University : Newcastle University Business School UniLearnO is not sponsored or endorsed by this college or university.
Subject Code : PACC6006
Country : Australia
Assignment Task:

Task:

Assignment Task One - (1200 words maximum - 18 Marks)

Fuki Ama is a 28 year old citizen of Japan who is single with no dependants. He is a promising football star having played professional football in Japan with the Tokyo Samauris F.C. and the Under
20 national team. In December 2020 Fuki signed a contract to play professional soccer for Sydney City F.C., a club playing in the Australian Premier League. The contract is for the six month Australian professional season (1 March 2021 to 31 August 2021) with an option to extend for the following season if both parties agree.

In accordance with the contract, Fuki will arrive in Australia on 1 February 2021 to commence training ahead of the season opening in March 2021. Fuki has purchased a one-way ticket to Sydney departing Tokyo on 28 January 2021. While in Sydney he will reside in an apartment overlooking Bondi beach which he has leased for six months. He has a further six-month option to rent the apartment if his contract with Sydney City is extended.

While in Australia he will lease the fully furnished apartment he owns in Japan to friends. He also has a term deposit with a Japanese bank of $150,000 USD. His mother and father will store his personal possessions (including his football trophies) at their home in Tokyo.

Fuki is confident he can make a career as a professional soccer player. If the Sydney City contract is not renewed in September 2021, he intends to engage an agent to secure a contract with another football club either in Australia or elsewhere in the world.

 

Required
In the form of a professional correspondence, advise Fuki on whether he will be classed as a resident of Australia for tax purposes at 30 June 2021. Also advise Fuki how his residency classification will affect the Australian taxation treatment of his contract income from the Sydney City FC.

 

Assignment Task Two (7 marks)

John Lowenbrau is a 37 year old Australian resident for income tax purposes. John has two children with his spouse, Lara (33 years old) - Craig (aged 3 years) and Troy (aged 1 year old). Lara’s 2021 taxable income is comprised solely of $12,300 in gross salary she received from part-time employment. On October 15, 2018 John resigned from his position as a Senior Lecturer in Marine Biology at the University of Newcastle, NSW. On leaving the University, John 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, 2020. John is also the sole owner of a Sydney rental property that was tenanted for the whole year.

Details of John’s receipts and payments for the year ended 30 June 2021 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

 

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  • Posted on : March 24th, 2019
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