Susan Case Study - Australian Tax Law Implications - Tax Law Assignment Help

Assignment Task:

Task:

Activity 1

Susan is a registered tax agent. For each of the following scenarios, identify which principles of the Code of Professional Conduct issued by Tax Practitioners Board (TPB) have been breached and explain how to avoid similar breaches in the future. Support your answers with tax legislation or case law.

1. Susan has been engaged by ABC Ltd to prepare its income tax return. Later Susan finds that ABC Ltd and her husband had entered into a business venture before she accepted the engagement.

2. Susan has employed Sam to process data for a client CBD Ltd. Sam has disclosed a list of the customers of CBD Ltd to his uncle, who is a competitor of CBD Ltd.

3. One of Susan’s clients received a favourable private ATO ruling in relation to the deduction of education expenses. Susan shows the private ruling to one of her clients, who tries to claim similar deductions.

Activity 2

Outline and explain key accounting principles and practices when reconciling accounting profits with taxable profits for the different types of legal entities.

Activity 3

Briefly explain the Australian tax law implications of each of the following scenarios, by citing relevant tax legislation and case law where appropriate.

1. XYZ Ltd is incorporated in UK and distributes watches in the Australian market. Half of the board of directors of XYZ Ltd resides in UK and the remaining board members reside in Australia. The board holds the majority of its meetings in Australia, where it makes high level decisions regarding the company’s major contracts, finance, general policies and strategic directions in respect of its business operations. Is XYZ Ltd an Australian Resident for tax purposes and provide the explanation?

2. Jenny establishes a sole accounting practice on 1 July 2012 and sets up a small office with a secretary. On 1 July 2016, her sole practice merges with an accounting firm comprising 60 partners and 500 employees. Should she use cash or accrual accounting before and after merging with the accounting firm and provide the explanation?

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