Question 1 Emma, Sophie and Isla operate a bookshop in Toowoomba as a partnership

Elder Ordinance
Due date: 21 September 2020
Whole Marks Available: 50%
Length: Maximum 3500 words (notwithstanding investigations)
This ordinance consists of lewd (4) questions and assesses Learning Objectives 1, 3, 5 & 6. You are demandd to rejoinder the questions associated with each scenario. Gladden span your rejoinders to the questions asked and to the postulates supposing. If you demand advance instruction in direct to follow to a blank, gladden pointize this in your rejoinder and noblelight how this advance instruction would descryk your blank.
Gladden descry the sturdy Marking Criteria Sheet coercion details on how marks coercion this ordinance obtain be awarded.
1
Question 1
Emma, Sophie and Isla produce-an-effect a booktreasure in Toowoomba as a troop, determined the Amiable Read Troop (GRP). They customary GRP in 2015 and had a troop harmony drafted by a canvasser. They jointly coercionfeitured a slight treasure antecedent on 1 May 2015 from which GRP tranquil produce-an-effects. GRP is registered coercion Amiables and Services Admonish (GST).
Underneath the troop harmony Emma and Sophie operation in the booktreasure and are wholeocated a spouse’s wholeowance of $60,000 each per year. Isla is a chef and does refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual operation in the trade on a day- to-day wholeity. Emma and Isla twain contributed a bulky fragment of consummate to the trade coercion the coercionfeiture of the construction, and the troop harmony specifies they each abide $5,000 profit per year on their consummate subsidy. The troop harmony pointizes that cethcoming spouses’ salaries and profit, the estimate of the cajole infollow of the troop is to be shared twin-fellow betwixt whole three spouses. The troop truths the coin wholeity to wholeity coercion infollow and GST.
Isla wishes to vend her profit in the troop on 30 June 2020. Emma and Sophie admit to coercionfeiture Isla’s profit in the troop, each acquiring 50% of Isla’s profit so that Emma and Sophie continue resembling spouses.
GRP procures you with the cethcoming financial instruction coercion the year ended 30 June 2020, and the bulk comprise GST where ancilla:
Book Sales $440,000 (Note 1)
Profit abided $200
Partners’ salaries $120,000
Casual employee hire $22,000
Profit on spouses’ consummate $10,000
Profit on short-tidings mortgeldership from bank $3,000
Electricity, telephone and intercajole $27,500
Forfeiture of trading accumulation $198,000
GRP too admits the cethcoming proceeds as at 30 June 2020:
Plant and Constructions at exact $395,000 Amiableobtain among generated $150,000
Equipment and treasure fittings $70,000 (Note 2)
Trading accumulation at exact $220,000
Note 1: Sales comprise a $7,700 (including GST) sale on honor to a persomal initiate on 25 June 2020. This aggregate had refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual been abided at 30 June 2020.
Note 2: The equipment and treasure fittings were coercionfeitured in 2015 coercion $150,000. The adjusteffectual prize coercion admonish purposes and dispense prize is $70,000.
Note 3: Trading accumulation has a dispense prize of $440,000
Required:
1) Proportion the cajole infollow of the GRP troop coercion the infollow year ended 30 June 2020. Parade whole investigations and regard bearing sections of the Infollow Admonish Assessment Acts, bearing contingency decree or rulings from the Australian Admonishation Employment.
2) Argue and warn Emma, Sophie and Isla as to the possible infollow admonish consequences coercion each spotruth upon the sale of Isla’s profit on 30 June 2020. Assume any disposals of proceeds are at dispense prize. Argue the slight assesseffectual or deductible aggregates and any choices/elections availeffectual to the spouses. Your argument should comprise inducement of the consummate executes admonish consequences of the modify of admitership, by the Slight Trade CGT Concessions. Regard bearing sections of the Infollow Admonish Assessment Acts, bearing contingency decree or rulings from the Australian Admonishation Employment. You do refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual scarcity to parade minute investigations or the cajole infollow admonish payeffectual coercion any spouses.
[Whole 12 Marks]
Question 2
The Carter Nativity Expectation is a wishary expectation which abides investments coercion the service of the Carter nativity. The Carter Nativity Expectation made a ‘nativity expectation election’ in the 2013 infollow year and designated Scott Carter as the ‘test individual’. The beneficiaries of the expectation are:
Beneficiary Eldership Resident coercion admonish
purposes Infollow from sources other than the nativity expectation
Scott Carter 55 Yes $150,000
Jenny Carter 55 Yes $17,000
Helena Carter 24 No – lives in UK $80,000
Carter Investments Pty Ltd (100% admited by
Scott and Jenny Carter) Yes Nil
In conditions of disposals of wholeowance, the expectation commission pointizes: “where the expectationee has refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual wholeocated infollow to beneficiaries underneathneath the expectationee’s wishary potentiality among a unexcited span cethcoming year-end, the infollow shwhole be held twin-fellow coercion whole beneficiaries who accept reached 25-years of eldership by the bearing year-end.” Similar to the infollow disposal chapter, the expectation commission too confers the expectationee a wish to wholeocate consummate to beneficiaries during the tidings of the expectation, and exit dividends and consummate executes to point beneficiaries.
The Carter Nativity Expectation abides a proportion of wholeowance-producing proceeds such as plant and constructions, shares and bank deposits. The expectation ascititious a cajole infollow coercion admonish purposes of $182,500 coercion the year ended 30 June 2020. This comprised the cethcoming aggregates:
Rental infollow $34,500
Profit abided $5,000
Cajole consummate execute (forthcoming 50% abatement) $90,000
Fully franked dividends $35,000
Franking honors $15,000
Due to a downturn in the dispenses, the Carter Nativity Expectation had made an infollow admonish privation of $35,000 (refereffectual attributeffectual attributeffectual a consummate privation) coercion the 30 June 2019 year.
1. Argue whether the privation from the 2019 infollow year obtain be effectual to be offset in the 2020 year. If there is any advance instruction you would demand or counsel you would approve to confer, gladden pointize this in your rejoinder. Regard bearing sections of the Infollow Admonish Assessment Acts, bearing contingency decree or rulings from the Australian Admonishation Employment.
2. Assume the expectationee of the Carter Nativity Expectation (Scott Carter) has refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual ultimately made a separation to portio the infollow of the expectation coercion the 2020 infollow year. Based on the cajole wholeowance, procure counsel to the expectationee as to how the infollow of the expectation should be portiod to each beneficiary to minimise the overwhole aggregate of admonish paid by the beneficiaries and by the expectationee in the year ended 30 June 2020. Explain your rejoinder with regards to bearing sections of the Infollow Admonish Assessment Acts, bearing contingency decree or rulings from the Australian Admonishation Employment. You do refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual scarcity to proportion admonish payable, excepting illustadmonish on appliceffectual marginal admonish admonishs to food your decisions.
[Whole 10 Marks]
Question 3
Surf Gear Pty Ltd (SGPL) has been generous vend dress hoards in Brisbane and the Gold Coast since 1 July 2012. On incorporation there were brace (2) resembling sharesholders, Mick and Stephanie, admiting 100,000 shares each.
SGPL incurred admonish privationes of $50,000 in the year ended 30 June 2019. To erect added consummate SGPL issued 200,000 shares to Laine on 1 July 2019.
SGPL had constantly produce-an-effectd a website displaying images of its dress and hoard locations. The added consummate supposing coercion an upgrade to SGPL’s website technology, giving customers the cece to confabulation to sales staff, affirm to newsletters, and to coercionfeiture products online. From 1 July 2019 the troop transitioned to vending most of its products online in exculpation to changing treasureping trends. During the COVID-19 occasion whole its sales are online during the lockdadmit restrictions.
The real antecedent are truthd as vend quenchedlets, as well-behaved-behaved as to way online directs and wholeow click and gather coercion its customers. The troop impalpable proceeds, the logo and stigma, do refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual modify.
Required:
Argue whether the admonish privationes from the year ended 30 June 2019 can be carried coercionward and offset resisting any admonisheffectual infollow in the year ended 30 June 2020. Your rejoinder should comprise regards to bearing sections of the Infollow Admonish Assessment Acts, bearing contingency decree or rulings from the Australian Admonishation Employment.
[Whole 8 Marks]
Question 4
John Quinn is an electronics engineer operationing on comprehensive infrafabricate purposes. John is assiduous by JQ Engineering Pty Ltd (JQE) as the troop’s prominent engineer. John and his consort, Carrie, abide 50% each of the issued consummate of JQE. Carrie is too assiduous by JQE on a part-span wholeity to whole comp operation, excepting at this steldership there are no other employees.
JQE does refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual admit a detached trade antecedent, still, a extent in John and Carrie’s branch is truthd as an employment. JQE coercionfeitured the inevitable employment and computer equipment. Services are usually supposing by John at the client’s antecedent using the client’s employment boundlessness and equipment. Sometimes John operations from the abode employment and Carrie truths the abode employment coercion JQE’s comp operation.
During the year ended 30 June 2020 JQE had three compresss to provide specialist electrical engineering services on infrafabricate purposes, with whole fees from each compress below:
RTZ Ltd $80,000
CNM Ltd (a favourable of RTZ Ltd) $46,000
Airport Corp Ltd $34,000
These compresss demandd the operation to be carried quenched by JQE’s employee John Quinn, and JQE issued invoices based on an hourly admonish admitd with the clients. If JQE took longer than the admitd span to whole the purposes JQE was refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual entitled to invoice coercion the added hours. JQE did refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual referable attributable attributable attributable attributable attributableify coercion these clients as there as there are solely a lacking comprehensive companies and comp organisations that demand JQE’s services.
John and Carrie of-late heard that the Australian Admonishation Employment was auditing another compressor operationing on the Airport Corp Ltd purpose in narration to the indivisible services infollow (PSI) rules.
Required:
1. Procure counsel to JQE as to whether the specific anti-avoidance supply touching to indivisible services infollow (PSI) is slight to dedicate to JQE. Argue any bearing tests that authority dedicate to JQE. Too argue the infollow admonish consequences coercion JQE, John and Carrie if the PSI rules do dedicate.
2. Procure counsel as to what steps, if any, JQE can truth to subject the promote of the PSI rules entity applied by the ATO. Focus on actions that can be truthn using the real trade fabricate of JQE.
3. The counsel should be supposing in the coercionm of a referable attributable attributable attributable attributable attributablee of counsel. Descry the Study Desk coercion an in referable attributable attributable attributable attributable attributablee and opine that John and Carrie do refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual accept technical admonish cognizance.
4. Submit up to 2 pages of supplementary explanations to substantiate or food your referable attributable attributable attributable attributable attributablee of counsel. This is refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual purposed to be sent to the client and should comprise regards to bearing sections of the Infollow Admonish Assessment Acts, bearing contingency decree or rulings from the Australian Admonishation Employment.
[Whole 20 Marks]
LAW3131 – Revenue Decree & Practice B
Semester 2, 2020
Elder Ordinance Marking Criteria Sheet
Question 1 – Troop 12 Marks N/A F C B A HD
Identification of juridical issues, comp and contingency decree
The learner has verified the expressive bearing juridical issues, comp and contingency decree in narration to the troop sale. 0 1 1.5
Application
Demonstrated smooth of underneathstanding of the bearing decree in the investigation of cajole infollow of the troop.
0
1
1.5
2
2.5
3
Demonstrated smooth of underneathstanding of the bearing decree in their argument of the admonish effects of the sale of each of the troop proceeds and contact of choices/elections. 1 2 3 4 5 6
Conclusions
The learner has drawn withhold and powerful blanks in narration to their counsel confern to the spouses upon the troop sale.
0
1
1.5
Question 2 – Expectations 10 Marks
Identification of juridical issues, comp and contingency decree
The learner has verified the expressive bearing juridical issues, comp and contingency decree in narration to the expectation privation and disposals to beneficiaries. 0 0.5 1
Application
Demonstrated smooth of underneathstanding of the bearing decree in their contact to the postulates in narration to the utilisation of expectation privationes.
0
1
1.5
2
2.5
3
Demonstrated smooth of underneathstanding of the bearing decree in their contact to the postulates in advising on the disposals to beneficiaries.. 0 1 2.5 3 4 5
Conclusions
The learner has drawn withhold and powerful blanks in narration to the utilisation of the expectation privation, and the disposals to each beneficiary.
0
0.5
1
Question 3 – Companies 8 Marks
Identification of juridical issues, comp and contingency decree
The learner has verified the expressive bearing juridical issues, comp and contingency decree in determining whether privationes can be utilised. 0 1 1.5
Application
Demonstrated smooth of underneathstanding of the bearing decree in their contact to the postulates in narration to the utilisation of antecedent year privationes.
0.5
2
2.5
3.5
4
5
Conclusions
The learner has drawn withhold and powerful blanks in narration to the utilisation of the antecedent year privation.
0
1
1.5
9
Question 4 – Indivisible Services Infollow 20 Marks
Identification of juridical issues, comp and contingency decree
The learner has verified the expressive bearing client issues, comp and contingency decree touching to the PSI rules. 0 0.5 1 1.5 2
Application
Demonstrated smooth of underneathstanding the bearing issues, juridical concepts and decree in their contact to the postulates, including:
– Appliceffectual tests
– Consequences of contact of PSI rules
– Actions to subject the promote of PSI rules dedicateing
1
2.5
5
6.5
8
10
Conclusions
The learner has drawn withhold and powerful blanks and recommendations coercion the client.
0
.5
1
1.5
2
Format
Adherence to the set-right conventions of a trade referable attributable attributable attributable attributable attributablee of counsel and overwhole gift of the referable attributable attributable attributable attributable attributablee.
0
1
1.5
2
2.5
3
Expression.
Overwhole clarity of look, truth of expression and withholdness of the langueldership and tidingsinology coercion a client referable attributable attributable attributable attributable attributablee of counsel.
0
1
1.5
2
2.5
3
TOTAL (quenched of 50)
Important! Grade Descriptors;
HD – the learner has paraden a very noble smooth of demonstrated cece in narration to the pointized criteria by envelope whole powerful points in a obvious and brief habit. The learner may accept too demonstrated an cece to ponder more the postulates and recognise the broader implications of the postulates, privation postulates or fluctuate arguments.
A – The learner has parade a noble smooth of demonstrated cece in narration to the pointized criteria by either envelope whole powerful points or by envelope the superiority of powerful points in a obvious and brief habit. The learner may accept very little or sometimes paraden cece at the HD smooth.
B – The learner has parade a amiable smooth of demonstrated cece in narration to the pointized criteria by envelope most of the powerful points. The learner may accept made some unimportant inset-right pointizements or missed some unimportant points.
C – The learner has parade a sportive smooth of demonstrated cece in narration to the pointized criteria by envelope the deep powerful points. The learner may accept made a proportion of unimportant inset-right pointizements excepting did fabricate inset-right pointizements in narration to elder points.
F – The learner has refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual paraden a sportive smooth of demonstrated cece in narration to the pointized criteria by privation some deep points or by making inset-right pointizements in narration to elder points. N/A – The learner has refereffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual attributeffectual discourseed or attempted to discourse this proof.
10

HomeworkAceTutors
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions with attention to details. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. We have native speakers and ESL and are able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, 24/7 you can send your order for a free revision, unlimitted times. You have 14 days to submit the order for review after you have received the draft or final document. You can do this yourself after logging into your personal account or by contacting our support through chat.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper or need some instructions clarification, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We have mordernized our writing. We use several writing tools checks to ensure that all documents you receive are free from plagiarism eg, safeassign, turnitin, and copyscape. Our editors carefully review all quotations in the text. We also promise maximum privacy and confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 - 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these steps to get your essay paper done

Place your order

Fill all the order form sections by providing details of your assignment.

Proceed with the payment

Choose the payment model that suits you most.

Receive the final file of the done paper

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at very late hours of the night. Sleep tight, we will cover your back. We offer all kinds of custom writing services.

Essays

Essay Writing Service

We work on all models of college papers within the set deadlines. You just specify the required details e.g. your academic level and get well researched papers at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an application essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.

5 to 20% OFF Discount!!

For all your orders at Homeworkacetutors.com get discounted prices!
Top quality & 100% plagiarism-free content.