TaskQuestion 1Henry, a tax resident of Australia, was a well-known jazz singer who handed away not too way back. Jack, a author was on Henry’s life story and wished to jot down a bibliography on Henry’s life. Jack approached Henry’s partner, Jenny (moreover a tax resident of Australia) to interview her on Henry’s life story. She was provided $1 million for Henry story. Jenny was paid $500,000 deposit sooner than the interview. After the interview she was paid the stableness of the money.Would the tax penalties have modified if Jenny had written the book herself?
RequiredAdvise Jenny on her tax penalties.You must cite the associated case laws and legal guidelines(10 marks)
Question 2
Sally is a single mom or father who’s employed as an accountant. With a goal to attend employment she ought to put her youthful child in a day-care centre. Sally considers the expense is basically incurred in gaining her earnings. Would she be entitled to a tax deduction beneath s8-1?
Required
Advise Sally of her tax penalties
(10 marks)
Question three
Joseph conducts an plumbing enterprise. With a view to future retirement he purchases 20ha of land and crops native wildflowers that he plans to reap and promote. As a preliminary measure he arranges to clear the land and plough in compost. It is anticipated that the first industrial crop isn’t going to be harvested for five years. He incurs curiosity on a mortgage to finance the land purchase, land preparation costs, fertilizer costs and costs of shopping for native seedlings.
Advise Joseph of the tax penalties of the enterprise.
You must cite the associated case laws and legal guidelines
(15 marks)
Rationale
This analysis job covers issues from week 1 to 10 and has been designed to just remember to’re partaking with the subject content material materials steadily. :
This job has been designed to guage your means to
be succesful of set up and make clear the ideas of laws concerning taxation laws issues coated throughout the matter
discover a method present a functionality to work together in licensed Assessment
be succesful of use licensed Assessment talents to make use of the laws to licensed points concerning taxation so as to achieve a solution
be succesful of analyse licensed pointers so as to distinguish between doable outcomes to the licensed factors arising from novel fact circumstances.
School college students must be succesful of set up and apply legal guidelines and case laws to the issues acknowledged along with present the facility to analyse the issues completely and deal with the equipment of taxation concepts
