Assignment - Research Assignment
Assignment type: Individual
Word Limit: 1800 to 2000 words[excluding footnotes or endnotes and bibliography]
ASSIGNMENT QUESTION
Sam resides in Essendon in Melbourne. He is a tax resident of Australia and is employed as an expert andprofessional photographer at National Professional Photography Ltd. In the year ended 30 June 2015 he earned a salary of $56,000, car allowance of $10,000 and reimbursement for his car parking expenses of $3,000. Sam also owns a studio and does part time photography during the weekend from his home studio with an income of $14,000 for the year ended 30 June 2015.
Melissa and her family live in Liverpool in Sydney and have their photographs taken at Sam's studio. Since Melissa is Sam's sister, he only charged her $1,000 for the Camera and cost of prints. Melissa loves gardening and whenever she visits Sam, she maintains his garden at Essendon at no extra cost or liability.
Required:
Please advise Sam and Melissa of their tax consequences, if any. In your answer, please provide appropriate legislation, sections, case law and calculations.
Requirements/Tasks for Assignment:
1. Develop excellent skills of Research, Calculations, Critical Analysis and Written Academic Work of high standard.
2. Navigate through the website or internet or books, journals or legal websites.
3. Cite appropriate references where applicable.
4. Provide evidence of appropriate research.
5. For Legal Referencing required for this assignment, please use Australian Guide to Legal Citation, University of Melbourne [Freely available on the internet for academic purposes only].
TEXT BOOK & REFERENCE READING
Australian Master Tax Guide, CCH Australia Ltd (latest edition) (MTG)
Or
Foundations of Taxation Law by Stephen Barkoczy (latest edition)
Other useful references
- Barkoczy, S. Core Tax Legislation & Study Guide
- Barkoczy, S. Australian Tax Casebook (latest edition)
- Deutsch, Friezer, Fullerton, Gibson, Hanley and Snape, Australian Tax Handbook, Thomson, ATP (latest edition)
- Nethercott, Richardson, Devos, Australian Taxation Study Manual, CCH Australia Ltd (latest edition)
- Prince, JB, Tax for Australians for Dummies (Latest Edition) Wiley publication (TFAFD)
- Taxpayers Australia, Tax Summary (latest edition)
- Woellner, Barkoczy, Murphy, and Evans, Australian Taxation Law (latest edition)