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ACC30005 Taxation Semester 2, 2017 Assignment details Due date: 5.00 PM Monday 2 October 2017 Submission: A hard copy of your assignment must be submitted in the assignment box on level 11 of the BA building. You must submit a copy of your assignment through the Blackboard assessment submission system (Turnitin). An Assessment Cover Sheet must be submitted with your assignment. The standard Assessment Cover Sheet is available from the Current Student's web site. Important: The assignment should be written in your own words. Before making your final submission on blackboard you should submit your assignment through the Draft Submission link, also on blackboard, to ensure that you haven't accidently used material copied directly from any source. The use of unacknowledged directly copied material may result in your assignment not being marked. Marking: Each question will be marked out of 20 and the total will be converted to a mark out of 20 Assignment length: 2,500 - 3,000 words Groups: The assignment is to be prepared in groups of three - four students. The structure of your reports: Your analysis of each problem should include: An introduction Identify the issues that you have to consider Discuss the relevant legislation and cases Evaluate the facts and the law from both the ATO's and the taxpayers position Form a conclusion based on your discussion of the issues, the law and the facts Marks are allocated for your overall presentation. Presentation: Assignments should be typed, one and half spaced and on one side of the paper only. Please do not submit assignments in folders, simply staple in the top left hand corner. It is your responsibility to submit your assignment on the due date. It is recommended that you retain a copy of your assignment. Question one Minh was born in Malaysia and operated a successful business there. In June 2016 he was granted a visa to work in Australia and he arrived with his family with a possible intention to eventually migrate here and start a business. He purchased a family home in Melbourne where his wife and children reside, having enrolled the children at a local school. Minh is still an active partner in a business in Kuala Lumpur and has substantial investments there which requires him to be absent from Australia for most of the 2016/17 income year. During his absence, he lives in his Kuala Lumpur apartment and maintains his social and cultural interests. During the year, Minh has spent 120 days in Australia and by 30 June 2017 he has not started establishing a business in Australia, nor has he formed an opinion on whether he wishes to settle permanently here. Required: 1. Advise Minh on whether he would be regarded for tax purposes as being a resident of Australia. Explain your reasoning using legal precedent. 2. Explain how Minh's residency status would affect the assessability of his Malaysian business and investment income. Question two Penny wished to purchase a family home in the Melbourne eastern suburbs. She was hoping to fund the entire purchase with the $1m sales proceeds of her old home so she would be debt-free. Instead, Penny purchased a large vacant block of land for $1m from the sale proceeds of her old home. The land was much larger than her needs, so she borrowed a further $1m to construct four identical houses on the subdivided land. Penny engaged the services of a builder, although she was involved in the planning and management of the project to save costs. Penny retained one home for her family to live in and the remaining three houses were marketed and eventually sold by her for $1m each. Required: 1. Advise Penny on the alternative ways that she could be assessed on the proceeds of the three townhouse sales. Explain your reasoning and any legal precedent that you rely on. 2. What is the assessable income under the alternative approaches. 3. In your opinion which is most likely to be the correct outcome in this case? Assignment Rubric N P C D HD 0-49% 50-59% 60-69% 70-79% 80-100% CRITERIAS 1 Summary of the key facts 3 marks 2 The issues that had to be decided 4 marks 3 The arguments for and against each issue you identified Facts are not identified or are identified inappropriately Overlooks or inappropriately identifies a few of the facts and some of the minor facts Identifies most of the major and some minor facts Identifies most of the major and minor facts Addresses all the major and minor facts Issues are not addressed or are addressed inappropriately Addresses most of the issues but overlooks a few minor ones Addresses most of the major and some minor issues Addresses most major and minor issues Addresses all of the major and minor issues Gives a satisfactory explanation of the arguments for each issue with minor errors or omissions Gives a good explanation of the arguments on each issue with some minor errors or omissions Gives a very good explanation of most of the arguments on each issue Gives an excellent explanation of all the arguments on each major and minor issue Does not identify the reasons for the conclusion Presents a coherent conclusion but does not address some significant matters Presents coherent summary of the conclusion with some minor errors or omissions. Presents and discusses very thoroughly the conclusion issues with some minor errors or conclusion Presents and discusses very thoroughly all major and minor issues concerning the conclusion Analysis is poorly organised and does not flow effectively Analysis is reasonably well organised and flow is adequate Analysis is good and well organised and flow is adequate Analysis is very good and well organised and flow is effective Analysis is outstanding and very well organised and flow is very effective Does not give an accurate explanation of the arguments for each issue 6 marks 4 Summarise the main reasons for your conclusion 4 marks 5 Presentation and organisation of work in a logical manner 3 marks