Business structures Taxation assignment 代写
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Business structures Taxation assignment 代写
Business structures
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Part 1
Dale Teal and her husband Trent Teal have the following tax related information
Sole trader Activities
Dale was born on 01/11/1966 and runs a successful holistic health business as a
sole trader with the following details
Cash receipts from sale of trading stock for the year 110 000
Cash receipts from holistic health services 100 000
Amounts received in advance as at 30/6
(not included in cash receipts) 15 700
(Dale has a policy of refunding these amounts if clients choose not to go through
with the treatment)
Opening trading stock 37 500
Closing trading stock 30 000
Wages paid to part time staff 56 112
Rent expenses paid 15 600
Legal expenses incurred in renewing the lease 1 750
Superannuation Guarantee paid for all employees 5 190
Tax Agent’s Fees for last year’s tax return 6 50
Business Phone 1 780
Business structures Taxation assignment 代写
Electricity 4 000
Postage, printing & stationery 1 600
Employee activities
Dale is also a prison guard at a high security facility with Blackhand, a private
enterprise noted for its involvement in conflict areas. Blackhand is registered for
GST and able to claim GST credits
Salary 85 000
PAYG withholding 14 200
Dale also received a mobile phone valued at $800 which she uses 100% of the
time for prison guard related activities.
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Dale has a $25 000 interest free loan with her employer which she has used to
buy ASX listed shares in her name.
Other information
Her home phone bills totalled $1,200 with 55% business use.
Dale paid $7,390 during the year for income protection insurance to ensure an
income stream if she should be unable to work.
She also paid a further $755 for life insurance providing a capital payment on her
death or diagnosis of terminal illness.
Dale also had a number of CGT events during the year. She owns all these
assets herself.
• She sold a rental property purchased on 15/5/96 for $180 000 on 27/3/16
for $340 000
• She sold a stamp she picked up at a garage sale for $5 on 15/7/15 on
25/3/16 for $25000. Dale has an expert knowledge of stamps and
recognised it as a very rare stamp she could quickly sell to a collector.
• She sold a boat acquired on 1/11/04 for $17 500 on 1/4/16 for $9 000.
• She sold 500 shares acquired on 1/4/12 for $10 000 on 1/4/16 for $2 000
• She sold 1000 shares acquired on 3/4/84 for $10 000 on 1/4/16 for $2000
• She sold 2500 shares acquired on 25/5/96 for $18 000 on 1/6/16 for $18
750
Dale and Trent have a shared bank account which paid $2180 interest
Dale and Trent also own a share portfolio of ASX listed shares which paid a fully
franked dividend of $14350, 65% partially franked dividend of $9500 and
unfranked dividends of $4000.
During the year Dale paid 4 PAYG Instalments to the ATO of $8,500 each
Dale and the family are covered by full private health insurance.
Required
1. Identify any fringe benefits Dale has received and determine the value which
needs to be reported on her tax return. Show all fringe benefits tax
calculations
2. Calculate Dale’s taxable income
3. Calculate the balance of her assessment
4. Prepare a statement of advice for Dale explaining your decisions and
calculations based on the legislation and relevant case law. In particular
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discuss your treatment of the postage stamp in detail, including your decision
to treat it as a capital gain or as ordinary income.
Part 2
Amity has been employed as a tax advisor by the mid-tier private accounting firm
YoungPWC and Associates in their Adelaide branch for 7 years. In January 2015
she was selected to be sent to Kiribati for two years to advise the Kiribati
government on the design and implementation of a new VAT. The placement was
for a 2 year period with an option exercisable by Amity to extend the period for a
further 3 years.
Amity jumped at the opportunity and left Australia in January 2015 with her husband
Martin. Amity intended to stay in Kiribati for at least the initial 2 years and then make
a decision about staying longer if the lifestyle was enjoyable, the work enjoyable and
financially rewarding.
On first arriving in Kiribati, Amity and Martin took out a small mortgage on a house
on the beach and planned to furnish it with furniture bought from the local furniture
stores. However, they underwent extreme culture shock when they discovered there
were no local furniture shops selling anything they wanted and the cost of shipping
their furniture over was prohibitive. They decided to sell the house after 4 months
and take up a serviced apartment in the capital.
This was acceptable accommodation and it worked well enough as there were no
children. They were able to take out 12 month rent agreements as there were many
expats on one year placements. They made the apartment relatively homely with
their few belongings. However, Martin found getting any sort of reasonable
employment was essentially impossible and started to get dispirited.
Amity’s salary was paid into an account she opened with the Asia-Pacific Bank.
Amity and Martin kept their home in Adelaide and rented it out through agents for 12
month periods.
They discontinued their health insurance membership, however Amity maintained
her Chartered Tax Advisor membership. Their only relatives are their elderly parents
who resided in Australia.
Martin contracted a form of food poisoning from eating a toxic fish and after only 18
months away the disenchanted couple returned to Adelaide at the beginning of July
2016.
Required
You are required to advise Amity on whether or not she was an Australian resident
during the income year ended 30 June 2016 by reference to the relevant legislation
and case law.
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Business structures Taxation assignment 代写
