Topic: Taxation Law ( australian)`
PART A: (15 marks) and PART B: (5 marks)
• Students are required to prepare a Statement of Taxable Income for David Koslowski for the year ended 30 June 2011 from the information provided.
• The Statement of Taxable Income consists of assessable income minus allowable deductions.
• Students are expected to research the various taxation issues relating to David Koslowski and his locksmithing business and to prepare detailed working papers supporting their calculations and conclusions.
• Students will need to refer to a variety of tax sources, including the 2011 Core Tax Legislation, the 2011 CCH Australian Master Tax Guide as well as referencing cases, Taxation Rulings, Taxation Determinations and ATO Interpretative Decisions relevant to David’s taxation affairs. Of particular use are the taxation websites detailed in the unit outline.
• Students are advised to refer to Appendix 1 of this case study. It contains a proforma layout to assist you in preparing your answer. However, this is merely a suggested layout. Students should feel free to depart from this format. All calculations should, however, be supported in your work papers. ( See attached file case study)
• Regardless of your answer from Part A above, assume that David’s taxable income for the year ended 30 June 2011 came to $254,381. Calculate David’s tax payable/(refundable) for the year ended 30 June 2011. Refer to the information below. Page 18 of 22 ( See attached file case study)
Prescribed Text books:
1) Australian Master Tax Guide 2012, 50th edition, CCH Australia Ltd, Sydney, NSW
2)Australian Core Tax Legislation & Study Guide 2012, CCH Australia Ltd, Sydney, NSW 2012