Assessment Task – Tutorial Questions Assignment
Answer 1
Facts:
Munir has obtained loan as amount of $5000 (interest free) from the Good Mates Pty ltd
.Demanding the loan will in danger his health and unable to provide basic needs for his
family. Board waived the loan of Munir on compassionate reasons.
Rules and or cases:
Fringe benefit tax has levied on the employer. It is evaluated under Fringe Benefit Tax
Assessment Act 1986 and the imposition of tax is under Fringe Benefits Tax Act 1986.
In situations where the employer write-off a real obligation and the write-off is obligation for
details unconnected to the service association, a debt relinquishment fringe benefit does not
arise.
Application:
In the given case the Munir has suffering from financial hardship .Therefore; the employer
has waived the loan or writes off a genuine bad debt. As per the rule, when the employer
write-off a unaffected bad debt, debt relinquishment fringe benefit does not ascend.
Conclusion:
The conclusion has been made that fringe benefit does not arise. Therefore, the company is
not required to pay any fringe benefit tax (Australian Taxation office, 2021).
Answer 2
Cost base are the money value of the assets paid, acquisition indexation cost, improvement
Indexation cost, and cost of transfer.
Indexation of the cost base: Elements of a cost base (other than the assets acquired after 20
August 1991 but not use personal assets or collectables) may be indexed for inflation:
Assets was held for further period of 12 months.
Asset was acquired prior to 11:45 am on 21 September 1999
Choice to index has been made (Australian Taxation office, 2021).
The following formula is to be used in calculating the long-term capital gains tax payable:
Long-term capital gain = Total rate of consideration received or accruing – (acquisition
indexation cost+ improvement Indexation cost + cost of transfer),
=12000-(5000+1379.89+50)
=12000-6429.89
= 5570.11 Ans
Where:
Acquisition indexation cost= cost of achievement x cost inflation index of the year of
transfer/cost inflation index of the year of acquisition
5000*51.7/51.7=5000
Improvement Indexation cost = cost of improvement x cost inflation index of the year of
transfer/cost inflation index of the year of improvement =1500*51.7/56.2=1379.89
Capital gain tax = 5570.11*30%=1671.033
Answer 3
GST is introduced on July 1, 2020. It is owed at a uniform rate of 10% on purchases of the
most of belongings and amenities by listed organization and the goods admission. GST is
levied on taxable purchases and the taxable importation. It is not indicted on GST free
purchases, non-taxable importation and input taxed supplies.
In the given case the Alex ltd is an organization supplies the product of $22000 that is
inclusive of GST to Beta Ltd. On 1 August 2019 that is the local customer. The tax on the
amount of $22000 is paid to the account of GST by the Alex ltd. Beta paid the bill amount in
installment. Even though Beta is GST- non registered entity also paid the GST charge on the
amount of the product to the seller.
Answer 4
Assessable income − allowable deductions = taxable income
Calculation of Taxable income
Particulars Amount
in $
Employment income of Andre 63,013
Add
:PAYG withholding
16,467
Add: Dividend 1000
Total Assessable income 80480
Less :allowable deductions 500
Total Taxable income 79980
The estimated tax on your taxable income is $17,540.50
Particular Amount $
Total taxable liability $17540
Estimated tax rate 30%
Total income tax 5262
Medicare levy @2 %( $79980*2%) 1600
Medical surcharge 0% Nil
Tax offset (800)
Total tax payable or Net tax liability 6062
Answer5
Factors significantly affect tax avoidance are:
The substance and form of the scheme
Any change in the financial position of the pertinent tax payer that has resulted from
the arrangement.
The manner by which the game plan was shown up into or endorsed out
The bring about connection to the activity of the Demonstration
The nature of any associate on whether of family , business or other nature between
the relevant citizen and any individual referenced in the plan.
The different outcomes for the significant citizen or any individual alluded in the plan
having been conveyed or gone into.
Change in the monetary situation of any individual who has or had association
whether of the family , business or other nature with the pertinent tax payer may be
expected to be the outcome from scheme (Janský and Palanský, 2019)
Answer6
• net income = assessable income less allowable deductions Calculation of Taxable income
Particulars Amount
in $ Net profit of law firm( Profit divided equally
among three partners, therefore 1200000/3) 400000
Add Interest received 10,000
Total Assessable income 410000
Less :allowable professional subscription 300
Total Taxable income 409700
The estimated tax on Maria taxable income is $157,462.00
Amount earned by Maria from gambling is not included in partnership income.
References:
Ato.gov.au. 2021. Elements of the cost base and reduced cost base. [online] Available
at: <https://www.ato.gov.au/general/capital-gains-tax/working-out-your-capital-gain-
or-loss/cost-base/elements-of-the-cost-base-and-reduced-cost-base/> [Accessed 13
February 2021].
Australian Taxation office, 2021. [online] Available at:
<https://www.ato.gov.au/law/view/document?DocID=SAV/FBTGEMP/00009&PiT=9999123123
5958/#:~:text=A%20debt%20waiver%20fringe%20benefit%20arises%20where%20you%20(
the%20employer,related%20to%20the%20employment%20relationship.&text=the%20emplo
yer%20is%20able%20to,made%20to%20recover%20the%20debt> [Accessed 13 February
2021].
Janský, P. and Palanský, M., 2019. Estimating the scale of profit shifting and tax
revenue losses related to foreign direct investment. International Tax and Public
Finance, 26(5), pp.1048-1103.
Pattiasina, V., Tammubua, M.H., Numberi, A., Patiran, A. and Temalagi, S., 2019. Capital
Intensity and Tax Avoidance: an Indonesian Case. International journal of social sciences
and humanities, 3(1), pp.58-71.
It takes strategic preparation to help an individual to become an influential, engaged, and social
member of their society. You should cooperate with the individual, With disabilities, you help
set targets and select viable choices that match their needs, priorities, and interests. In the phases
of preparing, arranging, and executing an activity schedule, you will help an individual work.
This initiative would improve coping knowledge and training a person to actively engage in
planning their recreation, interests, and social pursuits. Remember to encourage the individual
with a disability to guide the assistance as far as possible, while there may be instances when
feedback from others, such as relatives, is needed. (Witvorapong, et al., (2015))
Knowledge on how to fulfill an individual’s criteria can already be understood and registered,
which means you may not need to replicate it. You nevertheless, ought to ensure you have proper
authorization to view material from some other site and that it is indicated where you're going to use it. (Aw, et al., 2017))
Guidance on group engagement to meet needs of the individual with an impairment-
Previous policies and documents can differ greatly depending upon the frameworks and
mechanisms of support and funding currently being used by an individual. It could be necessary
to use a current scheme or text, but this must be done in compliance with applicable laws such as
the Privacy Act 1988 (C th ).
When a person's behavior needs and specifications have been established, it is important to
provide this knowledge to the person so they understand the opportunities, networks, and
resources available to them. They will then continue to make educated decisions about their
interests (Jeong, et al., 2019).
Persons with disabilities must be given appropriate details so they can make decisions about
community engagement opportunities, networks, and resources that fit best in their requirements and priorities. Insufficient knowledge could lead to a bad activity option or the person's needs
not being completely met.
Person-centered activities-
Individual practice is a conceptual philosophy that underpins most of the work within the
community services field. It is a strategy that puts the client at the center of the service
preparation and distribution, with all forms of assistance arising at that point.
Vision-
may not be conscious that someone is talking to them may disregard the agreed patterns of body
language and behaviors of a sighted person may only be able to comprehend information in
auditory mode or by braille may be annoyed by those who speak excessively to them as though
they cannot understand (Aw, et al.,. 2017).
Suitable facilities, equipment, and resources-
There are several various forms of mobility aids. These are typically unique to the particular
person and are often created especially to meet their needs. Help professionals ought to ensure
the client is aware of how a specific mobility aid works, and that they have a clear understanding
of its intent. If you are dealing with an individual that has a time frame, knows how to use it
efficiently and reliably, and how to help the person navigate and retain their aid. As a social
person, you need to be able to change your relational skills to suit the needs of the individuals
you support. (Caprara, et al., (2015))
Sports
Develop expertise, experience, and talents in engaging in sports that can assist in increasing
fitness, muscle mass, stamina, and other health trust by engaging in activity programs, respite
trips, out as well as about initiatives, arts and crafts initiatives or travel and related events.
Reconstruction
Learn to engage in leisure activities and interests or recreational activities that can be
done independently or in groups. Recreation programs can construct cognitive and physical
skills and help in building trust and the ability to engage and contribute actively within the group.
Living skills
Enhance skills relevant to tasks of everyday life such as handling personal finances, using public transit, or understanding what is required in social circumstances. Living skills
results can be accomplished by tasks such as going out, attending a library, reading a map to
find a specific street, or using personal organization skills to prepare for and attend a function in the neighborhood.
Workplace policy and procedure-
The networking services permit learners to be acquainted with linking computers. Students
unload and reassemble personal computers and systems, and examine, create, or adjust circuit
boards and for including. A strategy is a declaration that underlies how managerial problems
will be dealt with in an organization. It expresses institution principles and the institution
standards of staff behaviors. (Witvorapong, et al., (2015))
Employment act also strengthens and justify normal operating procedure in a workplace. Well-
crafted rules help employers handle workers more effectively by explicitly describing
appropriate and inappropriate performance in the organization, and set out the consequences of
not agreeing with such policies.
Management support- It is important to have executive sponsorship for the adoption or alteration of a policy, particularly when policies refer to job performance. The endorsement and modeling of the actions by senior management and subordinates would motivate employees to take serious action. (Jeong, et al., (2019))
Staff support-
Involve workers in designing and executing workplace strategies that encourage greater
knowledge, understanding, and ownership of the results. Staff engagement also helps to decide
how and what the policies should apply, and can aid in detecting potentially unintended
consequences of the policy.
Definition of policy-
Identify keywords used in the protocol at the outset so that workers understand what is said. The
strategy must clarify what is an appropriate and inappropriate practice in the industry. You may
need to provide detailed explanations to explain problem areas or undesirable types of behaviors.
Policy in writing-
Laws ought to be documented and given to both current and new workers. This covers a casual,
portion, and large staff including those on sick leave or job vacations. (Szarek-Iwaniuk et al.,
(2020))
Written policy-
Regulations must be written down and accepted by all workers. Try translating the rules into the
required tongues for workers here whose sentence doesn't Make Sense. Strategies must be
implemented uniformly across the organization. A violation of a policy should be dealt with
immediately and according to the protocols laid out in the policy. (Webber, et al., (2017))
Review- Check procedures periodically to ensure they remain current and by the developments within the organization. Where procedures are drastically modified they should be re-issued to all workers and the changes outlined to them to ensure they understand the organization's current directions.
Access to the client and/or their family members and career-
It’s not unusual for careers to feel like they don’t have much say in their caring role. Even in big families the burden of delivering care sometimes falls to one individual rather than being
divided. When an individual grows and the individuality and cognitive capacity increasing, it’s
easy to slip into the pit of becoming condescending. Even if an elderly adult is getting weak
and/or brain-damaged, it’s worth noting that they are a person with a lot of wisdom, and a person who once was able to stand on their own two feet. (Webber, et al., (2017))
Empathy is one of the most essential attributes any career wants to have. Aging can be a
frustrating and challenging experience for some older people, as things they used to find easy
become a difficulty that needs to be solved. (Jeong, et al., (2019))
Most caregivers will be essential for securing their patient’s eats, sleep, takes medicine, and
keeps meetings on schedule. The side consequences of not doing these things can be drastic, so
you’ll need to seek a caregiver you can count upon to ensure anything which should be
accomplished, is completed.
A career wants to be able to communicate with their customer to get them to navigate it, and a
better career can appreciate the feelings an older person may deal with as the and everyone who’s
spent sometime around an aging person acknowledges, senior citizens can be irritating. Sadly,
the inevitable passing of time also implies the crop circles do be peaks.
And everyone who’s spent sometime around an aging person acknowledges, senior citizens can
be irritating. Sadly, the inevitable passing of time also implies the crop circles do be peaks. Basic
tasks can take much longer to finish, anger, tiredness, or hostility on the part of the beloved could
become usual, and memory problems can be regular.
Reference
Aroogh, M. D., & Shahboulaghi, F. M. (2020). Social participation of older adults: A concept
analysis. International journal of community based nursing and midwifery, 8(1), 55.
Aw, S., Koh, G., Oh, Y. J., Wong, M. L., Vrijhoef, H. J., Harding, S. C., … & Hildon, Z. J.
(2017). Explaining the continuum of social participation among older adults in Singapore:
from'closed doors' to active ageing in multi-ethnic community settings. Journal of aging
studies, 42, 46-55.
Barclay, L., McDonald, R., Lentin, P., & Bourke‐Taylor, H. (2016). Facilitators and barriers to
social and community participation following spinal cord injury. Australian occupational
therapy journal, 63(1), 19-28.
Caprara, A., De Oliveira Lima, J. W., Rocha Peixoto, A. C., Vasconcelos Motta, C. M., Soares
Nobre, J. M., Sommerfeld, J., & Kroeger, A. (2015). Entomological impact and social
participation in dengue control: a cluster randomized trial in Fortaleza, Brazil. Transactions of
the Royal Society of Tropical Medicine and Hygiene, 109(2), 99-105.
Jeong, S., Inoue, Y., Kondo, K., Ide, K., Miyaguni, Y., Okada, E., … & Ojima, T. (2019).
Correlations between forgetfulness and social participation: Community diagnosing
indicators. International journal of environmental research and public health, 16(13), 2426.
Szarek-Iwaniuk, P., & Senetra, A. (2020). Access to ICT in Poland and the co-creation of urban
space in the process of modern social participation in a smart city—A Case
Study. Sustainability, 12(5), 2136.
Webber, M., & Fendt-Newlin, M. (2017). A review of social participation interventions for
people with mental health problems. Social psychiatry and psychiatric epidemiology, 52(4), 369-
380.
Witvorapong, N., Muttarak, R., & Pothisiri, W. (2015). Social participation and disaster risk
reduction behaviors in tsunami prone areas. PLoS one, 10(7), e0130862.
Introduction
British petroleum is a multinational oil and gas company that is associated with Britain. It was
directed by the explorer George Reynolds. It was directed under the allowance granted to
William Knox D’Arcy by the Shah of Iran.
Size
British Petroleum plc is one of the largest companies that include the gas, energy, and oil
industry globally. Its roots are in the Anglo Persian company that was founded in 1909. British
Petroleum was founded as the sixth-largest gas and Oil Company globally which is based on its
market value. It has reported 278.4 billion revenue in the United States dollar. It has been
mentioned in the top ten companies in the industry of oil and gas. It employs 70,200 people in all
its branches worldwide. It is one of the biggest international energy companies. Investors of the
United States could purchase the American Depositary shares that are based on the stock
exchange. Investors own 11% of the total income of the company (Abdelrehim, et al., 2017).
History
British Petroleum Company was known as Anglo- Persian Oil Company from 1909 to 1935. It
was known as the Anglo-Iranian Oil Company from 1935 to 1954. It was known as British
Petroleum Company limited from 1954 to 1982. It was known as the British Petroleum Company
PLC from 1982 to 1998. It is called BP Amoco from 1998 to 2000. It has become one of the
largest oil companies after the merger with Amoco Corporation in 1998. It has its headquarters in
London. In Persia, It was discovered through the discovery of oil in 1908. It has been scheduled
about the story of transitions. It has associated with different perspectives such as coal to oil, oil
to gas, onto dry land to deep water. It has been consumed with the original mix of energy sources
(Abdelrehim, et al., 2017).
Competitors
British Petroleum PLC's competitors are SABI, ENGIE, Chevron, OMV Group, SHV Energy,
Shell, Total, devon, and Oxy.
Saudi Basic Industries Corporation is one of the manufacturing companies that are specialized in
different aspects of chemicals. It was founded in 1976. It employs 33,000 employees.
Chevron is one of the companies that supply technology and aspects of energy. It was founded in
1879. Its total revenue is $105.8B.
What is it known for?
British Petroleum is known for its values and qualitative services. It has five aspects of values
that are followed in every perspective. It cares about the safe environment of the organization. It
is committed to providing energy services to the world safely. It is supposed to give respect to
each member. It has complained about the regulations and laws. It behaves in a positive way to
earn trust. They are excellent about the services provided in their operations. It is known for its
strong team management. Its code of conduct is to guide the right things as well as explanation to
make effective decisions.
What does it do?
British petroleum provides light, mobility, and heat to all the candidates globally. Its main aim is
to reexamine the energy for the ambition; people and planet to become a net-zero company in
upcoming years ( Doherty, et al., 2020). It is associated with the petroleum industry. It has been
integrated into different areas of the gas and oil industry. It includes the process of production,
exploration, distribution, refining, power generating, and marketing. It involves renewable
energy awareness in the smart grid as well as solar technology.
References
Doherty, N. A., & Smith, C. (2020). Corporate insurance strategy: the case of British
petroleum. Journal of Applied Corporate Finance, 32(1), 48-57.
Abdelrehim, N., Maltby, J., & Toms, S. (2015). Narrative reporting and crises: British Petroleum
and Shell, 1950–1958. Accounting History, 20(2), 138-157.
Abdelrehim, N., & Toms, S. (2017). The obsolescing bargain model and oil: the Anglo-Iranian
Oil Company 1933–1951. Business History, 59(4), 554-571.
