Please note: the current income year (“CIY”) is the 2018/19 income year.

Students individually need to research a case related to current tax law issues and write a report.
November 18, 2020
This assignment is designed to assess your level of knowledge of the key topics covered in this unit
November 18, 2020

Please note: the current income year (“CIY”) is the 2018/19 income year.

Please note: the current income year (“CIY”) is the 2018/19 income year.

Piper (aged 40) works as a sessional lecturer at Baccalaureate University (BU) in Sydney, and volunteers at a local community centre (CC) (which is a non-profit organisation) providing free legal advice. Her annual salary from BU totalled $25 000 for the CIY. It is clear from the payment summary, that PAYGW of $8 125 was withheld from the above salary. Piper received a Woolworths voucher from the CC valued at $500 in respect of her work at the CC.

Before presenting each lecture, Piper usually bought a meal and a soft drink at a nearby café, which cost her $360 in total, in respect of the CIY. She also purchased clothes to create a professional image at work, which cost her $5 000, in respect of the CIY. Piper purchased a portable printer on 10 July CIY for $250 that she used two-thirds of the time (from the date of purchase) for printing lecture notes, and the other third of the time for printing recipes from the internet. Piper cooks a meal on the odd occasion for her neighbour and charges him a small fee of $25 per meal to generally cover her costs. She may make a very small profit after expenses. She has only done this on four occasions for the current income year.

Piper is studying a further master’s degree in law part time. The course fee is $5 000. Her travel between the university (where she is studying) and her home in Sydney, cost her $672 in total, in respect of the CIY. Piper also pays fees in the CIY to the New South Wales Law Society in the amount of $1 200 in respect of her practicing certificate. In the CIY, Piper bought 2 law textbooks which cost $225 each, including a book recommended by a colleague on emotional intelligence which cost $150.

Piper is at all relevant times married to David (aged 45). They both have private hospital insurance for the CIY provided by Cr-KS Health.

Other information in respect of the CIY.

1.Where required, Piper prefers to use the prime cost method for the purpose of calculating the decline in value of any relevant assets. The effective life of the printer is two years.

2.David received an annual salary in the amount of $60 000 from his employment as a full-time lecturer at BU.

3.The hospital insurance policies (referred to here above) each have an excess of $1 000.

4.Piper also received an annual salary in the amount of $90 000 from her employment as a solicitor at a law firm in Sydney.

5.Piper received interest from a fixed deposit at a South African bank in the amount of R45 000 (ZAR).

6.Piper has monies invested in a retirement annuity in South Africa, which was valued at R2 500 0000 (ZAR), wh

 
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