Subject Code : BTC3150
Assignment Task:

 

Task:

PART ONE (15 marks)

1. In one brief paragraph, please explain one or two new tax measures introduced by the Commonwealth government in recent changes to
economic policy post-COVID-19 pandemic. What is the rationale of such tax policy reform? (you may seek help from websites of ATO/Treasury or other sources if cited properly) (1 mark)

2. Mitch is a builder, registered for GST. He recently built a new residential home on a vacant block of land and paid $27,500 (incl GST) to subcontractors who helped Mitch with the construction. The subcontractors are registered for the GST. Shortly after the building works were completed, Mitch sold the home to Linda. Linda leases the residential home to a tenant at monthly rent of $1,650. Advise both Mitch and Linda on how the GST law applies to each of them. (3 marks)

3. In 2018-19, Xiang, a retired teacher of humanities, had two types of receipts. First, Xiang won $25,000 after she participated in a TV quiz
program. The quiz program was based on questions from history and geography. Second, Xiang received a sum of $18,000 from a 10-year
annuity which she purchased for $150,000 (under the terms and conditions, the purchase price of annuity will not be returned to Xiang). Discuss the income tax consequences of both receipts to Xiang citing relevant legislation and case law. (3 marks)

 

PART TWO (5 marks)

Simon and his wife Barbra own a six-acre piece of land on the Bundaberg and Fraser Coast in Queensland. They purchased the land in April 2001 for $500,000, intending to build a home there when they retire.

 

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  • Uploaded By : Pearl
  • Posted on : September 29th, 2018

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