Assignments’ Instructions and Requirements
QUESTION 1- 15 marks
John has applied and been approved a licence to operate a casino in Melbourne, which later on he named it The Casino East. John has received 10-year licence from Victorian Government to operate the casino. He also received approval for Casino’s building for a long period of time (90 years).
John was instructed by the relevant Government agency to pay $180 million for the approved casino’s licence and $80 million as prepaid rent covering the first 10 years of casino’s rental. John has negotiated to pay $400,000 rental per year for the remaining 80 years of the lease.
With reference to relevant legislation and case law discuss whether casinos prepaid rent is considered a revenue expense or a capital expense.
QUESTION 2 – (10 MARKS)
Alex Kingsford is a mechanical engineer working for ABC Engineering in Melbourne. Alex owns a property in Dandenong, Victorian where he and his family are residing. He also runs a home- based food catering business, preparing food for local residents and school canteens. Catering business is well-structured. Alex works 15 days a month and earns a substantial income from the catering services business. He is travelling from ABC Engineering workshop to his home- based business by car or sometimes Uber. When he lodged his tax return in July 2019, he has
HI6028 Taxation Theory, Practice and Law Individual Assignment T1.2020 3
requested a deduction for a substantial amountof travelling expenses between the ABC Engineering workshop and home-based food business.
Alex is now seeking your advice. With reference to relevant legislation and case law discuss whether Alex’s travelling expenses between the ABC Engineering workshop and his home- based catering business is an allowable deduction.
Assignment Structure should be as the following (students’ responses involves calculations, and students must refer to the relevant legislation and/or cases whenever required according to the questions).
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