Unit Learning Outcomes Addressed:
- Appreciate and understand the factors influencing the creation and interpretation of income tax legislation and their relationship to accounting concepts and practice.
- Explain and discuss income tax law in Australia and more particularly the taxation of capital gains, fringe benefits tax, goods and services tax and small business tax concessions.
- Apply technical knowledge and analytical skills to evaluate and solve tax problems.
You are required to complete the following questions, in your own words*, based on the key materials covered in Chapters 1 and 2 of the prescribed textbook.
Types of plagiarism or academic misconduct:
- Sham Paraphrasing Material has been copied exactly from the source and has been acknowledged with an in-text citation but has not been quoted; There is a reference list.
- Illicit Paraphrasing Material has been paraphrased from the source without any in-text citation; There is a reference list.
- Exact Copying Material has been copied exactly from the source without any in-text citation; There is a reference list.
- No Referencing There is no in-text citations nor a reference list.
- Collusion Material has been copied from another student’s work;
- Recycling The same assignment submitted in more than one unit;
- Contract Cheating The assignment has been written by a third party and the students is claiming it as their own work.
Answer the following question IN YOUR OWN WORDS; i.e., no copying and pasting, In the moodle quiz provided in the assessment section of the subject moodle site. Each question is worth one (1) mark.
Introduction to Assessment:
“Over the years, Residency has been a contentious issue as it affects both the liability of an individual to pay Australian tax, and the rate at which such tax will be applied. The issue continues to only be partly addressed and remains open to wide interpretation. This is unlikely to improve, and certainty remains beyond the grasp of the individual, who remains at risk of the whims of the Australian Taxation Office and its capricious commissioners.”
You have recently been employed by a small suburban accounting firm who have a number of migrant clients who while holding Australian residency travel widely for work. Your Practice Manager has made the above statement to you following several frustrating meetings with clients. You respond by undertaking to research the issue to see just how contentious the situation really is. On this basis, your Practice Manager has requested that you prepare a report within three weeks to enable him to study the position.
Assignment Issue For Research:
Complete the following task IN YOUR OWN WORDS; i.e., no copying and pasting.
You are required to prepare a report in which you research, analyse and evaluate the current residency status situation from a taxation perspective, and any planned changes to legislation or regulation.
Your report must follow the standard formatting of a report, and demonstrate you understand what influences income tax legislation, how tax law is applied in the circumstances of the question and the technical considerations involved.