Subject Code & Title :- ACFI3004 Taxation
Assessment Type :- Assignment
Format :- Single-spaced word-processed document with font size of 11
Weighting:- 25% of overall course grade
Required: Complete both Task 1 and Task 2.
Limit your written response to 1,000 words. In grading task one examiners will expect you to show appropriate referencing to case law sections of the ITAA 1936 and ITAA 1997 and income tax rulings issued by the Australian Taxation Office.
ACFI3004 Taxation Assignment
Task 2: Section referencing of the ITAA 1936 and ITAA 1997 is not required how ever a list of other references used to answer the question should be included.
Assignment Task One :-
Sinbad is an Australian resident for taxation purposes who has operated a successful commercial fishing business for several years. He owns and operates a large fishing boat the SS Mumm Crab catching squid off the Darwin coast for export to Singapore.
While out fishing earlier this year, Sinbad received a radio distress call from an oil tanker that was floundering in large seas. The tankers engine had failed and it was drifting perilously close to the Timor Sea Marine Park. Sinbad immediately sailed to the location and successfully attached a towline to the stricken boat. Through brilliant seamanship he was able to hold the tanker just meters from the reef until help arrived. Unfortunately after releasing the tanker Sinbad’s boat (SS MummCrab) was driven on the reef and sunk. Sinbad was rescued from the water and hailed a hero for averting an environmental disaster.
ACFI3004 Taxation Assignment
Sinbad’s exploits where acknowledge by a government bravery award and received international media attention. In May 2022 he signed an exclusive deal with an Australian television company for his story and received $76,000 for a series of interviews. In addition, the owner of the oil tanker Mr Costopoulos was so grateful to Sinbad he made him a gift of a gold bar worth $100,000. Sinbad also received a sum of $250,000 from his insurance company to cover the cost of his lost boat and an additional sum of $36,300 compensation for his squid catch that went down when the boat sunk.
Sinbad has approached you in your capacity as his tax adviser, to determine whether any of the above amounts received in relation to the rescue and loss of his boat will be assessable for income tax purposes.
Assignment Task Two :-
The Inland Revenue Authority of Singapore (IRAS) released its Annual Report for FY 2021/2022 in August this year. Apparently, the report has again highlighted many positives achieved.
a) Identify and explain two areas of the report which impressed you the most.
Justify your choices with suitable supporting information.
b) Suggest two areas that IRAS should improve on with respect to its Corporate Goals. Justify your suggestions with suitable supporting information.
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