Rebecca Lives In Ryde And Commutes Daily To The Accounting Firm In Sydney - Law Assignment Help

Assignment Task

Facts: 
Rebecca lives in Ryde and commutes daily to the accounting firm in Sydney CBD where  she is employed full-time as an accountant. She receives a salary of $120,000 in the  2019/20 year of income, from her accounting job. Rebecca’s employer also provides her  with a laptop computer (valued at $3000) to use for her work. During the 2019/20 year of  income, Rebecca also receives a $5,000 cash award for “Best Accountant in Sydney”  from the Chartered Accountants Association. Rebecca is an Australian resident for tax  purposes.  
Rebecca is very hardworking and in addition to her full-time job, she also teaches art  classes at a community college in Epping during the week, in the evenings. She travels  from the accounting firm in Sydney CBD, to the college in Epping to teach. During the  2019/20 year of income, she incurs travel expenses of $2,000 in travelling from the  accounting firm to the college in Epping. She receives $20,000 from teaching at the  college during the 2019/20 income year.  
In her spare time, Rebecca participates in long-jump competitions. She is committed to  the pursuit of excellence in this sport and over the last couple of years she has  competed successfully in a number of competitions, and has won several prizes for long jump. During the 2019/20 year of income, Rebecca is invited back to participate in  several prominent long-jump competitions, where she wins $40,000 in prize money, and  a top-of-the-range washing machine (valued at $5,000). Rebecca is also invited to make  an appearance at several major sports events and she is paid $40,000 for these  appearances in the 2019/20 income year.  
In January 2020, Rebecca took a few weeks off work. While exploring the New Year  sales, Rebecca came across a good bargain and purchased a 120-year old, antique  bedroom furniture set for $1,550 (comprising a bed (value $450), 2 bedside tables (value  $350 each) and a chest of drawers (value $400)).
A few weeks later she received an offer of $4,400 for the set. She negotiated with the  purchaser and sold each item separately ($2,000 for the bed, $700 for each bedside  table, and $1,000 for the chest of drawers).  
A few years ago, Rebecca purchased a holiday home in the Central Coast in September  2018 for $1 million. (She paid a 10% down payment and borrowed the balance of the  purchase price from BigBank at market rates.) She incurred legal fees and transfer  (stamp) duty in relation to the purchase of $7000. At the time of acquisition, the property  was in serious need of repair. A number of roof tiles were broken and parts of the gutters  had deteriorated and were falling apart. In October 2018, Rebecca incurred $3,000 in  repairing the broken roof tiles and parts of the guttering, to get the property ready for the  summer season.  
In March 2019, she commenced construction of a garage on the property. The  construction is complete in October 2019 at a total cost of $50,000, paid on completion.  In April 2020, Rebecca is approached by a developer who wishes to build a multi-storey  complex on the site of Rebecca’s holiday home. In May 2020, Rebecca enters into a  contract to sell the property to the developer for $1.2 million plus a unit in another  holiday complex (market value of the unit is $300,000). Rebecca incurs legal fees of  $1000 in relation to the sale. The sale will be completed in July 2020, at which time  Rebecca will receive the cheque for $1.2 million and the title to her new unit. Assume  that over the time Rebecca owned the property, she paid interest totalling $100,000 in  relation to the BigBank loan. Assume none of the expenses in relation to the Central  Coast property are deductible.  
Required:  
Advise Rebecca regarding any relevant tax implications arising from the above  facts in relation to the 2019/20 income year. In your answer, make sure that you  apply the HIRAC methodology and refer to any relevant cases, legislative  provisions, tax rulings and principles of tax law, and include any relevant  calculations.  

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