ACC30005 Joe and Mary Wilson Bush Furniture Case Study - Tax Issues - Letter of Advice - IRAC Principle - Tax Law Assessment Answer

Assessment Task:

ACC30005 Joe and Mary Wilson Bush Furniture Case Study Tax Law Assessment Answer

Business Overview

Joe and Mary Wilson own an office furniture retail business in a partnership called “Bush Furniture,” which operates in Malvern, Victoria. The business has operated from these premises for 20 years. The Wilson’s decision to expand their business and have recently opened a new store on the 1 March 2019, in Glen Waverley.

Each year the Wilson’s go overseas to an “Office Fair,” to become aware of new developments in the office furniture business. This financial year the fair was in London where they were fortunate to sign a franchise agreement to distribute “Nortle” a new range of office equipment. The cost of the franchise included a “sign on” payment of $25,000 plus payment of 7 ½ % of sales revenue on this merchandise.

While Joe and Mary own the shop in Malvern they decided to lease the premises in Glen Waverley. One of the reasons for doing this was because of the offer of a lea

In December 2018, the Wilson’s became aware that a developer had sought approval to redevelop the Glen Waverley site. As a result, they spent $5,000 in legal costs in successfully opposing the development.

Results of the Business Operations for the year ended 30/6/19 were:

REQUIRED:

You have been approached by Joe and Mary Wilson in your capacity as their tax agent. They have asked you to prepare the necessary documentation to meet the tax compliance obligations for “Bush Furniture,” for the income year ending 30 June 2019.

Prepare a letter of advice which identifies all relevant tax issues, critically analyses and applies the taxation treatment to the issues, i.e., you will need to argue and support your view and consider differing views (if applicable), and finally, indicate your recommended action based on your better view, i.e., your conclusion (IRAC principle).

You must ensure that your analysis used to determine your recommended action is fully supported with relevant authority, for example, tax legislation and case law.

In addition, you must prepare a Partnership Tax Return (2018 OK) for “Bushfurniture” for the year ending 30/06/19 based on the information you have, including notes and supporting schedules where appropriate. In this regard the assignment will require you to undertake your own research, since it will cover some areas which will not be dealt with explicitly in lectures.

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