Part A
James Cookie is a ship’s officer employed by Sails International Inc, a company incorporated in Bermuda that owns cruise boats and operates passenger cruises in the
Pacific Ocean. James owns a house in Sydney which was formerly his family home but his estranged wife and children now live in Singapore. James rents the house to his
cousin and family. The house is let fully furnished; the furniture belongs to James. Whenever he is in Sydney, James stays in the house and has his own room in which
are stored his personal belongings. In the current income year James spent 80 days in the house. The remainder of the time was spent on a cruise ship except for 20
days spent visiting his children in Singapore. The ship on which James serves visits a variety of ports, mainly in the South Pacific. James’s employment contract was
negotiated and signed in Hong Kong.
Required 1: For Taxation purposes, is James a resident of Australia? What is the source of his salary from Sails International?
Required 2: If James sold his house, would he be entitled to the main residence exemption in Sub div 118-B?
Part B
On 1 July 2014 Lee commenced business as an architect. He operated as a sole proprietor from a converted garage at the rear of his residence. Much of his work
consisted of preparing building designs and specifications for local council building permits but he quickly gained a reputation for quality drawings prepared within
tight timeframes. By the end of 2013/14 he had a small client base of local builders and private referrals and billings (fees) of $75,000. During the year Lee
submitted a design as part of a national competition for the Citadel, the centrepiece of an urban redevelopment. His visionary design and revolutionary use of local
materials left the judging panel speechless with admiration and, to national acclaim, he was awarded the prize and commissioned to build the structure. Immediately he
borrowed $1 million, rented premises on Main Terrace, acquired state of the art equipment and employed six draughtsmen and two administrative staff. During 2013/14 his
billings were $1.75 million.
Required
Should Lee return on a cash or accrual basis in 2012/13 and 2013/14?
You must refer to appropriate case law. Your answer must include (but should not be limited to) a discussion of the following:
• What factors affect the choice of a cash or accrual basis?
• Does Lee have a choice of the basis he adopts?
• Does the Commissioner of Taxation have a right to insist on a particular basis?
• Should Lee’s basis be the same in both years?
CHECKLIST TO BE ATTACHED TO ASSIGNMENT
Please check that you have done the following. Tick the boxes to show you have!
? Submitted an assignment that is original, and ensure all the references can be accessed in Australia.
? The assignment includes abstract, references, bibliography.
? Referenced direct quotes (use quotation marks or indent) AND summarising from another person’s work in the body of the essay. (This includes internet sources).
? Indicated what referencing style you have chosen Harvard/APA and USED IT.
? Answered all parts to the question.
? Used headings (even though this is not a report, headings are encouraged to assist structure and flow).
? Proof read the assignment for spelling, punctuation and grammar errors.
? Where required, used relevant sections of legislation, legal rules/principles
? Where required, used cases to support your points or arguments. These cases can be obtained from textbooks, or the CCH online libraries, articles found via AGIS
PLUS TEXT database etc.
? Put case citations in the body of the work as well as listing the case in the List of References.
? Discussed the issues as required and put arguments and gave your view.
? Used a range of resources.
? Included a title page with your name, student number, course code and name and lecturer’s name.
? Have a margin so comments can be added; put page numbers and your name and student number on each page.
Essay/Assignment Assessment Criteria
You will be assessed on:
Analysis (60% of the marks are allocated here)
• Depth of understanding of the topic and identification of relevant issues
• Accuracy of the law (legislation and cases) used to support discussion
• Clarity and coherence of the debate/discussion (think of leading the reader along a pathway, explaining the features, their importance and impact)
• Quality of discussion and argument
• Attempt to canvass a range of views and to offer an individual opinion on the state of the law/need for reform (depending on topic chosen)
Research (30% of the marks are allocated here)
• The use made of appropriate legal sources, in particular primary legal sources: e.g., the Income Tax Assessment Act (1936) (Cth) and cases (it is appropriate
to rely on the summaries of cases located in secondary sources)
• The breadth and use made of relevant secondary legal sources, in particular a number of legal texts, internet sites and where possible academic journal
articles.
Presentation (10% of the marks are allocated here)
• Readable connected prose NOT point form summaries
• Effective use of HEADINGS
Consistent and accurate acknowledgment of sources using a recognised style – both in relation to in-text referencing and list of references/bibliography.
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