Q5. Part 1 Molly purchased some office furniture for sole use in her business and it has an effective life of 15 years. She made a deliberate choice to depreciate this furniture using the diminishing value method since it provides her with a larger tax deduction and lower taxable income in the early years of the useful life of furniture compared the prime cost method. Required: Has Molly obtained a tax benefit? Explain your reasoning in accordance with s 177C (1) and (2) ITAA36, showing whether or not its requirements for a tax benefit have been satisfied. (6 marks) Part 2 Jack maintained a bank account in a false name and omitted to include the interest from this account in his income tax retur. Jill, a registered tax agent, assisted Jack to set up this account. Required: Has Jack breached the Code of Professional Conduct? Explain your reasoning in accordance with Part 3 of Tax Agent Services Act 2009. (4 marks) Q5. Part 1 Molly purchased some office furniture for sole use in her business and it has an effective life of 15 years. She made a deliberate choice to depreciate this furniture using the diminishing value method since it provides her with a larger tax deduction and lower taxable income in the early years of the useful life of furniture compared the prime cost method. Required: Has Molly obtained a tax benefit? Explain your reasoning in accordance with s 177C (1) and (2) ITAA36, showing whether or not its requirements for a tax benefit have been satisfied. (6 marks) Part 2 Jack maintained a bank account in a false name and omitted to include the interest from this account in his income tax retur. Jill, a registered tax agent, assisted Jack to set up this account. Required: Has Jack breached the Code of Professional Conduct? Explain your reasoning in accordance with Part 3 of Tax Agent Services Act 2009. (4 marks)