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Subject Code : ACFI3004

Assignment Task One

Dr Scott Piner
1 Leberstrart
Brussels, Belgium
10 April, 2019

Ms Paula Uptrum
Uptrum Business Services
PO Box 2
Newcastle NSW Australia 2308
Dear Paula,
As you see from the above address I have safety made my transition to Belgium. Firstly, let me thank you for your personal assistance in what, for me, has been a most
difficult time. The divorce from my wife was finalised last month and our property settled. Having no children, we can be thankful the separation was not complicated.

The divorce has marked a turning point in my life and (call it a mid-life crisis) I am determined to follow my dream of being an author of historical war novels. I have
just started writing my first book based on the World War 1 battlefields of Belgium and living here with access to the actual battlefields is essential to my research. Of
course there can be no certainty of the ultimate success of my book writing venture, but I believe one must follow their dreams. However, there have been promising
developments with two publishers showing interest in my concept, with one paying an option to read my first drafts.

I was becoming fatigued practising medicine at the John Hunter Hospital and I am now feeling invigorated by the break. If my writing venture comes to nothing I will
probably have to return to Australia as Belgian regulations prevent me from practising medicine here. The John Hunter Hospital has promised to keep my job open for two
years so there is always that to fall back on. In saying that though, I am confident I can be a successful author and my long-term goal is a series of European war stories
which I can research from my base here. I have recently signed a 12 month lease on an apartment in Belgium that has a good study area. I have also purchased a cheap car although it doesn’t compare with my Porsche which is at home with mother. She has been wonderful in looking after my Australian affairs, paying my bills etc.

I assume my tax for the year ended 30 June 2019 will be a little out of the ordinary. I would appreciate your early advice on certain matters to enable me to collect the
necessary information to prepare my 2019 income tax return when it becomes due. In particular could you respond to the following issues?

1. I departed Australia on the 22 nd January 2019 for Belgium. How will this affect
my residency for tax purposes and what are the implications for the 2019 year?

My Australian income for the 2019 year will comprise:

- Australian Salary from the hospital 1/7/18 to 31/12/18
- Interest from a $60,000 Australian term deposit (still active)
- Net rent from my Melbourne rental property (full year)

I cancelled my Australian medical fund insurance cover on 31 December 2018 as it does not provide cover while I am residing overseas. If I return to Australia I am
prepared to pay the extra premium charged for re-joining the fund.

 My income from Belgium sources for the 2019 tax year will be:
- Interest from a $60,000 term deposit with a Brussels bank

- $1000 (AUD equivalent) received from an English publisher as a non- refundable payment entitling them to first option to publish my book.

- Approximately $10,000 (AUD equivalent) gross salary from part time employment as a bartender in a Brussels bar.

2. Will the receipt from the British publisher be assessable income? While I intend writing to be my business I am not sure if the outcome will be profitable. Are there
any guidelines to establish whether this is a business or a hobby and what is your opinion of its status?

My expenses so far regarding the book are as follows:
- Airfares & removal expenses to Belgium $5000
- Hire of computer for 12 months $1200
- Sundry purchases $290
I would appreciate your advice on the above matters and again express my thanks for
your ongoing assistance with my financial affairs.

Regards
Dr. Scott Piner

 

Assignment Task Two

 Max Lowe is a 37-year-old Australian resident for income tax purposes. Max has two children with his spouse, Lara (33 years old) - Craig (aged 3 years) and Troy (aged 1-year-old). Lara’s 2019 taxable income is comprised solely of $12,300 in gross salary she received from part-time employment.

On October 15, 2018 Max resigned from his position as a Senior Lecturer in Marine Biology at the University of Newcastle, NSW. On leaving the University Max was
successful in obtaining employment as a Marine Biologist with the Australian government science organisation (CSIRO) based in Cairns, Queensland. He and his
family moved permanently to Cairns to commence his employment on 1 November, 2018. Max is also the sole owner of a Sydney rental property that was tenanted for
the whole year. Details of Max’s receipts and payments for the year ended 30 June 2019 are as follows (all amounts are inclusive of GST where applicable):

Receipts
Gross Salary - University of Newcastle note 1                    $32,750
Gross Salary – CSIRO note 2                                             $88,000
Received Fully Franked Dividend (ASX Listed)                    $3,500
Received Unfranked Dividend                                                $1,300
Gross Rental Property Income                                               $10,400
Net Interest Income from New Zealand note 3                       $1,800
Payments made by Max
Airfares and accommodation costs relating
to the initial job interview with CSIRO                                      $1,860
Annual subscription Australian Marine Biology Society            $700
Purchase of equipment note 4 $4,399
Expenses relating to the rental property (all deductible)          $17,100
Other amounts – all deductible under s8-1                               $1,500
Deductible Superannuation Contribution paid
to Max’ Superannuation Fund note 5                                        $3,500
Superannuation Contribution paid to Lara’s
Superannuation Fund note 5                                                      $4,500

 


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