LAW601 - Taxation Law Assignment

Assignment Task

Learning Outcomes

The Subject Learning Outcomes demonstrated by successful completion of the task below include:

a) Interpret residency and source rules including international transactions to evaluate tax liability.

b) Investigate the tax treatment of individuals, partnerships, trusts, companies and superannuation funds and recommend taxation strategies to a range of stakeholders.

c) Critically evaluate the roles of key stakeholders in the administration of the tax system and clarify the difference between tax planning, tax avoidance and tax evasion.

Task

In this assessment task you will prepare a scenario-based written report on tax implications, and recommendations, in relation to individuals, partnerships and trust. And prepare a scenario-based presentation on tax implications, and recommendations, of company franking accounts and dividends. This assessment task is designed to develop your skills and knowledge of processing tax returns for individuals, partnership, trust and companies, including a franking account return as per the statutory requirements.

Context

As a practicing tax agent you are required to provide advice to clients with suggestions and recommendations on tax implications, including how to reduce clients’ taxable income and tax liabilities by evaluating various investment income from partnerships, trust and companies in accordance with Australian tax legislation and rules.

For the purposes of this assessment, you need to assume you are working as an assistant tax agent in an accounting firm. Your manager has been assigned 3 clients requiring tax advice (Clients A, B and C). Clients A and B have requested their tax advice be presented in writing, and Client C has requested their tax advice be explained to them in a presentation. To assist in preparing the tax advice your supervising tax agent has provided you with background information relating to the tax situations of Clients A, B and C and asked you to prepare 2 outputs for him to review:

Instructions

Part A: Clients A and B Tax Advice 

1) Introduction

Write an overview of the relevant case law and legislation need to provide appropriate tax advice for clients A and B.

2) Client tax advice

Based on the Background information for Clients A and B (outlined below) provide tax advice with reference to relevant legislation and/or case law that addresses the following points for each client:

Client A

a) Practical advice with recommendations to Client A with specifically addressing the following:

a. What is the ITAA36 s 90 net income of the partnership?

b. How much is to be allocated to each partner?

c. What is the taxable income for partners of the partnership?

Client B

b) Practical advice with recommendations to Client B with specifically addressing the following:

a. What is the ITAA36 s95 net income of the trust?

b. Calculate and advice the net tax payable by the trustee and each beneficiary.

Part B: Client C Tax Advice – Presentation

Based on the background information for client C (outlined below) prepare an 8-minute client presentation explaining your tax advice and recommendations. Your Presentation should be supported by a maximum of 10 PowerPoint slides (including a title slide and a slide with reference list) as a visual aid, including calculations, to explain your advice and recommendations to Client C. Your presentation needs to address the following points:

a) Construct the company’s franking account for the 2022/23 financial year, and calculate the franking account balance as at 30 June 2023.

b) Advise the taxable income for Houses Pty Ltd for 2022/23 including whether or not the company can claim all losses.

c) Advise the final tax payable or refundable for Houses Pty Ltd for 2022/23 and also advise any tax consequences arising from the franking account.

NOTE: You need to arrange presentation time with your Learning Facilitator. The Learning Facilitator will assume the role of the supervising tax agent.

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