BULAW3731 : Income Tax Law and Practice - Sandra - Tax Law Assignment Help

Assignment Task :

Question 1

Sandra is a cosmetic surgeon. She migrated from Edinburgh, Scotland to Brighton, Australia on 1 February 2019 to work at ‘Fabulous Faces’, a surgery specialising in facial cosmetic surgery. 

Between 1 July 2018 and 30 June 2019, Sandra received the following amounts:

• Salary of $80,000 from Edinburgh Royal Hospital for surgical work completed up to 31 December 2018.

• Fully franked Commonwealth Bank dividends of $3,000, received in June 2019.

• Salary of $50,000 from Fabulous Faces for the period between March and May 2019.

Sandra also attended the annual cosmetic surgeon’s workshop and received a certificate of completion. She paid the registration fee of $1,500 herself and was not reimbursed by her employer. 

Required:  

Advise Sandra what her taxable income is for the 2018-2019 financial year 

In your response give reasons and refer to sections of legislation and cases, where relevant.

Question 2 

You must answer both A and B

Theo purchased a truck for $67,000 to use in his business. The truck was purchased on 1 September 2017. The truck is used only for business purposes and Theo is not using the Small Business Entity method of depreciation. The effective life of the truck at the time of its acquisition was seven years. The accountant has advised that he should use the diminishing value method when calculating his depreciation claim.

Required A: 

Advise Theo how much he can claim for depreciation for the year ended 30 June 2018. 

In your response give reasons and refer to sections of legislation and cases, where relevant.

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