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Part A - Case Study - Marks 25 You are currently working as a graduate accountant and are provided with the following information from a client. The client, Nadine, has the following income and expenses for the financial year ended 30 June 2021. Nadine is employed as a lawyer for a major law firm, Nadine also sells her paintings at the local market every Saturday. Income 500.00 15,000.00 155,000.00 2,500.00 8,000.00 20,000.00 An engagement gift from her employer Bonus received from her employer for successful completion of a large project Salary received from her employer (including PAYG Withholding of $22,000) Interest on Bank Deposits Nadine wins $8,000 on a rare night out at the Casino Income from sales of paintings at the local market. Nadine is not registered for GST but does have an ABN. Received an award from the Law Society for her contribution to the legal profession. To receive the award Nadine was nominated by her peers and had to attend the Law Society's year end dinner. 1,000.00 $300,000 During the 30 June 2021 financial year Nadine sold a vacant block of land which settled on the 25th June 2021. Nadine originally brought the block of land in May 1998 for $350,000, in June 2020 she subdivided the block of land into two lots. At the time of subdivision each lot had a market value of $200,000. Nadine only sold one of the blocks for $300,000 on the 25th June 2021 and she still owns the other block. Nadine sold a rare sculpture for $10,000 during the 30 June 2021 financial year. Nadine had purchased the sculpture for $300 two years earlier and had repaired the sculpture. $10,000 Expenses 800.00 Nadine purchased safety work boots for $250 and protective glasses for $250 as she sometimes needs to attend client's workshop facility. In addition to this Nadine purchased a new evening dress for $300 (which she wore to the casino) 400.00 500.00 450.00 730.00 Cost of meals and entertainment that her employer reimbursed her for Taxi fares for travel from her office to client premises and from her office to Court. Taxi fares for travel from home to office in suburbs. In January 2021 her employer asked Nadine to work from their office in the suburbs for two months. Membership fees, $530 relating to membership of law society and $200 relating to membership fee for real estate institute Rates on family home Electricity for family home Purchases of Artwork materials for her paintings. Nadine estimates that total cost of materials on hand as at 30 June 2021 is $3,000 at cost and $4,500 at market 3,200.00 900.00 7,500.00 800.00 Nadine purchased safety work boots for $250 and protective glasses for $250 as she sometimes needs to attend client's workshop facility. In addition to this Nadine purchased a new evening dress for $300 (which she wore to the casino) 400.00 500.00 450.00 730.00 Cost of meals and entertainment that her employer reimbursed her for Taxi fares for travel from her office to client premises and from her office to Court. Taxi fares for travel from home to office in suburbs. In January 2021 her employer asked Nadine to work from their office in the suburbs for two months. Membership fees, $530 relating to membership of law society and $200 relating to membership fee for real estate institute Rates on family home Electricity for family home Purchases of Artwork materials for her paintings. Nadine estimates that total cost of materials on hand as at 30 June 2021 is $3,000 at cost and $4,500 at market value. Last year's closing stock was Nil 3,200.00 900.00 7,500.00 Nadine has no children and does have private health insurance. Nadine advises she does work from home as she attends to emails late night after dinner at least 4 nights a week, however she works from kitchen table as she does not have a separate office at hom College of Business and Law Required: . Determine which Income and Expenses are assessable income or allowable deductions. Note you will need to cite legislative references, case law and tax rulings as applicable. Emphasis is on providing substantiation for you reasoning to include as assessable income or allowable deduction. Assume Nadine is a resident for Australian taxation purposes, calculate her tax liability including any tax offsets and levies. Part B - Advice Marks 5 In your discussions with Nadine, Nadine advises you next financial year she will be working in London for a London based legal firm. At this stage her intention is to reside in London for the term of her employment contract, which is three years. Required: . Advise Nadine of the residency test for Australian taxation law purposes and discuss impact on Nadine if she is deemed a non-resident. Part A - Case Study - Marks 25 You are currently working as a graduate accountant and are provided with the following information from a client. The client, Nadine, has the following income and expenses for the financial year ended 30 June 2021. Nadine is employed as a lawyer for a major law firm, Nadine also sells her paintings at the local market every Saturday. Income 500.00 15,000.00 155,000.00 2,500.00 8,000.00 20,000.00 An engagement gift from her employer Bonus received from her employer for successful completion of a large project Salary received from her employer (including PAYG Withholding of $22,000) Interest on Bank Deposits Nadine wins $8,000 on a rare night out at the Casino Income from sales of paintings at the local market. Nadine is not registered for GST but does have an ABN. Received an award from the Law Society for her contribution to the legal profession. To receive the award Nadine was nominated by her peers and had to attend the Law Society's year end dinner. 1,000.00 $300,000 During the 30 June 2021 financial year Nadine sold a vacant block of land which settled on the 25th June 2021. Nadine originally brought the block of land in May 1998 for $350,000, in June 2020 she subdivided the block of land into two lots. At the time of subdivision each lot had a market value of $200,000. Nadine only sold one of the blocks for $300,000 on the 25th June 2021 and she still owns the other block. Nadine sold a rare sculpture for $10,000 during the 30 June 2021 financial year. Nadine had purchased the sculpture for $300 two years earlier and had repaired the sculpture. $10,000 Expenses 800.00 Nadine purchased safety work boots for $250 and protective glasses for $250 as she sometimes needs to attend client's workshop facility. In addition to this Nadine purchased a new evening dress for $300 (which she wore to the casino) 400.00 500.00 450.00 730.00 Cost of meals and entertainment that her employer reimbursed her for Taxi fares for travel from her office to client premises and from her office to Court. Taxi fares for travel from home to office in suburbs. In January 2021 her employer asked Nadine to work from their office in the suburbs for two months. Membership fees, $530 relating to membership of law society and $200 relating to membership fee for real estate institute Rates on family home Electricity for family home Purchases of Artwork materials for her paintings. Nadine estimates that total cost of materials on hand as at 30 June 2021 is $3,000 at cost and $4,500 at market 3,200.00 900.00 7,500.00 800.00 Nadine purchased safety work boots for $250 and protective glasses for $250 as she sometimes needs to attend client's workshop facility. In addition to this Nadine purchased a new evening dress for $300 (which she wore to the casino) 400.00 500.00 450.00 730.00 Cost of meals and entertainment that her employer reimbursed her for Taxi fares for travel from her office to client premises and from her office to Court. Taxi fares for travel from home to office in suburbs. In January 2021 her employer asked Nadine to work from their office in the suburbs for two months. Membership fees, $530 relating to membership of law society and $200 relating to membership fee for real estate institute Rates on family home Electricity for family home Purchases of Artwork materials for her paintings. Nadine estimates that total cost of materials on hand as at 30 June 2021 is $3,000 at cost and $4,500 at market value. Last year's closing stock was Nil 3,200.00 900.00 7,500.00 Nadine has no children and does have private health insurance. Nadine advises she does work from home as she attends to emails late night after dinner at least 4 nights a week, however she works from kitchen table as she does not have a separate office at hom College of Business and Law Required: . Determine which Income and Expenses are assessable income or allowable deductions. Note you will need to cite legislative references, case law and tax rulings as applicable. Emphasis is on providing substantiation for you reasoning to include as assessable income or allowable deduction. Assume Nadine is a resident for Australian taxation purposes, calculate her tax liability including any tax offsets and levies. Part B - Advice Marks 5 In your discussions with Nadine, Nadine advises you next financial year she will be working in London for a London based legal firm. At this stage her intention is to reside in London for the term of her employment contract, which is three years. Required: . Advise Nadine of the residency test for Australian taxation law purposes and discuss impact on Nadine if she is deemed a non-resident
