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T3 2021 – HI6028 Taxation Theory, Practice & Law Individual Assignment Case Studies of Specific Deductions and Tax Liability

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Assignments’ Instructions and Requirements

Question 1        (10 Marks)                                                                                 

Jahid (a mechanic) paid for the following items during the current tax year (2019-2020) and has approached you asking which of them are deductible from his salary income. He is a single tax resident for the year:

  • Protective shoes and sunglasses with the cost of $600 all together
  • Non-compulsory uniforms with the cost of $300
  • Compulsory uniforms with the cost of $700

Explain in detail (using a table for all the items above) with relevant tax laws and cases.

Kindly use the four sections below for each case in your table.

  1. Facts of the scenario
  2. Relevant laws and cases
  3. Application of laws and cases
  4. Conclusion

Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy, and Medicare Levy Surcharge, if applicable, for the taxpayer (Jenny) with the information below:

Hint: The following website can be used to cross check your answers but you need to provide the detailed calculations, rates and explanations with the screenshots of rates from ATO website. guide: Strictly NO excel sheet(s) or the screenshots of excel calculations and/or tables are allowed and NO marks will be granted if these are submitted. But, no referencing is required for this question. Kindly use word document tables for your answers and please avoid writing the calculations in narration format.

Q.3. MJ Limited purchased a machinery for $50,000 for its operations on 1 October 2015 and have been using it for income producing activities. In the current financial year (2019-2020), the machinery broke down and it was replaced with another machinery with the cost of $70,000 which could improve(?) the production, a feature that was not available in previous machinery. Explain in detail using relevant tax laws and cases whether this amount of $70,000 is deductible for MJ limited. (Answer as per Australian taxation law and related section number as per tax legislation) Kindly use the four sections of:

  1. Facts of the scenario
  2. Relevant laws and cases
  3. Application of laws and cases
  4. Conclusion
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