HA3042: Taxation Law - Income and Deductions and CGT - Analyse Tax Law Issues - Taxation Assignment Help

Assignment Task :

The individual assignment will assess students on the following three learning outcomes, as listed below: 

1. Practical skills and knowledge of tax law concepts (e.g. Income and Deductions and CGT)

2. Ability to analyse tax law issues (ULO 2). 3. Ability to apply legal tax principles (ULO 3)

QUESTION 1  

Furnaces Pty Ltd was advised by a local building inspector that one of the chimneys on its premises was unsafe and, unless it was repaired, the factory would have to be closed. Furnaces decided that it was not feasible to stop operations to repair the chimney, so they gained permission to build an alternative chimney adjacent to the old chimney, thereby allowing production to continue. They found that although the new chimney was substantially the same size and make as the old one, it was cheaper to build than it would have been to repair the old one. Also, the new chimney can better ventilate the weather, which was not available in the previous one. After the new chimney was erected, the old chimney was demolished. Is any amount allowable as a deduction for the cost of the new chimney? 

QUESTION 2

Discuss the Fringe Benefits Tax (FBT) implications of the following cases (a) – (e): 

(a) An employer provides a Christmas lunch at a local restaurant, costing $1,000, for 10 of its key employees. 

(b) A sporting club, which pays its honorary treasurer an honorarium of $5,000 per year, providing a car to him. The car is used 90% for club business. The treasurer has a full-time job at the local hospital.  

(c) An employer gives each of its 15 staff a leg ham each valued at $60 for Christmas. 

(d) An employer allows its staff to take home their laptop computers. It is estimated that only half the work done at home is business related.  

(e) A company director, not in receipt of any remuneration from the company, uses the company’s two-tonne truck while undertaking renovations to his own home

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