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In accordance with the University's graduate qualities, this assignment is offered as a group assignment to promote the development of collaborative work skills. The assignment may be undertaken individually or in a group comprising up to four students. There are no other limitations on forming a group. Thus students from different tutorials and also internal and off-campus students may form groups. Groups may also be different from assignment 1. Students are strongly advised to form groups wherever possible.
Please take care with the presentation of your assignment. As well as technical content, the assessment will also take account of organization, neatness and expression.
Please note that extensions for this assignment will be granted only in extraordinary circumstances and approval must be obtained from the course co-ordinator before the due date. Extraordinary circumstances do not include the early date for submission or that other assignments are due at about the same time. Late assignments will not be accepted.
Assignment 2 is the continuation of assignment 1, involving the tax affairs of Oscar Waterhouse and his plumbing business among other activities. In assignment 1 you were required to calculate assessable income based in the information provided. For the purpose of this assignment you should take that amount of assessable income as $1,079,000. Taking that amount as the starting point, you are required to deal with the following additional information in respect of the year ending 30 June 2014 in order to determine Oscar's taxable income and tax payable for that year. Note that there may be matters in the first assignment relevant to this assignment.
On the basis of the provided information, calculate Oscar's total taxable income and tax payable (including Medicare Levy) for the year ending 30 June 2014.
Oscar uses diminishing value for depreciation and has made an election under s. 10(1) of the Fringe Benefits Tax Assessment Act 1986.
As for the first assignment, please note that this assignment is not an accounting exercise but a test of your understanding of the relevant tax law, which must be clearly stated. Therefore, you should identify each issue and concisely apply the relevant provision(s) of the legislation and any supporting case law in arriving at your decision concerning its treatment. Necessary calculations should be neatly set out. You should refer to the guidelines on answering tax questions and referencing tax law on the course home page and apply them as appropriate.
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Oscar Waterhouse, a sole trader runs a plumbing business. He supplies his business services to both the trade and retail customers.
Calculation of assessable income