ASSESSMENT 3 BRIEF Subject Code and Title LAW6001 Taxation Law Assessment 3: Case Study (Tax planning) Individual/Group Length 3,000 Words +/- 10%% excluding References and calculations income and de analyse the tax barnesbrew crew/taxation law in determining tax outcomes in various scenarios such as trust structure cl identify and calculation of capital gains tax (C and calculation of capital gains tax (CGT1, including CGT consequences of death (estate planning) and the main residence exemption (and it's car concessions for small business roll-overs, deemed disposals and gifts. By 21:55pm AEST/AEDT Sunday of Week 10 Weighting otal Marks Task Summary in response to the issues raised in the case study provided, research and develop a 3000-word tax conclusions and recommendations that arise from a fact scenario and to give appropriate advice to lients. Please refer to the Task Instructions for details on how to complete this task. Context This assessment allows students to solve practical proble to specific content retirements and your ability to produce a comprehensible piece of advice which addressing the client's needs. it also assesses your written communication skills. The ability to deliver to a be formation needs and advice on the tax implications of a particular arrangement in the LAW6001 Assessment 3: Case Study (Group] Page 1 of S AUSTRALIA australian tax jurisdiction. It is therefore important to be able to identify all the issues press addressing the client's needs. Task Instructions . This case study must be presented as a group effort. The case study requires collabora Your case'study is not just swagger and sever appropriate additional resources recommendations must be based on your research into the relevant cases and legislation . Advise the best investment m the facts of the case . Identify the appropriate legal principles that requires discussion in the case . Apply the law to the facts of the case study . After reaching a relevant conclusion, provide practical advice to your Your case study needs to identify and discuss the tax implications of the various issues * A report (word document, approx. 3,000 words) must be submitted for the calculations identifying and discussing them . E.B. how the amounts of income & deductions have been derived. If any receipts and payments are not assessable or deductible, the reasoning for cases. After all analysis, you must provide the best solution to save income tax payable. dations must be based on your research into the relevant cases and legislation Referencing information on referencing here in the Academic Writing Guide found via the Academic Skills LAW6001 Assessment 3: Case Study (Group) Page 2 of 9 TORRENS UNIVERSITY AUSTRALIA Submission Instructions Write instructions explaining where students will submit assessment in the LMS portal. e.g. Submit this task via the Assessment link in the main navigation menu in LAW6001: Taxation Centre in the LMS portal. Feedback can be viewed in My Grades, if submitting more than one document Please note during the submission process: If you would like to include appendix items in your extra documents as an appendix, Then dict click Browse Your Computer to attach you The following page contains a guide to constructing rubrics. Please adapt app the criteria you use to assess. ppropriately and adjust Academic Integrity al students are responsible for ensuring that all work submitted is their own and is appropriately Policy and Procedure an s also must keep a copy of all ed material and any assessment drafts. LAW6001 Assessment 3: Case Study (Group] Page 3 of 9 TORRENS AUSTRALIA Case Study - Comprehensive Individual Tax Return Advice The following cases are independent cases. Various taxpayers have visited advice to optimise their tax obligation in relation to the following situation. capital Gains tax Shirley is a single Australian resident for tax purposes. She ing assets on 30 Jun Principal residence at Sydney Surry hills claimed in her individual tax return Stamp duty on purchases $1,900 Marketing (advertising) on sale $3,40 Agent commission on sale $23,000 party at Sydney Collaroy Plateau purchased on 1 July 2018 for $850,000 and sold it for $1,2000,000 (The property was built during quote tax return each year up to disposal of the asset) duction mp duty on purchases $2,100 Built an additional garage on 1 August 2019 $41,000 (capital works not claimed) her goes to congrats Bacon 1 September 2018 $12,500 how commission on sale $ 16.000 Legal expenses on sale $2,500 Holiday house at Sydney Palm Beach watchit was built during 1958 with construction cost of $340,090. Deductions related to Total interests on mortgage paid $125,000 Marketing (advertising) on sale $4,400 gent commission on sale $19,700 . Telstra Shares: Purchased on 4 April 2012 for $4,000 and sold for $19,000 . Uhur Shares Purchased on 12 September 1988 for $62,000 and sold for $41,000 . Xerox Shares: Purchased on 1 September 1990 for $7,000 and sold for $37,000 LAW6001 Assessment 3: Case Study (Group) Page 4 of 9 TORRENS UNIVERSITY AUSTRALIA . Sold her car making a loss of $5,000 . Sold some of her fumiture and the overall loss was $18,000. Other information . Shirley's gross Salary $121,000 (PAYG $45,000) . Shirley has capital losses of $7,000 from sale of pain Fried forward from the previous year . Rental income from her Collaroy Plateau property from 1 July 2019 to date of sale is $24,000. $15,800 (excluding capital works). income for the year ended 30 June 2023 was provides the best outcome for her . Also calculate the taxable income of Shirley for the year ended 30 June 2023. You must provide relevant cases and totaxable income of Sh CASE 2 - Trust taxation masmith is the trust ers, Megan aged 19 years and isabel aged 15 years. They are both residents of Australia. The following information indicates the trading activities of the trust for the 2022/23 income tax . Net income from trading activities $80,000 . Fully franked dividend received $25,000 . Proceeds from shares in Hub Lid on 12 June 2022 (was purchased in 2005 at a cost of $20,000] Rental income $65,000 ent $40,000 Expenses Incurred in generating rental income $15,000