LEGL300 TAXATION LAW Assignment-Australian Catholic University


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  • While referencing sources used for this assignment, you must follow the Australian Guide to Legal Citation (AGLC) (the footnote system).
  • The maximum length for this assignment is 1,500 words.
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Task: LEGL300 TAXATION LAW Assignment


Question 1

This question is related to topics specifically discussed in week 9. The Sutherland Family  Trust (a discretionary trust) has derived the following income during the 2017 income year:
$14,000 fully franked dividend received from Australian listed companies $30,000 capital gain from sale of shares in Australian listed companies $15,000 interest on money deposited in an Australian bank account $15,000 interest on money deposited in a US bank account

Assume that the trust has the following beneficiaries:

Alice (resident) aged 50 with wage income of $200,000, deduction of 20,000 and
capital loss of $35,000;
John (foreign resident) aged 19, no Australian assessable income and lives in the
UK; Carmen (resident) aged 17 with a full time job and $36,000 annual income;
Tom (resident) aged 2, no income;
Mike (resident) aged 15, a full time student in local school with no other income. Advise
the trustee of the Family Trust how to distribute the net income of the trust for the year
ended 2017 so as to minimize the income tax payable by all the parties. [10 marks]

Question 2: LEGL300 TAXATION LAW Assignment-Australian Catholic University.

This question is related to topics specifically discussed in week 7 – 9. Kevin and Ian are in a partnership as retailers of electrical goods. The partnership records, exclusive of GST, for the financial year ending 30 June 2017 disclose:

Receipts ($):
Gross receipts from trading 500,000
and additional receipt for bad debts recovered 10,000

Payments ($):
Purchases of trading stocks 100,000
Partners’ salaries (each) 50,000
Interest 10,000
(on cash advanced for working capital made to the partnership by Kevin)
Salaries (for employees and rent paid) 60,000
Legal expenses (in recovering bad debts) 10,000

Other details:
Kevin and Ian share partnership profits equally
Trading stock on hand 1 July 2016: $10,000
Trading stock on hand 30 June 2017: $20,000
Kevin’s personal records disclose:
Gambling winnings: $2,000
Fully franked dividends: $7,000
Net salary as a part-time instructor (excluding PAYG tax installments of $2,000): $5,000
Subscription to professional journals: $500
Kevin and his family members are members of a private hospital fund.
Demonstrate the calculation process for determining Kevin’s tax liability for the year ended
30 June 2017, and explain your treatment of each item in this question. [20 marks]

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