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Tax Assignment Part B Group Reflection.docx

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Queensland University of Technology

Part B: Group Reflection (i) Summary of work allocation The first thing we did as a group was to schedule weekly meetings. We found them really helpful in completing the assignment because the weekly two-hour meeting kept us on track with our work. A check list was created to assist us in doing Part A and to monitor our progress. On top of that, we also discussed the ways to complete the E-tax project in our first meeting. We decided to take our lecturer’s advice in doing the assignment individually before the subsequent meetings. For every meeting, we would bring in the calculations we have done to compare and contrast with each other. When there were differences in opinions, we analysed the questions again, looked up the Master Tax Guide and Australian Taxation Office (ATO) website for information that would be the deciding factors in our calculations. At the same time, we inputted the amount that was agreed on into the E-tax system to avoid last minute work. (ii) (a) The amount deductible of purchasing laptop computer taking into account the redemption of $250 JB Hi-Fi gift card We considered the $250 gift card to be cash worth. Referring to the ‘nine characteristics of ordinary income’ developed by the court, we found that the nature of the $250 gift card meet one of the characteristics, which is ‘It is Money or Money’s Worth’. We took the $250 into account and the computer full cost was $2,120. Furthermore, the $250 gift card was a gift by Andrew’s family and friends for his birthday. He could use the gift on anything. Even if the gift card was provided by his employer, it is also an exempt fringe benefit, as covered in Division 13 of the FBTAA (1986) as it is given on an irregular and infrequent basis. As Section 8-1(1) of the Income Tax Assessment Act (ITAA) 1997 enables taxpayer to claim deduction if the amount is incurred in gaining his assessable income, we included the depreciation deduction in Andrew’s tax return as the laptop is used extensively for his work purposes. (b) Timing of deductibility of GIC ($97) We looked up the ATO website and foun
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