Assignment: Taxation Law and Practice  Assessment 2: Case Study Report (40%)  • Administrative Details  Goal: To…

Taxation Law and PracticeAssessment 2: Case Study Report (40%)• Administrative DetailsGoal: To apply taxation knowledge to the provided scenarios enabling completion of the required calculations.Product: Individual Case Study containing two completed calculations, with assumptions and references.Criteria: Accurate interpretation, application and referencing of Taxation Laws to the facts presented.Apply ethics and professional acumen.Demonstration of thorough research.Weighting: 40%Due date: Week 11 – Monday 12am AESTSubmission: Safe Assign (Excel)Late penalties: 5% (of the assessment task’s identified value) per day for the first two days from the date identified as the due date for the assessment task.10% (of the assessment task’s identified value) for the third day.20% (of the assessment task’s identified value) for the fourth day and subsequent days up to and including seven days from the date identified as the due date for the assessment task.A result of zero is awarded for an assessment task submitted after seven days from the date identified as the due date for the assessment task.Weekdays and weekends are included in the calculation of days late. To request an extension, you must contact your course coordinator to negotiate an outcome.• Technical Details• Satisfactory completion requires:• The requested outputs• Worksheet containing assumptions, explanations and calculations• Relevant legislation and / or case law and / or rulings• Practical DetailsQuestion 1 (20 marks):Jane Brown (aged 30).Jane is an eligible beneficiary of the Brown Family Discretionary Trust. The trustees decided to distribute a cash amount of $20,000 to Jane for the current tax year.Jane also receives $20,000 fully franked dividends. Jane has a $20,000 HELP debt.Jane received $79,000 (gross income) from employment at Company Pty Ltd for the period 1 July 2016 to 30 June 2017. The correct amount of PAYG has been withheld.Jane reports interest income of $475.Jane advises of investment expenses of $250.Jane receives rental income of $35,000 from an investment property. The associated expenses are:• Mortgage repayments: $25,000• Repairs: $2,000• Rates: $2,500• Insurance: $500Jane sold a parcel of 200 Coles Myer Group shares on 1 July 2016 for $3,500. She had purchased these shares on 1 July 2009 for $800. Her brokerage costs of buying and selling were $300 in total.Jane made donations (for which she presents tax invoices and receipts) to the value of $900.Jane does not wear a uniform to work.Jane pays premiums on an income protection insurance policy equivalent to $1,000 per year.Jane does not have Private Health Insurance.Required:Task # Task Description Marks1 Calculate the net tax payable/ refundable situation for Jane for the current tax year (include references, calculations & assumptions) 20Question 2 (20 marks):Green Pty Ltd is a resident gardening company registered with the following information:TFN: 859 376 213ABN: 79 512 647 864ACN: 86 572 314 719The following is the financial information for the year ended 30 June 2017.GST (where it is applicable) has not been removed from the following amounts.Depreciation (for tax purposes) was reported to be $5,500 for the current year.Income:Sales 345,000Exempt income 10,000Dividends (fully franked) 10,260Interest received 900Compensation from a client who failed in a legal suit to obtain damages from Green Pty td for alleged property damage. 4,000Net capital gain 4,000Expenses:Advertising (print, net, signage, flyers) 1,000Bad debts 900Bank Charges 150Capital expenditure (qualifies for immediate deduction) 3,000Cost of sales 60,000Sub-contractor expenses 23,000Depreciation expenses 2,000Electricity 800Entertainment 2,000Environmental protection (disposal of chemicals) 600Fines (speeding and parking tickets) 500Insurance 600Interest expenses within Australia 1,200Lease expenses within Australia 4,000Motor Vehicle 3rd Party insurance 550Motor Vehicle expenses (petrol & maintenance) 4,000Motor Vehicle Registration 1,200Rent expenses 11,800Stationery & Office supplies 200Tea, coffee, sugar & milk for staff use 100Telstra (Phones & Internet) 2,000Wages 45,000Required:Task # Task Description Marks1 Calculate the net tax payable/ refundable situation for Green Pty Ltd (include references, calculations & assumptions) 20