Presentation requirements and referencing
It is expected that your assignment will be written as if you were a professional tax adviser providing letter of advice to the client (as described in Question 2).
• The word limit for this assignment is 1,000 words (with a +10% tolerance)
• The word limit does not include the bibliography but does include words in footnotes (if footnotes are used).
Grading criteria Marks will be allocated based upon:
• Identification of relevant taxation law concepts and legal sources such as relevant legislation and case law;
• Application of those concepts and legal principles to the problem at hand;
• Calculating any relevant taxation liability, so far as possible, given the information provided; and
• Providing a balanced and well-reasoned letter of advice which addresses relevant legal issues in a professional manner.
ONLY USE AUSTRALIA LAW , CASE LAW, STATUTES and AUSTRALIA CONTEXT
Question Two: (Worth 15 marks)
Nellie Clinton is an engineer who has worked in a range of senior consulting positions in Melbourne for the past 10 years. Early in 2018 Nellie was approached by a private firm of transport engineers in Sydney called Westside Partners (WGP) who wanted her to join their growing practice. Nellie was keen for a change, so she accepted the offer to start with WGP on 1 July 2018. In addition to a salary of $150,000, WGP provided her with the following items during her first year of employment:
• Exclusive use of a new Toyota motor vehicle (valued at $40,000) from 1 July 2018. The vehicle was leased by WGP at a cost of $8,000 per annum and WGP also paid all fuel, registration, insurance and servicing costs (amounting to $3,000 per annum). Nellie estimates that 20% of her vehicle use is for business purposes (such as visiting clients etc);
• Provision of a mobile phone from 1 July 2018 to be used predominantly for work purposes (purchased by WGP for $1,000) plus a Telstra phone and data streaming account for which WGP paid $85 per month;
• Reimbursement of $16,000 in overseas travel expenses incurred by Nellie. This related to an intensive 4-week work related project in Germany during February 2019. Nellie spent one week of that time cruising down the Rhine with her partner;
• Provision of an interest free loan of $50,000 to Nellie to assist in the transition of moving her home from Melbourne to Sydney. Nellie did not use the money for that purpose but instead gave it to her partner, who used it to buy shares in the blue-chip industrial company, CSL Ltd. Additional information
• Nellie has no dependents. She has a remaining HELP debt of $15,000 from post graduate studies, completed in 2014. She has full private health insurance cover.
• Nellie holds shares in Eastpac Bank Ltd which paid her a fully franked dividend of $7,000 in September 2018.
• Nellie has a term deposit with the Eastpac Bank, which earned $600 in interest for the 2018-19 year.
(a) What would Nellie’s income tax liability be for in the year ending 30 June 2019? [Assume that Nellie has no deductions for this year as all her work-related expenses are reimbursed by WGP]. 5 marks
(b) Advise WGP what Fringe Benefits Tax liability that would be incurred by WGP due to the benefits provided to Nellie for the FBT year ending 31 March 2019?
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