Q1 (Taxable income from Australian and foreign sources)

Yvette Jankic, a resident single taxpayer aged 31, worked in New Zealand from 1 July 2017 until 15 November 2017 and has provided the following information for the 2017/18 tax year:

a.Calculate Yvette’s taxable income for the 2017/18 tax year.

Taxable income is:

Interest (Australia) (510 + TFN tax withheld $490) $ 1,000

Interest (United Kingdom) (2700 + net of withholding tax $300) $ 3,000

Dividend (USA) (3900 + net of withholding tax $2,100) $6,000

Gross Salary – Australia $21,000

Gross Salary – New Zealand (not exempt) (12,650 + tax withheld $2,540) $15,190

Bonus from Australian Employer $ 2,000

Assessable Income $48,190

(Reportable Fringe Benefit is not included)

Less Deductions :

- Interest and Dividend Reductions from UK and USA $250

- Work related deductions relating to Aust. employment $300 $ 500

Total Taxable Income $47,640

b.Calculate Yvette’s net tax payable or refundable for the 2017/18 tax year.

Tax payable is:

Tax on $47,640 ($3,572 + 32.5% x ($47,640 - $37,000) $ 7,030

Less: Low-Income Tax Offset ($445 – 1.5% x ($47,640 - $37,000)) $ 285.40

$ 6,744.60

Add: Medicare Levy - 2% of $47,640 $ 952.80

$ 7,697.40

Less: PAYG instalments $5,285

Withholding Tax on Aust Interest $ 490

Foreign Income Tax Offset - limit $4,940* $10,715.00

Tax Refundable $ 3,017.60

*Foreign Income Tax Offset

Tax on $47,640 ($3,572 + 32.5% x ($47,640 - $37,000) $7,030

Less Tax on $23,700 (19% x ($23,700 - $18,200) $1,045

$5,985

However as Total Foreign Tax Paid is:

Withholding Tax on UK Interest $ 300

Withholding Tax on USA Dividend $2,100

Tax on New Zealand Employment $2,540

Total Foreign Tax Paid $4,940

Can only claim this amount as Foreign Income Tax Offset

Can you please check my answer for both parts (A and B) .if i done them right or not

Read the adapted article below from BBC News and answer the following questions.

FAST FASHION: ZARA PROMISES ALL ITS CLOTHES WILL BE SUSTAINABLE BY 2025

Zara - and other brands like Pull & Bear and Bershka - have promised to only sell sustainable clothes by 2025. The company that owns these shops says all cotton, linen and polyester they sell will be organic, sustainable or recycled. Zara has 64 UK stores, and its parent company has 7,490 shops worldwide.

From next year, containers will appear in Zara stores to collect your old clothes so they can be reused or recycled into new items. Some people in the fashion industry have been calling for more clothes recycling in order to protect the environment - while politicians think brands and shops should fund clothes recycling. People in the UK send 235 million items of clothing to landfill each year, according to the most recent figures.

Zara is one of the stores not to currently use plastic bags and Inditex, the company that owns the chain, says that by 2020 it will eliminate the use of plastic bags across all of its brands. Primark and Boots are among the big-name shops that have switched from plastic to paper bags. By 2023 Inditex promises it will have fully eliminated single use plastic in its stores.

Inditex also has a scheme called Join Life running in its shops, which identifies clothes which are made with more environmentally friendly materials than conventional high street stores. These are made from things like organic cotton and recycled polyester.

The boss of Inditex revealed the company's plans at its annual general meeting this week. "Sustainability is a never-ending task in which everyone here at Inditex is involved and in which we are successfully engaging all of our suppliers," said Pablo Isla, in front of shareholders and company executives.

Source: BBC (July 10, 2019). Fast fashion: Zara promises all its clothes will be sustainable by 2025. BBC News. Retrieved from https://www.bbc.com/news/newsbeat-49022453

a. Identify the market structure for clothing stores, like Zara. Justify the reasons for such

a structure to exist.

[5 marks]

b. Do firms within similar market structure as in (a) have a supply curve and market

power? Comment.

[4 marks]

c. Distinguish the demand elasticity between firms, like Zara, and firms that belong to the

other market structures. Provide justification for each structure.

[8 marks]

d. Discuss specifically on the efficiency of the market structure in (a) (a diagram is not

needed here).

[6 marks]

e. Determine with justification the type of long run profit made by similar firms in the

market structure in (a). When will these firms cease production in the long run?

[7 marks]

Description: • Individual task. • Answer the following questions in a single document using the material and information given to you throughout the course. Once you have decided which country you will be working in, the UK, Canada or the USA, you must research and find the laws or regulations that correspond to the questions that you are answering. Remember to use Harvard citations in the document and to provide a reference page at the end.

1. Jim who recently quit his job after receiving a very large bonus payment is interested in forming his own business. He is not sure how to begin and he has asked you to help him identify and analyze what company formation options he has available. He can set up his business in the UK, Canada or the USA, he will go where you decide. a. Please advise him on what it means to be unincorporated, the advantages and disadvantages b. Then explain to him the significance of opening an incorporated business? What are the advantages and disadvantages of this type of business? c. Then explain to him what is a Limited Liability Partnership? What responsibilities and liabilities do the partners have for themselves individually, to the firm/to each other in the firm and to the public? d. Explain to Jim if he needs additional capital to begin his new company what are some ways he could finance his new company?

2. 5 years later Jim has done very well but he is facing competition from 4 other similar businesses, he is considering the idea of merging with one of his competitors or trying to acquire one of them. a. Explain to Jim what a merger is. Then identify and explain the steps that he and the other party would need to take to merge together – remember this will vary country to country. b. Jim was able to convince Bob to merge their companies together, explain to Jim what three separate groups of professionals are recommended to be consulted to assist him with this merger. c. Explain to Jim and Bob what issues they will need to agree to when the two comes merge into one new company. For example, who will be the Director, etc…

3. (In case Jim cannot merge with someone) Jim soon realizes that none of his competitors want to merge with him but still facing stiff competition, so he asks you to assist him in acquiring one of the competitors to give him a bigger advantage in the market. a. Explain to Jim what is an acquisition and then explain to him the different ways he can acquire one of his competitor’s company. b. Explain to Jim what the significance of him acquiring a competitor’s company would be in relations to control of the company, decision making, directors, etc…

4. If Jim cannot merge with a competitor is there the possibility of a Strategic Alliance or Joint Venture between the parties? a. Explain what is a Strategic Alliance? What are the main characteristics of a strategic alliance and the advantages/disadvantages? b. Explain what is a Joint Venture? What are the main characteristics of a joint venture and the advantages/disadvantages?

• Answer the following questions in a single document using the material and information given to you throughout the course. Once you have decided which country you will be working in, the UK, Canada or the USA, you must research and find the laws or regulations that correspond to the questions that you are answering. Remember to use Harvard citations in the document and to provide a reference page at the end. 1. Jim who recently quit his job after receiving a very large bonus payment is interested in forming his own business. He is not sure how to begin and he has asked you to help him identify and analyze what company formation options he has available. He can set up his business in the UK, Canada or the USA, he will go where you decide. a. Please advise him on what it means to be unincorporated, the advantages and disadvantages b. Then explain to him the significance of opening an incorporated business? What are the advantages and disadvantages of this type of business? c. Then explain to him what is a Limited Liability Partnership? What responsibilities and liabilities do the partners have for themselves individually, to the firm/to each other in the firm and to the public? d. Explain to Jim if he needs additional capital to begin his new company what are some ways he could finance his new company? 2. 5 years later Jim has done very well but he is facing competition from 4 other similar businesses, he is considering the idea of merging with one of his competitors or trying to acquire one of them. a. Explain to Jim what a merger is. Then identify and explain the steps that he and the other party would need to take to merge together – remember this will vary country to country. b. Jim was able to convince Bob to merge their companies together, explain to Jim what three separate groups of professionals are recommended to be consulted to assist him with this merger. c. Explain to Jim and Bob what issues they will need to agree to when the two comes merge into one new company. For example, who will be the Director, etc… 3. (In case Jim cannot merge with someone) Jim soon realizes that none of his competitors want to merge with him but still facing stiff competition, so he asks you to assist him in acquiring one of the competitors to give him a bigger advantage in the market. a. Explain to Jim what is an acquisition and then explain to him the different ways he can acquire one of his competitor’s company. b. Explain to Jim what the significance of him acquiring a competitor’s company would be in relations to control of the company, decision making, directors, etc… 4. If Jim cannot merge with a competitor is there the possibility of a Strategic Alliance or Joint Venture between the parties? a. Explain what is a Strategic Alliance? What are the main characteristics of a strategic alliance and the advantages/disadvantages? b. Explain what is a Joint Venture? What are the main characteristics of a joint venture and the advantages/disadvantages?

Which of the required financial statements is not for a period of time?

Income Statement

Balance Sheet

Statement of Cash Flows

Statement of Changes in Stockholders’ Equity

Explain why the boiling temperature of an ideal mixture of two liquids increases as distillation proceeds. What changes about the mixture as distillation proceeds?

4. Describe the changes made by ASU No. 2016-14 5. Describe the Accounting for donated services    6. Describe the accounting for contributions to collections

Describe the key features of Degenerative changes in vital organ systems causing diseases (hint: what do they actually do to human beings?)