LAW 6001: Taxation Law - Eric Zhang Case Study - Law Assignment Help

Assignment Task:

Learning Outcomes 
a) Effectively apply taxation law in determining the tax outcome in various client’s scenarios 
b) Critically assess differences between the tax treatment of individuals, partnerships, companies and trusts and evaluate the effectiveness of each structure in meeting various client needs. 
c) Analyse, evaluate and recommend taxation strategies to develop comprehensive solutions in order to maximize client financial outcomes. 
d) Research, interpret and effectively communicate complex taxation concepts and recommended taxation strategies to clients in an industry compliant format

Context: 
This assessment assesses your research skills, your ability to synthesise an original piece of work to specific content requirements and your ability to produce a comprehensible piece of advice while addressing the client’s needs.  It also assesses your written communication skills. The ability to deliver to a brief is an essential skill in the workplace. Clients often approach advisors seeking solution to a combination of scenarios, including advice on the tax implications of a particular arrangement within the Australian tax jurisdiction. It is therefore important to be able to identify all the issues presented by an arrangement and to think about the potential consequences of different approaches to addressing the client’s needs. 

Case Study: Comprehensive Individual Tax Return 
 
Eric Zhang, a resident taxpayer aged 59, runs a sole trading business selling imported food items. His business is registered for GST. He also works on a casual basis as an import/export agent for Blue Marlin Pty Ltd (ABN: 89 125 678 968). He has a rental property in Lakemba, Sydney. Eric is taking care of his wife Linda Wang, who has lost  the eye sight in her left eye 9 months ago, on the 1st of October 2018 as a result of a car accident. Eric is solely taking care of Linda.  
 
Personal Information  
Name: Eric Zhang TFN: 300 001 000 Date of Birth: 15 July 1974 Address: 23 Market Street, Newtown NSW 2200 Contact: 0456 587 987 (Work: 02 9578 3648) Bank account: BSB 225887 Account 378458 Eric is not covered by a private hospital cover.  
 
Spouse: Linda Wang Date of Birth: 30 July 1989 Currently receives disability pension from Centrelink $9,200 for the 2019 tax year. She has no deductions to claim for the 2019 tax year.  
 
Income/Expense Information 
Eric and Linda have a joint term deposit account at ANZ. Total interest received from the joint account was $500 for the 2019 financial year.  
 
Eric has paid $400 to a registered tax agent for preparing his tax return for 2018 tax year.  
 
In addition to the above, the following information relates to his employment (Part A), business income/expenses (Part B) and rental receipts/payments (Part C). All expenses have been substantiated unless it states otherwise.  
 
Part A: Regarding his employment 
Employer: Blue Marlin Pty Ltd (ABN: 11 235 365 874) Gross wages for the 1st of July 2018 to the 30th of June 2019: $7,800 (PAYG withheld: $200) He also received $2,000 shift allowance and $800 reimbursement for work related software fees from his employer.  Eric received a car from employer as a fringe benefit (showing as reportable in his PAYG summary, valued $60,000 not exempt from FBT)  Work related allowable deductions to claim (telephone & stationery) $300 
 
Part B: Regarding his Business 
During the year, Eric has had the following transactions in relation to sales, purchases, and inventory 

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