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Master of Professional Accounting / Master of Accounting Studies CLWM4100 Taxation Law Research Assignment Due date: Weight: Length: Format:

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Master of Professional Accounting / Master of Accounting Studies CLWM4100 Taxation Law Research Assignment Due date: to be submitted in hardcopy to your lecturer at the start of your Taxation Law lecture 6 Weight: 30% Length: must not exceed 1,500 words Format: must be typed, with Kaplan Assignment Cover Sheet attached Advise Janette on the income tax implications of the following transactions undertaken during the income year ended 30 June 2012. Janette wishes to minimise her taxable income. Do not consider GST implications, Janette’s income tax liability or any tax offsets that might be available. You may assume that Janette does not have any other income or deductions other than those outlined below. (a) Salary (5 marks) Janette works part-time as a waitress at a local café bar. For the income year, Janette received $40,000. (b) Website set-up cost (5 marks) Janette was considering opening a beauty salon and wanted to get an idea of the demand for this service in her area. Janette hung up various posters and signs around her area and set up a website to gather feedback about the level of interest from potential clients. After various testing, Janette decided not to proceed with the beauty salon. Janette paid $400 to the web-designer to design her website. (c) Interest earning bank account deposit with account fees (5 marks) Janette deposited $5,000 with St Henry Bank. The account earned interest at 5.2% per annum. Janette was charged $5 per month in bank fees. (d) Consultation fees (5 marks) Janette provided massage therapy services for a therapeutic massage company. During the income year, Janette received $12,000 in consultation fees for her services. Janette provided these services on a weekly basis. Janette has an Australian Business Number that she uses to invoice the company with. Janette is required to supply all of her own equipment, oils and lotions. Janette stipulates her own fees. Janette has been providing services to this company for the past 4 years. Janette had received approximately the same amount of fees for each year. (e) Massage Table (5 marks) Janette purchased a massage table for use in her work at the therapeutic massage company. She paid $850 on 1 May 2012. You may assume that the effective life of a massage table is 6 years. Janette does not use the massage table other than for providing these massage therapy services to the company. (f) Oils and therapeutic lotions (5 marks) Janette used various massage oils and therapeutic lotions in providing the massage therapy services mentioned above. During the income year, Janette paid $500 for these oils and lotions. Bradford College Pty Ltd is the registered higher education provider (CRICOS Provider Codes, SA: 02426B, NSW: 02913J, VIC: 02887F). Kaplan Business School Pty Ltd is Bradford College's agent appointed to deliver courses on its behalf.
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