Business Analysis-AW757

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Assignment 1
 

Answer all four (4) part of the Assignment: part A, B, C and D. Each part carries equal share of the 10% assessment value for this Assignment.

 

In your answer to each part, explain fully the reasons for your conclusion and show clearly the taxation law that supports your views. Also include any calculations done.

 

Assignment 1 Part A:

Gary Greenfingers commenced a garden service which involves the layout of garden beds with weed protective sheets. Gary Greenfingers provides customers with a three-year weed-free guarantee. Under the terms of the guarantee, if weed growth occurs within the three-year period, Gary would carry out remedial work and reconstruct the protective sheets where they proved to be ineffective. Experience has taught Gary that weed regrowth occurs in 5% of gardens using the protective sheets.

 

For the year ended 30 June 2013 Gary Greenfingers had invoiced $280,000 for installing weed protective sheets. Gary Greenfingers received $260,000 of all amounts invoiced for the year. Gary Greenfingers also received $12,000 in advance for garden services booked in for the July to September 2013 quarter. Gary Greenfingers has made provisions of $20,000 to cover for any warranty costs.

 

Advise Gary Greenfingers of the tax consequences of the above transactions.

 

Assignment 1 Part B
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Julius works full-time at the local RSL Club in Broken Hill. His assessable income was calculated correctly as $27,100. His total allowable deductions were correctly calculated at $1,910.
 

He had the following medical expenses
 

 HimselfWife16year old9 year oldMother-in-law
Dental1006030
Medical expenses net of refund1,800320280

 

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Defining Problem

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Julius has the following dependants: his wife, who received royalty income of $300. He has a 16-year old daughter who attended Kaplan College as a full-time student for the year and a younger daughter (9), who attends a private school. Julius’s mother-in-law aged 59, who are in receipt of a disability support pension of $1,500 (exempt from tax) lives with them.

 

What is Julius’s tax payable for the current year?

 

Please remember to show calculations.

 

Assignment 1 Part C:

Amanda works for three employers and has received fringe benefits from all three employers, two of which were reported on her payment summaries for the year ended 30 June 2013 being $3,700 and $12,900.  The other fringe benefit had a taxable value of $1,900 but was not reported on her payment summary. What is Amanda’s adjusted fringe benefits total for the year ended 30 June 2013?

Please remember to show calculations.

 

Assignment 1 Part D:
 

John retired on 23 May 2013, a week after his 56th birthday. He received $12,000 from his employer as a retiring gratuity, $4,000 in respect of unused annual leave accrued over the past 12 months and $270,000 as a lump sum from the company’s taxed superannuation fund (there were no undeducted contributions).

 

John immediately paid the $270,000 into another superannuation fund (Stratus Super) to purchase an annuity which provided him with $21,500 per annum until death.

 

To what extent is John assessable on the above transactions? Please remember to show calculations.

 

Marking of the Assignment
 

You will need to demonstrate an ability to write consistently and coherently in English. A high standard of English expression is an essential skill for professionals. More generally, effective communication skills (including written communication skills) are UNE Graduate Attributes. Markers in this unit will be instructed to penalise assessable work that fails to demonstrate a consistent level of clear and logical English.

 

In the context of the assignment, poor expression is often due to inadequate proof-reading. Too many essays are handed in which are rushed first or second drafts, instead of polished pieces of work. It is essential to proof-read your work in hard copy. Another reason for poor written expression is that students may not have mastered basic grammar, such as sentence structure and the correct use of punctuation. If you have difficulties with these and other aspects of English expression, you should consult the resources on offer at UNE Academic Skills Office (ASO).

 

Another skill, which you must demonstrate, is an ability to structure the assignment. There should be an introduction explaining what you will argue and how you will develop the argument. In the body of the assignment, your argument should be developed in a logical manner. There should also be a conclusion.

 

You must also demonstrate critical analytical skills in the assignment. It is not sufficient merely to describe arguments you come across in primary or secondary material. You must also develop a coherent argument, which requires you to logically evaluate material. Critical evaluation requires sustained discussion and in-depth analysis. With only 2,000 words allowed, it is important to formulate sharply focused argument dealing with key relevant points rather than generally to attempt to ‘cover the field’.

 

Presentation and referencing is important in all GSB units. The School of Law uses a different referencing system, which you will find under the School of Law heading here.

 

Assignment 2 Part A

 

Costa Green, a well-known gardening TV presenter, is a resident of Australia. His contract with Channel Live amounts to $450,000. He received $85,000 for product endorsements from nurseries, $10,000 in appearance fees at large gardening shows. He entered and won £20,000 at the annual Royal Garden Gala held in England where he enters the competition every year. (It amounted to AU$33,800). In addition, he was awarded a cash prize of $4,000 on 13 October 2012 for his contribution to Australian Gardening at the annual Floriade held in Canberra, plus a perpetual trophy worth $5,000 for being the Australian Gardening Innovator of the year, promoting sustainable gardening. He also received $15,000 worth in plants from a sustainability nursery as a thank you gesture for attending their opening day. He was mentioned in their marketing materials. What amount should he include in assessable income for the year ended 30 June 2013?

 

Part B
 

Chris purchased land in June 1984 for $280,000. His original intention was to build a tourist attraction on the land close to the main road but he decided against that idea in December 1990 when the land had a market value of $460,000. In November 1995 Chris decided to sell the land and engaged a real estate agent to sell it at a list price of $760,000 but the land did not sell. In May 2007 Chris decided that he would change his plans and develop the land by subdividing it into 50 residential blocks. The market value of the land in May 2007 was $1.4m. He anticipated that he would make a tidy profit by managing the development himself. He managed the whole operation including the subdivision of the land, the installation of utilities and roadways, and the eventual sale of the individual blocks. In the year ended 30 June 2013 he sold all of the blocks of land and received $3.7m in sale proceeds. In accordance with the principle established in the Whitfords Beach Case, what cost should Chris use in order to calculate a profit from the sale of the land?

 

Assignment 2 Part C
 
Morrow and Roberts carry on a dance training business in partnership. The financial statements of the partnership for the year ended 30 June 2013 indicate an operating profit of $35,500 after paying a partnership salary of $55,000 to Morrow. Morrow and Roberts have a 60:40 entitlement to the income of the partnership after the payment of salaries. The following additional information relates to determining the net income of the partnership:

 

  • Superannuation contributions by the partnership of $4,950 on behalf of Morrow have been claimed as an expense in determining the operating profit of the partnership.
  • Superannuation contributions by the partnership of $1,950 on behalf of Roberts have been claimed as an expense in determining the operating profit of the partnership.
  • An amount of $750 in fines paid for Roberts has been claimed as an expense in determining the operating profit of the partnership.
  •  

  • Roberts withdrew $13,800 from the partnership bank account during the year to pay for her children’s private schooling. This has been claimed as an expense in determining the operating profit of the partnership.
  • Rent paid to the local church for hall hire of $4,000 for the year was also included in determining the net profit.
  • No depreciation has been deducted in determining the operating profit. The amount of depreciation calculated under division 40 ITAA 97 was $4,800.

 

Based on this information what is the net income of the partnership for the year ended 30 June 2013?

 

Assignment 2 Part D

Mr Fletcher trades in second hand cars and imported car parts. He purchases his cars either from new car dealers who have received cars as trade-ins or from the general public who offer their cars for sale on relevant internet sites. All vehicles are for sale in his business.

 

Mr Fletcher had the following expenses
 

Expense description$
Trade-in   purchases750,000
Private   purchases250,000
Entertainment   of clients10,000
Purchases of   supplies99,000
Parking fines1,000
Airfares for   employees’ spouses to the Formula 1 in Singapore11,000
Hotel accommodation   for his twin daughters at the Bathurst races3,500
Parts   imported from India (Note 1)45,000
Airfares to   India by Mr Marsh (Senior Manager) to inspect and purchase relevant car parts$4,000
Customs   duties$4,500
Freight costs$2,200

 

Note 1: The car parts cost Mr Fletcher $45,000. The value as per customs were $45,000. Customs duties amounted to $4,500 and freight costs amounted to $2,200.

 

Explain which input tax credits, if any, are available in respect of Mr Fletcher’s expenses.

 

Marking of the Assignment
 
You will need to demonstrate an ability to write consistently and coherently in English. A high standard of English expression is an essential skill for professionals. More generally, effective communication skills (including written communication skills) are UNE Graduate Attributes. Markers in this unit will be instructed to penalise assessable work that fails to demonstrate a consistent level of clear and logical English.

 

In the context of the assignment, poor expression is often due to inadequate proof-reading. Too many essays are handed in which are rushed first or second drafts, instead of polished pieces of work. It is essential to proof-read your work in hard copy. Another reason for poor written expression is that students may not have mastered basic grammar, such as sentence structure and the correct use of punctuation. If you have difficulties with these and other aspects of English expression, you should consult the resources on offer at UNE Academic Skills Office (ASO).

 
Another skill, which you must demonstrate, is an ability to structure the assignment. There should be an introduction explaining what you will argue and how you will develop the argument. In the body of the assignment, your argument should be developed in a logical manner. There should also be a conclusion.
 

You must also demonstrate critical analytical skills in the assignment. It is not sufficient merely to describe arguments you come across in primary or secondary material. You must also develop a coherent argument, which requires you to logically evaluate material. Critical evaluation requires sustained discussion and in-depth analysis. With only 2,000 words allowed, it is important to formulate sharply focused argument dealing with key relevant points rather than generally to attempt to ‘cover the field’.

 

Product code:Business Analysis-AW757
 
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