Taxation Law | My Assignment Tutor

Page 1 Kaplan Business School Assessment OutlineAssessment 3 Information Subject Code:CLWM4100Subject Name:Taxation LawAssessment Title:Assessment 3Assessment Type:Individual Assignment and Video presentationWeighting:20 %Total Marks:20Submission:Via Turnitin-written report; Via Moodle-video presentationDue Date:Monday of Week 10 at 19:55 AEST Your Task• You are required to answer the questions, in a maximum of 1,000 words approximately.• This assignment must be presented as an individual effort. The assignment requiresindividual research using a range of tax resources. It is expected that you will survey therelevant literature, including decided cases, and select appropriate additional resources.• You are expected to identify the facts and issues presented by each question, identify andapply the relevant legislation and/or case law, and reach a conclusion.• This assessment assesses your research skills, your ability to synthesise an original pieceof work to specific content requirements. It also assesses your written communicationskills.• Your reasons for your conclusions and recommendations must be based on your researchinto the relevant cases and legislation.• You are also required to prepare a short video presentation (4 to 5 mins) summarising thekey issues you have addressed in your answers.• Please check the marking sheet (included below) for each part to ensure that you havefollowed all the guidelines for presenting your work.• Please make sure you follow the guidelines especially those relating to presentation, latepolicy and academic integrity.Assessment DescriptionWritten Report (15 marks)On 1 July 2005 Neil Chen purchased a block of land (1004m2) with a 3 bed-room house on it for$700,000. The house was rented out immediately since 1 July 2005 till June 2017. As therelevant information was not available to him, Neil did not claim deductions for capital worksunder ITAA97 Div 43 for the income years in which the property was used to produce assessableincome. Neil also did not obtain a building cost estimate from a quantity surveyor as he did notwant to incur the expense.During July 2017, Neil decided to demolish the existing house and the vacant land wassubdivided into two equal-sized blocks on 1 November 2017.Construction of two new dwellings was completed on 1 October 2018 at a total cost ofPage 2 Kaplan Business School Assessment Outline$1,000,000 ($500,000 for each house). Neil used both dwellings as investment properties andeach of them was rented out on 1 October 2018. Neil claimed deductions for capital works underITAA97 Div 43 for the income years for both dwellings.Due to Covid19, financial difficulties caused him to sell one of the dwellings. On 30 May 2020 heentered into a contract for sale and the tenants were moved out on 30 June 2020. The sale pricewas $950,000 with settlement on 31 July 2020. Selling costs, i.e., agent fees amounted to$10,000.RequiredPart 1) What are the CGT consequences of the subdivision, demolition and construction of twodwellings? Does the market value substitution rule apply to the demolition? You must includerelevant section numbers and/or cases in your explanation. (9 marks)Part 2) Calculate the net capital gain(s) and identify in which year it should be included. AssumeNeil had $21,500 capital losses from 30 June 2018 ($20,000 loss from sale of BHP Shares and$1,500 loss from sale of Stamps). (6 marks)Page 3 Kaplan Business School Assessment OutlineAssessment Instructions• The assignment (both the word document and the video file) will need to be submittedelectronically through the student portal – use the link under “Assessments”.Referencing• Any sources that you use need to be acknowledged in order to avoid plagiarism.Information on referencing can be found in the Guidelines for Referencing andPresentation at the Kaplan website using the following address:(https://elearning.kbs.edu.au/mod/page/view.php?id=128881).In‐Text Referencing and the Reference List• Sources of information must be cited both in the body of the text (in‐text referencing) andthe end of the assignment (reference list). Failure to do so will result in penalties.Remember that when referencing an Annual Report, it is a corporate document that doesnot have a particular author but it will still require referencing any time you use informationfrom it. Any other documents or books or other references you use will also requirereferencing.Please note• Any work which has been copied or shared between students will result in a Fail grade forall students concerned. Therefore, please make sure that the answer to this assignment isyour work and not copied or bought from any source. In completing this assignment makesure you follow the guidelines for assignments especially those relating to the presentationof written work, late assignment policy and academic integrity.Penalties Regarding Referencing:• No in‐text referencing – deduct 1 marks• Some in‐text referencing only – deduct 1 mark• No reference list – deduct 2 marks• Incomplete reference list – deduct 1 markPolicy on Late Submissions:• Penalties will be imposed on late assignment submissions in accordance with following:• Number of days late Penalty 1* – 9 days 5% per day for each calendar day late deductedfrom the total marks available.• 10 – 14 days 50% deducted from the total marks available.• After 14 days Assignments that are submitted more than 14 calendar days after the duedate will not be accepted and the students will receive a mark of zero for their assignment.• Note Notwithstanding the above penalty rules, assignments will also be given a mark ofzero if they are submitted after assignments have been returned to students.• *Assignments submitted at any stage within the first 24 hours after the deadline will beconsidered to be one day late and therefore subject to the associated penalty.Important Study InformationPage 4 Kaplan Business School Assessment OutlineAcademic Integrity PolicyKBS values academic integrity. All students must understand the meaning and consequencesof cheating, plagiarism and other academic offences under the Academic Integrity and ConductPolicy.What is academic integrity and misconduct?What are the penalties for academic misconduct?What are the late penalties?How can I appeal my grade?Click here for answers to these questions:http://www.kbs.edu.au/current-students/student-policies/.Word Limits for Written AssessmentsSubmissions that exceed the word limit by more than 10% will cease to be marked from the pointat which that limit is exceeded.Study AssistanceStudents may seek study assistance from their local Academic Learning Advisor or refer to theresources on the MyKBS Academic Success Centre page. Click here for this information.Page 5 Kaplan Business School Assessment OutlinePart A Assignment Rubrics: 15% Technical Content ComponentsHigh Distinction85 – 100%(Marks 12.75 to 15)Distinction75 – 84%(Marks 11.25 to 12.74)Credit65 – 74%(Marks 9.75 to 11.24)Pass50 – 64%(Marks 7.5 to 9.74)Fail0 – 49%(Marks 0 to 7.45)Knowledge andunderstanding(technical andtheoreticalknowledge: Abilityto locate andeffectively userelevant resources)10%A sophisticated understandingof the field or discipline/s.Mastery of accountingconcepts and application tothe study.Highly developedunderstanding of the field ordiscipline/s.Well demonstratedcapacity to explain andapply relevant accountingconcepts.Thorough knowledge orunderstanding of the field ordiscipline/s.Demonstrates a capacity toexplain and apply relevantaccounting concepts to thecase study questions.Knowledge or understanding ofthe field or discipline.Resembles a recall or summary ofkey ideas.Shows limited understanding ofhow to apply relevant accountingconcepts to the case studyquestions.Has answered some partsincorrectly.Limited understanding ofrequired concepts andknowledgeShows very little to nounderstanding of how to applyrelevant accounting concepts tothe case study questions.Key components of the practicalquestions are not addressed.Quality ofRecommendations/Conclusions2%Consistently demonstrates asystematic and criticalunderstanding of content andpurpose of the assignment.Specific position (perspective orargument) is presentedexpertly, authoritatively andimaginatively, accurately takinginto account the complexities ofthe financial reporting issue(s).Limits of position areacknowledged.Justifies any conclusionsreached with sophisticatedarguments.Demonstrates an advancedand integrated understandingof content and/or purpose ofthe assignment.Specific position (perspectiveor argument) is expertlypresented and accuratelytakes into account thecomplexities of the financialreporting issue(s).Justifies any conclusionsreached with well- developedarguments.Demonstrates consistentawareness of content and/orpurpose of the assignment.Specific position (perspective orargument) takes into accountthe complexities of thefinancial reporting issue(s)Others’ points of view areacknowledged.Justifies any conclusionsreached with well-formedarguments not merelyassertion.Demonstrates limited awarenessof content and/or purpose of theassignment.Specific position (perspective orargument) begins to take intoaccount the financial reportingissue(s).Justifies any conclusions reachedwith arguments not merelyassertion.Demonstrates no awareness ofcontent and/or purpose of theassignment.Specific position (perspective orargument) fails to take intoaccount the complexities of thefinancial reporting issue(s).Makes assertions that are notjustified. Page 6 Kaplan Business School Assessment Outline Use of academicand disciplineconventions andsources ofevidence.Grammar, spellingand referencing3%Expertly written and adheres tothe academic genre.Demonstrates expert use ofhigh-quality, credible andrelevant research sources tosupport and develop argumentsand position statements. Showsextensive evidence of readingbeyond the key readingThere are no mistakes in usingthe Harvard Style.Is very well-written andadheres to the academicgenre.Consistently demonstratesexpert use of good quality,credible and relevant researchsources to support anddevelop appropriatearguments and statements.Shows evidence of readingbeyond the key readingThere are no mistakes in usingthe Harvard style.Is well-written and adheres tothe academic genre (e.g. withintroduction, conclusion orsummary).Demonstrates consistent use ofhigh quality, credible andrelevant research sources tosupport and develop ideas.There are no mistakes in usingthe Harvard style.Is written according to academicgenre (e.g. with introduction,conclusion or summary) and hasaccurate spelling, grammar,sentence and paragraphconstruction.Demonstrates consistent use ofcredible and relevant researchsources to support and developideas, but these are not alwaysexplicit or well developed.There are no mistakes in using theHarvard style.Poorly written with errors inspelling, grammar.Demonstrates inconsistent useof good quality, credible andrelevant research sources tosupport and develop ideas.There are mistakes in using theHarvard style. Page 7 Kaplan Business School Assessment OutlinePart B – Assignment Rubrics: 5% Communication Skills CommunicationHigh Distinction85 – 100%(Marks 4.25 to 5.0)Distinction75 – 84%(Marks 3.75 to 4.2)Credit65 – 74%(Marks 3.25 to 3.70)Pass50 – 64%(Marks 2.5 to 3.20)Fail0 – 49%(Marks 0 to 2.45)Language and presentation(delivery) 3%• Structure of sentences andparagraphs• Vocabulary• Pronunciation• Evidence of rehearsal• Nonverbal communication• Use of notesSentences are wellstructured, varied, clear anddesigned to complementthe content Pronunciation isflawless.Vocabulary is professional,appropriate and extensiveThe main points and newtechnical terms are clearlydescribed and/or explainedPresenter appears fullyrehearsed and wellpreparedPresenter uses facialexpressions, eye contact,paralinguistic, vocalic,gesture, posture andclothing to appear confidentand positive. Presenter useseffective strategies toengage the audience andclearly communicate withthem. Presenter is notreliant on notes.Sentences are mainly wellstructured and clear Fewerrors in pronunciationVocabulary is professionaland appropriateThe main points and newtechnical terms are clearlydescribed and/orexplained, with fewexceptionsPresenter appearsrehearsed and wellpreparedPresenter uses facialexpressions, eye contact,paralinguistic, vocalic,gesture, posture andclothing well, with minorexceptions. Presenter usesgood strategies to engagethe audience andcommunicate with them.Presenter is not relianton notes but refers tothem.Sentences are mainly wellstructured and clear with afew errors whichcompromise meaningSome errors inpronunciationVocabulary is appropriateThe main points and newtechnical terms aredescribed, with fewexceptionsPresenter appearsrehearsed and preparedfor most of thepresentationPresenter uses facialexpressions, eye contact,paralinguistic, vocalic,gesture, posture andclothing well, with someexceptions. Presenter usessome strategies to engagethe audience andcommunicate with them.Presenter is not relianton notes but refers tothem.Sentences are mainly wellstructured Some errors inpronunciationVocabulary is adequateThe main points and newtechnical terms are clearlydescribed and/or explained,with some exceptionspresenter appearssomewhat rehearsedPresenter attempts to useappropriate facialexpressions, eye contact,paralinguistic, vocalic,gesture, posture andclothingPresenter attempts to usesome strategies to engagethe audience andcommunicate with themPresenter frequently refersto notes.Sentences are poorlystructured Many errorsin pronunciationVocabulary is inadequateThe main points and newtechnical terms are notclearly described and/orexplained presenter does notappear well rehearsedPresenter’s nonverbalcommunication detracts frompresentationPresenter does not usestrategies to engage theaudience and communicatewith themPresenter reads presentationdirectly from notes.Language and presentation ofvery low level. Page 8 Kaplan Business School Assessment Outline Visual aids1%Grammar, spelling andpunctuation are flawless In-textreferencing and reference listformat is correct.Titles and headings accuratelydescribe the contents.Text bullet pointed and brief (nomore than 6 points on a slide)Graphics are appropriate, labelledand used effectively.Fonts and colours are effectiveand appropriate and adhere toconventions (eg no more thanthree colours and readable fonts).Referencing correctGrammar, spelling andpunctuation have fewerrors.In-text referencing andreference list formatcorrect, with minor errorsTitles and headingsaccurately describe thecontents in most casesText bullet pointed andbrief with some overuseof blocks of textGraphics are appropriateand labelledFonts and colours areeffective and appropriateReferencing correct withminor errorsGrammar, spelling andpunctuation have fewerrorsIn-text referencing andreference list formatcorrect, with minor errorsTitles and headingsaccurately describe thecontents in most casesText bullet pointed andbrief with some overuseof blocks of textGraphics are appropriateand labelledFonts and colours areeffective and appropriateReferencing correct withsome errorsGrammar, spelling andpunctuation have someerrors.In-text referencing andreference list formatcorrect, with some errorsTitles and headingsaccurately describe thecontents with severalexceptionsText often presented inblocksGraphics are mainlyappropriate and labelledFonts and colours are notalways effective andappropriateOmissions and errors inreferencingMany errors in grammar,spelling and punctuationIn-text referencing andreference list formatincorrect or omitted –evidence of plagiarismTitles and headings donot accurately describethe contentsText not summarised,presented in large,unreadable blocksGraphics are notappropriate and labelledFonts and colours are noteffective and appropriateNo referencingPowerpoint slides notprofessionally presentedNot completedContent and structure1%Introduction,discussion and conclusionAudience awarenessIntroduction includes effectivebackground, purpose andoverview and catches audienceattentionDiscussion develops a clear,logical argument or descriptionusing a structural convention (egspatial, chronological, problemsolution) Conclusion accuratelysummarises the presentation andends on a meaningful, thoughtprovoking noteContent demonstrates audienceawarenessIntroduction includeseffective background,purpose and overviewDiscussion develops aclear, logical argument ordescription Conclusionaccurately summarises thepresentationContent demonstratesaudience awareness withfew exceptionsIntroduction includesbackground, purposeand overview Discussiondevelops argument ordescription . conclusionsummarises thepresentationContent demonstratesaudience awareness withsome exceptionsIntroduction includes someaspects of background,purpose and overviewDiscussion develops a clearargument or descriptionConclusion summarises thepresentationContent demonstratesaudience awareness withsome significant exceptionsIntroduction does not provideessential information on topic,e.g. overview.Discussion is not logicallystructured Conclusion brief oromitted.Content does not demonstrateaudience awarenessPresentation is not appropriatelystructured and does not meetaudience information needsNot completed