this income. Calculations of tax payable are not required. Your answer should reference all applicable sections of the Income Tax Assessment Act 1936 and/or the Income Tax Assessment Act 1997, related cases...
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