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The subject is taxation law
And should be done in a ILAC method
The major assessment task for this subject is designed to be submitted in two parts to enable you to benefit from feedback provided on the first problem based assignment (Assessment task 2). Both Assessment tasks 2 and 3 relate to the tax affairs of Hermun Finster. The information presented in this first task will be relevant to both Assessment tasks 2 and 3.
Hermun is an interior designer employed by A+ Homes working with the designers, builders and property owners. The following events occurred in relation to his activities as a designer and employee of A+ HomesPart AA+ homes a leading builder of residential housing was concerned about the 2021 economic situation due to the pandemic and decided to support the governments various support and economic stimulus packages by giving $1,000 to all current employees and $500 to all living past employees who had worked for the organisation on condition they had worked for a minimum of 5 years and had retired/resigned within the past 5 years.
Hermun received $1,000 and his partner who had been employed by A+ for 7 years before resigning in 2019 due to family commitments received $500.
The local florist is a neighbour of Hermun’s and is the supplier of flowers and plants used for styling display homes for his employer. While chatting over the fence the florist asked if Hermun would be interested in managing a refit of the florist shop premises. Hermun agreed, after checking with his employer that there was no conflict of interest. A+ Homes had no objection as he was undertaking the work on his own time. Further they were not in the business of shop refits and they saw this work as simply a hobby of Hermun’s as they were aware that he had done a number of similar projects including recently work on a refit of the office area of the local animal shelter where he is a volunteer. His neighbour paid for all of the materials, supplies and trades people and gave Hermun a cheque for $2,500 when the work was completed. Required:
Prepare a report for your supervisor that discusses:If the payments of $1,000 received by Hermun and $500 to his partner from A+ Homes would be assessable income to Hermum and to his partner. (5 marks)If the payment from the florist to Hermun would be assessable income. (5 marks)
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