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Assignment on Australian Taxation

Number of Words : 1500




This paper is based on the following requirements – <br />Eddy Chong who is a refugee from the Middle East arrived in Australia two years ago and loves playing football at a local football club in Northern Victoria. Everyone is amazed how quickly he picked up the skills to play Australian Rules Footfall. He also loves playing cricket in his spare time. Last year he kicked 112 goals and every AFL club in Australia wanted to recruit him. During the financial year ended 30 June 2011 the following events happened.<br />Eddy has come to you for advice and has provided you with the following information.<br />Issue 1<br />• During the 2010-11 financial year the Collingwood Football club paid Eddy Chong $40,000 to play football for them during the season. On 1 June 2011 the club promised to pay him a further $30,000 in cash awards for being the best player on certain match days. The club paid the $30,000 to him on 2 July 2011.<br />Issue 2<br />• Eddy paid $5000 management fees to a professional management agent to negotiate contracts, sponsorship, media contracts, endorsements, advertising and promotional work.<br />Issue 3<br />• Being a little under weight Eddy was instructed by his coach to consume specified quantities of steak potatoes bread beer and sustagen to help keep up his weight during the football season. He spent $600 on additional food to meet his coach’s instructions.<br />Issue 4<br />• Eddy incurred $1000 in Gym fees to help him keep fit playing football.<br />Issue 5<br />• During the mid season break the Collingwood Football Club sent Eddy to Bali for four days as a reward for always being at training on time. The all expenses paid trip cost $5000.<br />Issue 6<br />• Eddy normally resides with his family at a small town 100 kilometres from Melbourne. To save having to drive every week to Melbourne Eddy paid $10,000 in rent for staying at an apartment near the Collingwood Football Club.<br />Issue 7<br />• Eddy maintains a home office where he finds it more convenient to read all his coaches instructions and fill out forms and answer questions that the football club asks him to do each night. During the financial year he incurred the following expenses <br />• $270 ‘running expenses’ such as cleaning costs, depreciation and repairs of your computer and office furniture, heating/cooling, lighting and telephone calls. <br />• $1,000 occupancy expenses’ such as mortgage interest, council rates, house insurance, rent and repairs<br />Issue 8<br />• Because Eddy was a refugee from the Middle East and was proving to be a champion at playing AFL, the Herald-Sun paid Eddy $10,000 to tell his life story to the general public.<br />Issue 9<br />• Eddy was invited to appear on the Footy Show to represent the Collingwood Football Club. As it was a specific instruction that he needs to be well dressed he purchased a $1000 suit from a fashionable menswear store.<br />Issue 10<br />• During the football season Eddy claimed $500 travelling expenses which had been incurred in driving his car between his home and the place where training sessions were held, and between his home and the places at which matches were played. He carries three very heavy bags wherever to goes to hold all his sporting equipment.<br />Issue 11<br />• Eddy had an outstanding season and won the best first year Medal. This prestigious medal is worth $10,000 if he were to sell it.<br />Issue 12<br />• As a consequence of winning the best first year medal, Eddy won a cash award of $20,000, paid by the Channel 9 ‘Footy Show’.<br />Issue 13<br />• The Australian Middle East Friendship Association was so proud of Eddy helping refugees settle in Australia that they held a dinner in his honour and presented him with a $10,000 cheque in appreciation of him being a great Australian citizen. He immediately donated the $10,000 to the Royal Children’s Hospital.<br />Issue 14<br />• As Eddy could earn ten times more money playing Twenty20 cricket in India he spent $10,000 on private coaching lessons to improve his skills as a cricketer, in the hope of getting a contract to play professional cricket in India, when his three year contract to play football for the Collingwood Football Club ends.<br />

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