taxation law

Law

Jacqueline is an Australian based journalist employed by The Chronicle where she covers current issues in the world of finance. Her annual salary is $100,000. As part of her remuneration package, Jacqueline borrowed $15,000 at the rate of 5% per annum from The Chronicle to fund her personal home renovations. The loan was drawn down on 1 April 2013, and she made a repayment payment of $6,000 on 31 December 2013 (that is, $9,000 was outstanding on 1 January 2014).

Jacqueline is also a well-known skier and has recently been approached by a sports magazine, The Snow. The magazine has offered Jacqueline $10,000 for her life story, if she will write it. Without the assistance of anyone, she writes her story and assigns all her rights, title and interest in the copyright for $10,000 to The Snow. The story is published and she is paid. She has never written an autobiography before. Jacqueline also sells the manuscript to the Monash Library for $5,000 together with several photographs that she took during her skiing trips for which she receives $2,000.

Required:

With reference to relevant legislation and case law (where relevant):

1. 2.

3.

Discuss whether or not the gains received by Jacqueline constitute income from personal exertion.

In relation to Jacqueline?s dealings with The Snow, would your answer to (1) differ if she wrote the story for her own satisfaction and only decided to sell it later?

Calculate any liability The Chronicle might have in respect of any fringe benefits provided.

taxation law

• This assignment is to be submitted in accordance with
assessment policy stated in the Subject Outline and Student
Handbook.
• It is the responsibility of the student who is submitting the work, to
ensure that the work is in fact her/his own work. Incorporating
another’s work or ideas into one’s own work without appropriate
acknowledgement is an academic offence. Students should
submit all assignments for plagiarism checking on Blackboard
before final submission in the subject. For further details, please
refer to the Subject Outline and Student Handbook.
• Answer all questions.
This is the text book, Coleman C., Hart G., Jogarajan S., Krever R. McLaren J., & Sadiq K., (2015) Principles of Taxation Law,
Thompson Reuters, Sydney.
This assignment has to be related to Australian Law.

taxation law

• This assignment is to be submitted in accordance with
assessment policy stated in the Subject Outline and Student
Handbook.
• It is the responsibility of the student who is submitting the work, to
ensure that the work is in fact her/his own work. Incorporating
another’s work or ideas into one’s own work without appropriate
acknowledgement is an academic offence. Students should
submit all assignments for plagiarism checking on Blackboard
before final submission in the subject. For further details, please
refer to the Subject Outline and Student Handbook.
• Answer all questions.
This is the text book, Coleman C., Hart G., Jogarajan S., Krever R. McLaren J., & Sadiq K., (2015) Principles of Taxation Law,
Thompson Reuters, Sydney.
This assignment has to be related to Australian Law.