Country : Australia
Assignment Task :

TASK 1
1)
Antonio has been operating as a sole trader and has been making all business decisions both operational and financial. Over the years, Antonio’s business has grown extensively in size and needs. He now has to rent a warehouse to keep a large inventory and must put in a system to monitor the inventory items. He is also planning to
acquire another business to extend his business opportunities. Consequently, Antonio has decided to change his business structure to a company so that the business could get injection of new capital through the shareholders.
 

Required
Considering the needs of the business, explain how the new company should adopt good tax governance practices.
Your answers should address:
a) Decision making processes
b) Getting proper advice
c) Record keeping and documentation

 

2) Robert is a registered tax agent who has been providing tax-planning advice to David, a plumber with his own business, for many years and who has an appetite for high-risk arrangements. This year, Robert tells David that he has identified an area of the law where there is room to maneuver and that he can design a structure especially for David, as a way to minimise his tax liability, for an extra fee. Hint: Refer to useful websites
 

Required:
This task requires you to recognise tax avoidance by critically evaluating and researching the relevant concepts such as promoter penalty laws.
a) Discuss whether Robert’s tax planning arrangement is a tax avoidance scheme or not.
b) Explain Robert how promoter penalty laws operate and the maximum penalties that the Federal Court can impose on him.
c) Discuss whether Robert’s tax planning arrangement is in violation of the ethical considerations.
3) Mr. Jack Cashman (senior) of 100 George Street Sydney 2000 lodges his own returns and does not have a tax agent. On 1 February 2018, he received an amended assessment for the year ended 30 June 2016 from the Commissioner of Taxation as a result of an ATO audit.

 

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  • Uploaded By : Grace
  • Posted on : August 27th, 2018
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