HI6028: Taxation Theory, Practice & Law - Accounting and Finance - Law Assignment Help

Assignment Task:

QUESTION 1- (15 MARKS)

John has applied and been approved a licence to operate a casino in Melbourne, which later on he named it The Casino East. John has received 10-year licence from Victorian Government to operate the casino. He also received approval for Casino’s building for a long period of time (90 years). John was instructed by the relevant Government agency to pay $180 million for the approved casino’s licence and $80 million as prepaid rent covering the first 10 years of casino’s rental. John has negotiated to pay $400,000 rental per year for the remaining 80 years of the lease. With reference to relevant legislation and case law discuss whether casinos prepaid rent is considered a revenue expense or a capital expense.

QUESTION 2 - (10 MARKS)
Alex Kingsford is a mechanical engineer working for ABC Engineering in Melbourne. Alex owns a property in Dandenong, Victorian where he and his family are residing. He also runs a home- based food catering business, preparing food for local residents and school canteens. Catering business is well-structured. Alex works 15 days a month and earns a substantial income from the catering services business.

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