ACC30005 Taxation Case Study Assignment Help
Assignment Details:-
- Number of Words: 2500
CASE STUDY SCENARIO
You are a Graduate Tax Advisor, employed by Tax Specialists Pty Ltd. Your senior tax manager has assigned you the following client file after attending a meeting with the client.
Client Background
Ralph Mackenzie has been employed by Cricket Australia Ltd (CA) since 2010 as a professional cricketer based in Melbourne, Australia. The nature of Ralph’s position with the Australian cricket team sees him flying to international ports where he spends 200 days away from his home base each calendar year.
The remaining days of each calendar year are spent in Australia, and Ralph uses this non- travelling time to organize the importation of oils and massage creams into Australia from Skincare Inc. (a company registered in the UK). Until recently, Ralph was the exclusive distributor of Skincare’s massage oils and creams to retailers in Australia.
Client File Contents
The client file has the following relevant documents:
- Extract of bank statement for selected transactions during the financial year ended 30 June 2022 (together with accompanying notes from Ralph), as attached at Annexure A;
- Income Statement (2022) from Cricket Australia, as attached at Annexure B;
- Dividend Statement from AMP Ltd, as attached at Annexure C;
- Extract of ‘Contract of Sale of Real Estate’ between Ralph Mackenzie (the vendor) and the purchaser, as executed on 10 May 2022, as attached at Annexure D;
- Extract of ‘Exclusive Distributor Termination Agreement’ between Ralph Mackenzie and Skincare Inc, as executed on 30 June 2022, as attached at Annexure E;
- Fixed asset register as at 30 June 2021, as attached at Annexure F;
- Internal file note from your tax manager that provides details of the discussions with the client at the meeting, as attached at Annexure
Scope of Engagement between Tax Specialists Pty Ltd and Ralph Mackenzie
Your tax manager has requested that you review the file in its entirety (as below) in order to undertake the engagement work as agreed between Tax Specialists Pty Ltd and Ralph Mackenzie, as outlined in the ‘Required’ section of this document.
ANNEXURE A
BANK STATEMENT EXTRACT (ANNOTATED & SELECTED TRANSACTIONS ONLY)
| Date | Transaction | Note | Debit | Credit | Balance |
| 6 Apr 22 | Fantastic Furniture Ltd Debit Card Transaction | 1 | 17,822.00 | 11,500.00 | |
| 10 Apr 22 | Myer Coles Pty Ltd Invoice10 Skincare | 2 | 2,515.00 | 8,985.00 | |
| 18 Apr 22 | Cricket Australia Ltd Salary Deposit | – | 4,700.00 | 13,685.00 | |
| 2 May 22 | Real Property Pty Ltd Early Deposit Release | 3 | 48,000.00 | 61,685.00 | |
| 11 May 22 | Skincare Inc. Oil &cream purchase | 4 | 1,670.00 | 60,015.00 | |
| 13 May 22 | Telstra Pty Ltd Debit Card Transaction | – | 9,000.00 | 51,015.00 | |
| 14 May 22 | Melbourne Physio Ltd Debit Card Transaction | 5 | 520.00 | 50,495.00 | |
| 20 May 22 | Gath Johnstone Salary Payment | 6 | 1,200.00 | 49,295.00 | |
| 23 May 22 | Traffic Infringement Office Speeding Fine | 7 | 232.00 | 49,063.00 | |
| 28 May 22 | Blackburn Solicitors Invoice 13130 | 8 | 5,500.00 | 44,563.00 | |
| 30 May 22 | Supernormal Restaurant Debit Card Transaction | 9 | 600.00 | 42,963.00 | |
| 2 June 22 | Newspaper Advertising Invoice 39200 | 10 | 3,000.00 | 39,963.00 | |
| 11 Jun 22 | Institute of Sport Course Fees | – | 8,300.00 | 31,663.00 | |
| 30 Jun 22 | Bank West Interest Charge | – | 530.00 | 31,133.00 | |
| 30 Jun 22 | Australian Taxation Office PAYG Instalment | 11 | 3,500.00 | 27,633.00 | |
| 30 Jun 22 | Skincare Inc.
Damages |
8 | 41,750.00 | 69,383.00 | |
| 30 Jun 22 | AMP Ltd Dividend | 12 | 900.00 | 70,283.00 | |
| 30 Jun 22 | Leasehold Pty Ltd Serviced Office Rent | 13 | 1,600.00 | 68,683.00 | |
| 30 Jun 22 | Gath Johnstone Redundancy | 6 | 8,500.00 | 60,183.00 |
REQUIRED
Ralph Mackenzie has engaged Tax Specialists Pty Ltd to advise him of all his tax issues which will arise from the documents provided in respect of the income year ending 30 June 2022. Your manager has requested that you:
Prepare a letter of advice to Ralph Mackenzie which identifies all relevant tax issues that will arise out of all the documents provided, critically analyzing and applying the taxation treatment to the issues, i.e., you will need to argue and support your view and consider differing views (if applicable), and finally, indicate your recommended action based on your better view, i.e., your conclusion
Be sure to consider all issues, including but not limited to issues that may not be as obvious, for example tax accounting, tax periods, potential levies, surcharges, offsets and substantiation requirements.
You must ensure that your analysis used to determine your recommended action is fully supported with relevant authority, for example, tax legislation and case law.
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