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  • Income Tax law and Practice Assignment
  • This assignment is based on the following requirement –

    Part A

    RIP Pty Ltd is a resident private company carrying on the business of undertaker/funeral director. It operates out of premises com...More

    This assignment is based on the following requirement –

    Part A

    RIP Pty Ltd is a resident private company carrying on the business of undertaker/funeral director. It operates out of premises comprising office facilities, a chapel and assembly area and professional rooms. Its other assets include a fleet of motor vehicles.

    For the year ended 30 June 2011 the company reported a net profit of $2.45m. Its income arises from the provision of funeral services financed as follows:
    i) Fees payable under a ‘net, 30 days’ invoice.
    ii) Fees payable under several external insurance contracts to which bills are issued under a ‘net, 30 days’ arrangement. [Eg: some funeral costs are paid by the Transport Accidents Commission.; others are paid out of private life assurance plans.]
    iii) Fees received from Ripper Finance Pty Ltd, a wholly owned finance company providing credit under an instalment repayment plan.
    iv) Amounts paid under two funeral plans in which clients make periodic contributions to meet future funeral costs.
    a) Funeral Plan No 1 is a fixed price contract. When the agreed amount is paid, the client is guaranteed a ‘deluxe funeral arrangement’. If the contract price in not fully paid at date of death, the deceased’s estate is billed under (i) or (iii), above. The amount is not refundable or transferable. Receipts are credited to a Deferred Income Liability Account. At 30 June the credit balance in Funeral Plan No 1 is $225,000.
    b) Funeral Plan No 2 is an insurance type plan under which a client periodically pays an actuarially determined amount until the date of death and no further amounts are payable. Amounts paid are credited to ‘Funeral Plan No 2 Account’ – a Deferred Income Liability Account. In 2010/11 payments of $166,500 were received under Plan No 2. The plan may be cancelled by notice in writing and the amount refunded is determined by a formula that factors in the client’s age, amount paid, and period of membership. On average, 85% is refunded upon cancellation. Refunds paid were $23,375. The balance, described in the company’s accounts as ‘Administrative Fees; FPNo2’ is brought to account as income at the date of cancellation. At 30 June 2011 the credit balance in that account was $4,125.
    c) From time-to-time amounts paid pursuant to both Plans are not drawn upon. The clients might die abroad or remains not be recovered and no funeral service is provided. No refund issues arise with Funeral Plan No 1. The company is unsure how it should deal with such matter under Funeral Plan No 2.
    d) At 30 June the company transfers from Funeral Plans Nos 1 and 2 amounts estimated to have arisen in connection with defaulting members (ie, members who have ceased making scheduled payments and who are not expected to make up arrears). These are credited to a ‘Forfeited Payments Account’ that has a balance at 30 June of $16,200.


    (i) Refer to the decision in Arthur Murray (NSW) Pty Ltd v FCT (1965) 114 CLR 314.
    In your own words, briefly describe the facts, issues and conclusion in that case.



    (ii)
    (a) Advise RIP Pty Ltd when income is derived, generally, and when it derives its income from funeral services.
    (b) Does the Arthur Murray principle apply to the company’s accounting treatment of amounts in Funeral Plans Nos 1 and 2? Explain.
    (c) Does the Commissioner or any taxpayer have a choice in the method of accounting for tax?



    (iii) Advise the company of the tax treatment of amounts in item (iv)(c).


    (iv) Advise the company of the tax treatment of $16,200 in ‘Forfeited Payments Account’ in item (iv)(d).



    Part B

    i) RIP Pty Ltd holds a stock of three types of caskets as well as a range of accessories (such as religious and secular icons). In June 2011 the company prepaid $25,000 for material to be delivered in August. The company obtained considerable discounts for the advance purchase.


    ii) A fully franked cash dividend of $21,000 was received from Ripper Finance Pty Ltd.


    iii) An amount of $57,000 was paid on 1 March 2011 for two year's rental of storage space. The lease expires on 28 February 2013. In the company’s financial accounts an amount of $9,500 was expensed and $47,500 capitalised.

    iv) On 1 June 2011 the managing director of RIP commenced three months long service leave and was paid $22,000 in advance. The amount was debited against a Provision for Long Service Leave Account.

    v) In 2008 the company’s Board of Directors decided existing accommodation was inadequate and it resolved to construct a purpose built facility. In that year $250,000 was paid for preliminary architectural designs. In 2009 land costing $1.25m was acquired and $50,000 paid to demolish an existing structure. Construction of the new premises commenced on 1 September 2009 at a cost of $2.5m. Fitting and equipment was installed on 1 June 2010; operations began on 1 August 2010. On-site car parking costing $125,000 was completed on 30 September and landscaping of the site was completed on 31 January 2011 at a cost of $40,000.


    Required [Approx 50%]

    Advise the company in regard to the following: [You must refer to appropriate sections of the legislation and relevant case law.]
    i) Advise the company what is trading generally, whether the caskets and accessories would be trading stock for tax purposes and how the amount of $25,000 is treated for tax purposes.

    ii) What adjustments (if any) should be made to the company’s reported profit for tax purposes in regard to items (ii), (iii) and (iv).
    iii) Advise the company what tax deductions are available for the costs connected with the new facility [Item (v)] under s8-1, Div 40 or Div 43. [You should include calculations of any allowable deductions.]
    iv) Prepare a schedule taking $2.45m as your starting point and making appropriate additions and subtractions to calculate the company’s taxable income and tax liability.

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  • Irish Employment law case
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  • Law assignment on Employment law Reform
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  • Law assignment on International and Comparative Law & State Responsibility and Environmental Regulation
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  • Law Assignment on Omnia Bank Ltd
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  • Law assignment on the case study of ‘the directors of Opes Prime Group Limited who were jailed for breaches of the Corporations Act 2001’
  • This paper answers the following questions –

    1.Identify, by reference to legislation and case law, what criminal sanctions were imposed upon the directors of Opes Prime Group Limited, and why.
    ...More

    This paper answers the following questions –

    1.Identify, by reference to legislation and case law, what criminal sanctions were imposed upon the directors of Opes Prime Group Limited, and why.

    2.Explain, by reference to legislation and case law, why the sanctions between the directors were different.

    3.Explain why, in your opinion, the criminal sanctions were either too harsh or not harsh enough as a mechanism of corporate governance.
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  • Law question on CISG and UK Sale of Goods Act, 1979
  • This assignment is based on the following question –

    Question - Kragen Ltd (seller) ships goods to Aragon Ltd (buyer), pursuant to a contract under the CISG. After Aragon take delivery, they disco...More

    This assignment is based on the following question –

    Question - Kragen Ltd (seller) ships goods to Aragon Ltd (buyer), pursuant to a contract under the CISG. After Aragon take delivery, they discover some damage. They also discover the goods do not conform to their expectations. They Kragen Ltd immediately who argues that the goods delivered were exactly as specified in the contract. Aragon Ltd’s position is that if they had known the extent of the non-conformity they would not have taken delivery of the goods. Both parties agree a significant reduction in the sale price if the goods can be repaired and can therefore still be of use to Aragon, but are not able to come to a final agreement on the question of breach and damages thereof under the contract, if the goods cannot be repaired and are therefore found to be of no use to Aragon.
    (a) Identify the issues arising above, and examine the legal position between the parties. Advise the parties on the possible remedies under the CISG. (50%)
    (b) Examine the position of the parties if the contract was made pursuant to the UK Sale of Goods Act 1979. Advise them on the position under the Act including on the provisions relating to Scotland. (50%)

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  • Law questions
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  • Law Questions
  • This paper provides answer to the following law questions –

    Short Answer
    1. Briefly describe the difference between subject-matter jurisdiction and personal jurisdiction.


    2. Briefly descr...More

    This paper provides answer to the following law questions –

    Short Answer
    1. Briefly describe the difference between subject-matter jurisdiction and personal jurisdiction.


    2. Briefly describe the difference between shared hosting and dedicated hosting.


    3. Briefly describe the difference between throughput and response time.


    4. Briefly describe the difference between a dynamic Web page and a static Web page.

    Short Essay
    5. Sally Baker is the marketing manager for a company that sells music online. She’s interested in the pros and cons of sending emails to customers who have purchased music from the company’s web site. Her initial proposal is to offer discounts for selected songs and albums to customers via email. The emailed discounts would be tailored based on each customers past purchases. In about 500 words, write a memo which:
    1. Discusses issues related to unsolicited email.
    2. Discusses the potential opportunities presented through personalised solicited email.
    3. Discusses the important principles for handling customer data that the music company should follow.

    Essay
    6. Mark Jones is the General Manager of the online music company for which Sally Baker works. He has some security concerns about the current technical setup of their computer assets. The company keeps the computers that run its Web server, database server, and transaction processing server on-site at the company’s premises. The servers are in a separate computer room which is secured by a standard office door and lock. The company is also in the process of adding wireless access points (WAPs) to its network. The company occupies the six middle floors in a 12-story office building that is located in a downtown business area between two other buildings of similar height.

    In about 700 words:
    1. Provide Mark Jones a general briefing about computer security and risk management.
    2. Identify at least four threats to the company’s computer assets and discuss appropriate countermeasures.
    3. Based on Schneider’s Risk Management Model (Figure 10-1), identify the appropriate quadrant for each of your threats and explain why you have given them this classification.

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  • LIABILITY STUDY FROM THE CASE OF BHOPAL GAS TRAGEDY, 1984
  • The aim of this study is to review a multinational corporation’s liability from an industrial disaster. This study focuses on the Bhopal case of 1984, the most devastating industrial disaster in histo...More

    The aim of this study is to review a multinational corporation’s liability from an industrial disaster. This study focuses on the Bhopal case of 1984, the most devastating industrial disaster in history. The study examines nature of the litigation, the kinds of issues raised, the jurisdiction, and civil and criminal liabilities. The total study is conducted in nine sections.

    Section one discusses the mass disaster caused by Union Carbide Corporation. How did the tragedy happen? What were the causes and details of the event? In section two, we look at the origin of Union Carbide in India. We discuss the relationship between Union Carbide Corporation of the U.S.A (UCC) and Union Carbide India Limited (UCIL) This section also reviews the industrial policies and the laws enacted by the Indian Parliament and how they impacted foreign companies doing business in India. Section three examines the Union of India vs. Union Carbide Corporation case, where UCC moved to dismiss the complaints on grounds of the doctrine of forum non conveniens. UCC invokes this doctrine, arguing that the proper forum for the case was in India and not in the U.S.

    Section four analyzes the civil and criminal liabilities of UCC and UCIL. It discusses the pending civil and criminal cases. In India and the United States the victims of Bhopal have filed a combined total of roughly 3,500 civil and criminal cases. The civil cases were heard in the Federal District Court for the southern district of New York whereas the criminal cases were heard before the chief judicial Magistrate’s court in Bhopal. The UCC executives were changed under seven different sections of the Indian Penal Code, including criminal conspiracy, culpable homicide not amounting to murder, and death by negligence. Section five examines whether or not the Union Carbide Corporation and its officials are subject to the jurisdiction of the Indian Court.


    Section six looks at the Bhopal Gas Leak Disaster (Processing of Claims) Act of 1985. The objective of the act was to grant to the Union of India an exclusive right to represent all the victims in India or elsewhere against Union Carbide. Section seven examines Indian torts law compared with U.S torts law with respect to proving negligence in personal injury and compensation cases. Under Indian law, victims have to prove negligence in order to collect compensation, while in the American Doctrine of strict liability, they would simply have to show that a defective product had injured them. Section eight reviews Union Carbide’s merger with Dow Chemical, and Dow’s responsibility for Carbide’s liabilities. In section nine draws conclusions and make recommendations concerning the responsibility of multinational corporations and their accountability for the operations of subsidiaries.
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