CLWM4100 Subject Name Taxation Law

Assessment 3 Information
Subject Code: CLWM4100
Subject Name: Taxation Law
Assessment Title: Assessment 3
Assessment Type: Individual Assignment and Video presentation
Weighting: 20 %
Total Marks: 20
Submission: Via Turnitin-written report; Via Moodle-video presentation
Due Date: Monday of Week 10 at 19:55 AEST
Your Task
• You are required to answer the questions, in a maximum of 1,000 words approximately.
• This assignment must be presented as an individual effort. The assignment requires individual research using a range of tax resources. It is expected that you will survey the relevant literature, including decided cases, and select appropriate additional resources.
• You are expected to identify the facts and issues presented by each question, identify and apply the relevant legislation and/or case law, and reach a conclusion.
• This assessment assesses your research skills, your ability to synthesise an original piece of work to specific content requirements. It also assesses your written communication skills.
• Your reasons for your conclusions and recommendations must be based on your research into the relevant cases and legislation.
• You are also required to prepare a short video presentation (4 to 5 mins) summarising the key issues you have addressed in your answers.
• Please check the marking sheet (included below) for each part to ensure that you have followed all the guidelines for presenting your work.
• Please make sure you follow the guidelines especially those relating to presentation, late policy and academic integrity.
Assessment Description
Written Report (15 marks)
On 1 July 2005 Neil Chen purchased a block of land (1004m2) with a 3 bed-room house on it for $700,000. The house was rented out immediately since 1 July 2005 till June 2017. As the relevant information was not available to him, Neil did not claim deductions for capital works under ITAA97 Div 43 for the income years in which the property was used to produce assessable income. Neil also did not obtain a building cost estimate from a quantity surveyor as he did not want to incur the expense.
During July 2017, Neil decided to demolish the existing house and the vacant land was subdivided into two equal-sized blocks on 1 November 2017.
Construction of two new dwellings was completed on 1 October 2018 at a total cost of
$1,000,000 ($500,000 for each house). Neil used both dwellings as investment properties and each of them was rented out on 1 October 2018. Neil claimed deductions for capital works under ITAA97 Div 43 for the income years for both dwellings.
Due to Covid19, financial difficulties caused him to sell one of the dwellings. On 30 May 2020 he entered into a contract for sale and the tenants were moved out on 30 June 2020. The sale price was $950,000 with settlement on 31 July 2020. Selling costs, i.e., agent fees amounted to $10,000.
Required
Part 1) What are the CGT consequences of the subdivision, demolition and construction of two dwellings? Does the market value substitution rule apply to the demolition? You must include relevant section numbers and/or cases in your explanation. (9 marks)
Part 2) Calculate the net capital gain(s) and identify in which year it should be included. Assume
Neil had $21,500 capital losses from 30 June 2018 ($20,000 loss from sale of BHP Shares and $1,500 loss from sale of Stamps). (6 marks)

Assessment Instructions
• The assignment (both the word document and the video file) will need to be submitted electronically through the student portal – use the link under “Assessments”.
Referencing
• Any sources that you use need to be acknowledged in order to avoid plagiarism. Information on referencing can be found in the Guidelines for Referencing and Presentation at the Kaplan website using the following address: (https://elearning.kbs.edu.au/mod/page/view.php?id=128881).
In-Text Referencing and the Reference List
• Sources of information must be cited both in the body of the text (in-text referencing) and the end of the assignment (reference list). Failure to do so will result in penalties. Remember that when referencing an Annual Report, it is a corporate document that does not have a particular author but it will still require referencing any time you use information from it. Any other documents or books or other references you use will also require referencing.
Please note
• Any work which has been copied or shared between students will result in a Fail grade for all students concerned. Therefore, please make sure that the answer to this assignment is your work and not copied or bought from any source. In completing this assignment make sure you follow the guidelines for assignments especially those relating to the presentation of written work, late assignment policy and academic integrity.
Penalties Regarding Referencing:
• No in-text referencing – deduct 1 marks
• Some in-text referencing only – deduct 1 mark
• No reference list – deduct 2 marks
• Incomplete reference list – deduct 1 mark
Policy on Late Submissions:
• Penalties will be imposed on late assignment submissions in accordance with following:
• Number of days late Penalty 1* – 9 days 5% per day for each calendar day late deducted from the total marks available.
• 10 – 14 days 50% deducted from the total marks available.
• After 14 days Assignments that are submitted more than 14 calendar days after the due date will not be accepted and the students will receive a mark of zero for their assignment.
• Note Notwithstanding the above penalty rules, assignments will also be given a mark of zero if they are submitted after assignments have been returned to students.
• *Assignments submitted at any stage within the first 24 hours after the deadline will be considered to be one day late and therefore subject to the associated penalty.
Important Study Information
Academic Integrity Policy
KBS values academic integrity. All students must understand the meaning and consequences of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct Policy.
What is academic integrity and misconduct?
What are the penalties for academic misconduct?
What are the late penalties?
How can I appeal my grade?
Click here for answers to these questions:
http://www.kbs.edu.au/current-students/student-policies/.
Word Limits for Written Assessments
Submissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded.
Study Assistance
Students may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page. Click here for this information.
Part A Assignment Rubrics: 15% Technical Content
Components High Distinction
85 – 100%
(Marks 12.75 to 15) Distinction
75 – 84%
(Marks 11.25 to 12.74) Credit
65 – 74%
(Marks 9.75 to 11.24) Pass
50 – 64%
(Marks 7.5 to 9.74) Fail
0 – 49%
(Marks 0 to 7.45)
Knowledge and understanding (technical and theoretical knowledge: Ability to locate and effectively use
relevant resources)
10%
A sophisticated understanding of the field or discipline/s. Mastery of accounting concepts and application to the study. Highly developed
understanding of the field or discipline/s.
Well demonstrated capacity to explain and apply relevant accounting concepts. Thorough knowledge or understanding of the field or discipline/s.
Demonstrates a capacity to explain and apply relevant accounting concepts to the case study questions. Knowledge or understanding of the field or discipline.
Resembles a recall or summary of key ideas.
Shows limited understanding of how to apply relevant accounting concepts to the case study questions.
Has answered some parts incorrectly. Limited understanding of required concepts and
knowledge
Shows very little to no understanding of how to apply relevant accounting concepts to the case study questions. Key components of the practical questions are not addressed.
Quality of
Recommendations
/Conclusions
2%
Consistently demonstrates a systematic and critical understanding of content and purpose of the assignment. Specific position (perspective or argument) is presented expertly, authoritatively and imaginatively, accurately taking into account the complexities of the financial reporting issue(s). Limits of position are acknowledged.
Justifies any conclusions reached with sophisticated arguments. Demonstrates an advanced and integrated understanding of content and/or purpose of the assignment.
Specific position (perspective or argument) is expertly presented and accurately takes into account the complexities of the financial reporting issue(s). Justifies any conclusions reached with well- developed arguments. Demonstrates consistent awareness of content and/or purpose of the assignment. Specific position (perspective or argument) takes into account the complexities of the financial reporting issue(s) Others’ points of view are acknowledged.
Justifies any conclusions reached with well-formed arguments not merely assertion. Demonstrates limited awareness of content and/or purpose of the assignment.
Specific position (perspective or argument) begins to take into account the financial reporting issue(s).
Justifies any conclusions reached with arguments not merely assertion. Demonstrates no awareness of content and/or purpose of the assignment.
Specific position (perspective or argument) fails to take into account the complexities of the financial reporting issue(s). Makes assertions that are not justified.
Use of academic and discipline conventions and sources of evidence.
Grammar, spelling
and referencing
3% Expertly written and adheres to the academic genre. Demonstrates expert use of high-quality, credible and relevant research sources to support and develop arguments and position statements. Shows extensive evidence of reading beyond the key reading There are no mistakes in using the Harvard Style. Is very well-written and adheres to the academic genre.
Consistently demonstrates expert use of good quality, credible and relevant research sources to support and develop appropriate arguments and statements. Shows evidence of reading beyond the key reading There are no mistakes in using the Harvard style. Is well-written and adheres to the academic genre (e.g. with introduction, conclusion or summary).
Demonstrates consistent use of high quality, credible and relevant research sources to support and develop ideas. There are no mistakes in using the Harvard style. Is written according to academic genre (e.g. with introduction, conclusion or summary) and has accurate spelling, grammar, sentence and paragraph construction.
Demonstrates consistent use of credible and relevant research sources to support and develop ideas, but these are not always explicit or well developed.
There are no mistakes in using the Harvard style. Poorly written with errors in spelling, grammar.
Demonstrates inconsistent use of good quality, credible and relevant research sources to support and develop ideas. There are mistakes in using the Harvard style.
Part B – Assignment Rubrics: 5% Communication Skills
Communication High Distinction
85 – 100%
(Marks 4.25 to 5.0) Distinction
75 – 84%
(Marks 3.75 to 4.2) Credit
65 – 74%
(Marks 3.25 to 3.70) Pass
50 – 64%
(Marks 2.5 to 3.20) Fail
0 – 49%
(Marks 0 to 2.45)
Language and presentation
(delivery) 3%
• Structure of sentences and paragraphs
• Vocabulary
• Pronunciation
• Evidence of rehearsal
• Nonverbal communication
• Use of notes Sentences are well structured, varied, clear and designed to complement the content Pronunciation is flawless.
Vocabulary is professional, appropriate and extensive The main points and new technical terms are clearly described and/or explained
Presenter appears fully rehearsed and well prepared
Presenter uses facial expressions, eye contact, paralinguistic, vocalic, gesture, posture and clothing to appear confident and positive. Presenter uses effective strategies to engage the audience and clearly communicate with them. Presenter is not reliant on notes.
Sentences are mainly wellstructured and clear Few errors in pronunciation Vocabulary is professional and appropriate
The main points and new technical terms are clearly described and/or explained, with few exceptions
Presenter appears rehearsed and well prepared
Presenter uses facial expressions, eye contact, paralinguistic, vocalic, gesture, posture and clothing well, with minor exceptions. Presenter uses good strategies to engage the audience and communicate with them. Presenter is not reliant on notes but refers to them.
Sentences are mainly wellstructured and clear with a few errors which compromise meaning Some errors in pronunciation
Vocabulary is appropriate
The main points and new technical terms are described, with few exceptions Presenter appears rehearsed and prepared for most of the presentation
Presenter uses facial expressions, eye contact, paralinguistic, vocalic, gesture, posture and clothing well, with some exceptions. Presenter uses some strategies to engage the audience and communicate with them. Presenter is not reliant on notes but refers to them. Sentences are mainly well structured Some errors in pronunciation
Vocabulary is adequate The main points and new technical terms are clearly described and/or explained, with some exceptions presenter appears somewhat rehearsed Presenter attempts to use appropriate facial expressions, eye contact, paralinguistic, vocalic, gesture, posture and clothing
Presenter attempts to use some strategies to engage the audience and communicate with them
Presenter frequently refers to notes. Sentences are poorly structured Many errors in pronunciation
Vocabulary is inadequate The main points and new technical terms are not clearly described and/or explained presenter does not appear well rehearsed
Presenter’s nonverbal communication detracts from presentation
Presenter does not use strategies to engage the audience and communicate with them
Presenter reads presentation directly from notes.
Language and presentation of very low level.
Visual aids
1% Grammar, spelling and punctuation are flawless In-text referencing and reference list format is correct.
Titles and headings accurately describe the contents.
Text bullet pointed and brief (no more than 6 points on a slide) Graphics are appropriate, labelled and used effectively.
Fonts and colours are effective and appropriate and adhere to conventions (eg no more than three colours and readable fonts).
Referencing correct Grammar, spelling and punctuation have few errors.
In-text referencing and reference list format correct, with minor errors Titles and headings accurately describe the contents in most cases Text bullet pointed and brief with some overuse of blocks of text
Graphics are appropriate and labelled
Fonts and colours are effective and appropriate Referencing correct with minor errors Grammar, spelling and punctuation have few errors
In-text referencing and reference list format correct, with minor errors Titles and headings accurately describe the contents in most cases Text bullet pointed and brief with some overuse of blocks of text
Graphics are appropriate and labelled
Fonts and colours are effective and appropriate Referencing correct with some errors Grammar, spelling and punctuation have some errors.
In-text referencing and reference list format correct, with some errors Titles and headings accurately describe the contents with several exceptions
Text often presented in blocks
Graphics are mainly appropriate and labelled Fonts and colours are not always effective and appropriate
Omissions and errors in referencing Many errors in grammar, spelling and punctuation In-text referencing and reference list format incorrect or omitted – evidence of plagiarism Titles and headings do not accurately describe the contents
Text not summarised, presented in large, unreadable blocks Graphics are not appropriate and labelled Fonts and colours are not effective and appropriate No referencing Powerpoint slides not professionally presented
Not completed
Content and structure
1%
Introduction,
discussion and conclusion
Audience awareness Introduction includes effective background, purpose and overview and catches audience attention
Discussion develops a clear, logical argument or description using a structural convention (eg spatial, chronological, problemsolution) Conclusion accurately summarises the presentation and ends on a meaningful, thought provoking note
Content demonstrates audience awareness Introduction includes effective background, purpose and overview Discussion develops a clear, logical argument or description Conclusion accurately summarises the presentation
Content demonstrates audience awareness with few exceptions
Introduction includes background, purpose and overview Discussion develops argument or description . conclusion summarises the presentation
Content demonstrates audience awareness with some exceptions
Introduction includes some aspects of background, purpose and overview Discussion develops a clear argument or description Conclusion summarises the presentation
Content demonstrates audience awareness with some significant exceptions Introduction does not provide essential information on topic, e.g. overview.
Discussion is not logically structured Conclusion brief or omitted.
Content does not demonstrate audience awareness
Presentation is not appropriately structured and does not meet audience information needs