The cost of moving machinery to a new site, The cost of revaluing assets to effect insurance cover

Question 1
Discuss whether the following are allowable as deductions under s 8-1 of ITAA 1997.
1. The cost of moving machinery to a new site
2. The cost of revaluing assets to effect insurance cover
3. Legal Expenses incurred by a company opposing a petition for winding up
4. Legal Expenses incurred for services of a solicitor in respect of a number of matters, including conveyancing, discharge of a mortgage, and general legal advice relating to a client’s business operations. (The Solicitor account does not separate the costs for various matters.)
Question 2
Big Bank Ltd operates nationally with more than 50 branches, a 10-storey head office and numerous call centres. It is registered for GST purposes. Big Bank has for many years provided loans and deposit facilities to customers in Australia. Last year it launched a new product, Big Bank home and contents insurance policies. It was a significant step for Big Bank and required it to change some of its computerised accounting systems due to the fact that GST needed to be charged on the new product.
Big Bank budgeted to spend $1,650,000 (including GST) on advertising campaigns last year. Of that sum, $550,000 was allocated to a television advertising campaign specifically promoting Big Bank home and contents insurance policies. The other $1,100,000 was allocated to a general advertising campaign, including television, radio and print media advertisements promoting Big Bank to the public as the bank that is “Here for You”.
When Big Bank Ltd launched Big Bank home and contents insurance policies, it forecast that its home and contents insurance business would constitute 2% of its entire enterprise. Big Bank has been proved correct in its forecasts. The other 98% of its enterprise is made up of its traditional loans and deposit facilities businesses.
Last month, the advertising consultants issued their tax invoice for $1,650,000.
Discuss Big Bank's ability to claim input tax credits with respect to its advertising expenditure of $1,650,000.
Question 3
The following are the current year details of Angelo’s income, expenses and the foreign tax he paid. All of Angelo’s foreign income amounts have been converted to Australian dollars.
Gross income $
Employment income from Australia 44,000
Employment income from United States 12,000
Employment income from United Kingdom 8,000
Rental income from property in United Kingdom 2,000
Dividend income from United Kingdom 1,200
Interest income from United Kingdom 800
Total gross income 68,000
Expenses $
Medical expenses 5,000
Expenses incurred in deriving employment income from Australia 4,000
Expenses incurred in deriving employment income from United States 900
Expenses incurred in deriving rental income from United Kingdom 500
Gift to a deductible gift recipient 400
Interest (debt deductions) incurred in deriving dividend income 140
Expenses (debt deductions) incurred in deriving interest income 60
Total expenses 11,000
Foreign tax paid $
Employment income from United States 3,600
Dividend income from United Kingdom 120
Interest income from United Kingdom 80
Rental income from United Kingdom 600
Total foreign tax paid 4,400
Determine Angelo’s foreign tax offset.
Question 4
Johnny and Leon are adult partners in a business selling sporting goods.
The partnership records, excluding GST, for the current income year disclose the following:
Receipts ($):
400,000 Sales of sporting goods (see Note 3)
10,000 Interest on bank deposits
21,000 Dividend franked to 60% received from an Australian resident company
10,000 Bad debts recovered
50,000 Exempt income
30,000 Capital gain from the disposal of shares acquired in 2009 and sold in June this income year (see Note 4)
Payments ($):
10,000 Salary to Johnny
15,000 Salary to Leon
16,000 Fringe benefits tax
2,000 Interest on capital provided by Johnny
4,000 Interest on loan made by Johnny to the partnership
3,000 Johnny's travelling expenses from home to work and return (see Note 5)
2,000 Legal fees for the renewal of lease of the office building
1,200 Legal expenses for preparation of a partnership agreement
700 Legal expenses for preparation of new lease of business premises
500 Debt collection expenses paid to a solicitor
500 Council rates on business premises
25,000 Staff salaries (see Note 6)
30,000 Purchase of sporting goods supplies
20,000 Rent on retail shop
30,000 Provision for doubtful debts (see Note 10)
10,000 Business lunches (see Note 11)
Notes
1. Partnership profits and losses are shared between Johnny and Leon on an equal basis.
2. The partnership is registered as a Small Business Entity (SBE).
3. On 1 January this income year the partners discovered that an employee had stolen $3,000 cash in respect of money received from sales to customers.
4. Johnny and Leon made a capital loss of $15,000 from the disposal of shares acquired in 2006 and sold in 2011.
5. Johnny often takes work home as he finds it convenient to plan the next day's work in his home study.
6. Staff salaries include $10,000 paid to Johnny's son Johnny Jr for washing the partners' cars. The Commissioner considers $5,000 to be a reasonable commercial rate for washing the cars.
7. Stock at beginning of the year was: $20,000.
8. Stock at end of the year was: Cost $16,000
(a) Market selling value $18,000
(b) Replacement $17,000
9. Johnny and Leon did not make an election under s 328-285 of ITAA97.
10. Johnny and Leon are owed $30,000 by a debtor who is bankrupt. They believe it is very unlikely that they will recover any money from the debtor, and do not take any action to recover the money.
11. Johnny and Leon spent $10,000 on business lunches with overseas buyers at expensive restaurants.
12. In the last income year, Johnny and Leon made a net partnership loss of $40,000.
13. Johnny and Leon wish to minimise their tax liabilities for the income year.
Calculate the net income for the partnership for the income year.

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The CEO has forwarded to you an interesting article and requires you to provide her with a deeper theoretical understanding of the issues discussed so that she can fully engage in the lively discourse at an upcoming conference.

Task
In your accounting career you will be required to analyse current accounting issues and communicate your theoretical understanding to your professional colleagues and your clients. For this assignment assume that you are the senior accountant working for a major firm.
Question 1 - 9 marks (1,500 words)
The CEO has forwarded to you an interesting article and requires you to provide her with a deeper theoretical understanding of the issues discussed so that she can fully engage in the lively discourse at an upcoming conference.
You are required to find a newspaper article or web page report of an item of accounting news, i.e. it refers to a current event, consideration, comment or decision that has been published after the 1st of June 2017. Your article could also come from one of the professional journals. The article should not come from an academic journal. Academic journals generally do not contain news articles or articles of less than one page and are usually only published 2 or 4 times a year. If you are having a problem ensuring that your article is from an appropriate source contact your subject coordinator.
You then need to explain the article that you have found in your own words and clearly relate the concepts, ideas and facts within the article to one or more of the theories or topics that you have studied this session. Support your analysis of the assumptions and implications of the topic or theory as appropriate with reference to sources in APA 6 style. For example, this article from the Sydney Morning Herald in April 2016 could be linked to the topics of accounting regulation and measurement (and perhaps others). You must provide a copy of the article or web page, with details of the source, date and page number with your answer.
Question 2 - 10 marks (1,500 words)
The Senior Partner of the firm you work for has appointed you to a new role. It is now your responsibility to review upcoming accounting standards and provide a report to the partners on the proposed standard and the opinions of other industry players on the changes.
Firstly, you are required to find a current exposure draft or proposal for a new accounting standard which has been opened for public comments. (These can be found on the websites of most standard-setting organisations, such as the IASB, AASB and FASB. Hint: These websites can be quite difficult to navigate, so as a first step try typing “IASB exposure draft and comment letters”/”FASB exposure draft and comment letters” into Google or other search engine of your choice). Read a sample of the comments from a range of respondents. Select four respondents, ideally from different types of organisations for example, from accounting bodies, industry, companies or corporate bodies. If you are having a problem finding suitable comments letters then contact your subject coordinator.
In your own words, supporting your evaluation with appropriate citations, appropriately referenced in APA 6 style, you are required to include the following information in the report.

An outline of the major issues covered in the exposure draft (what is the exposure draft introducing or changing?).
An assessment as to whether (or not) the behaviour of the regulator in introducing the exposure draft can be explained by public interest theory.
An outline of the views presented in the comments letters which highlights the areas of agreement and disagreement with the exposure draft.
An assessment as to whether the comments letters can be interpreted as being 'for' or 'against' regulation which provides relevant examples.
An application of each of the theories of regulation (public interest, private interest and capture) to the comments letters and a justification as to which theory best explains the comments.

Please note: you need to attach the comment letters you selected for your report (there is no need to attach the exposure draft)

Academic Writing and Referencing - 6 marks
Content assessed: Accounting regulation, current financial reporting issues and topics(s) that your research is related to.
Key generic skills: Research, critical thinking and written communication.
Rationale
This assessment is designed to test your ability to:
communicate your understanding of the topic areas; and
be able to critically evaluate selected current financial reporting and management accounting issues (SLO4).
Marking criteria
Question 1 High Distinction Distinction Credit Pass
Ability to find and describe an accounting issue.
Inclusion of item of accounting news. (SLO4) Copy of item included (1 mark) No copy or a link is provided (0 marks) 1
Description of major issues in article. (SLO4) Description with in depth discussion and identification of all the key issues. Clear identification and discussion of all key issues. Clear coverage of most of the key issues in the article. Summary provided, with one or two issues identified, but there may be other issues that could have been addressed that have been overlooked. 2
Linkage of major issues in article to one or more topics presented in the subject. (SLO4) Response identifies a range of relevant topics and theories and is able to deconstruct and evaluate the issues through the use of theories and arrive at a logical position, for example by synthesizing the insights of different theories. Response identifies a range of relevant topics and theories and is able to evaluate the issue with a discussion of theory containing relevant examples. Response uses theory to provide a clear explanation and analysis of most of the relevant issues in the article. Response provides a linkage to the most obvious topic as well as a brief description of the linkage to some of the related accounting theories. 3
Critical Capacity and use of source material: Has the student analysed the underlying assumptions and implications of the accounting theories or topics they have identified?Are the arguments supported? (SLO4) Response critically evaluates the underlying assumptions and implications of the applied theories or topics. Exemplary use of relevant sources from within prescribed materials and attempts to include sources beyond prescribed material. Response critically evaluates most of the assumptions in the applied theories or topics. Some may be evaluated with greater depth than others. Correctly refers to an extensive variety of sources to support arguments, including prescribed texts and a broad range of additional readings. Response provides some critical evaluation of the theories or topics as a whole. Demonstrates use of multiple appropriate sources. Response provides some summaries of the theories or topics and the underlying assumptions and implications. Limited but appropriate source consultation and background reading. 3

Question 2 High Distinction Distinction Credit Pass
Ability to find comment letters, Inclusion of copies of comment letters. (SLO4) Copy of comment letters included (1 mark) No copy or a link is provided (0 marks) 1
Outline of major issues covered in the exposure draft. (SLO4) Thorough identification and elaboration of all the key issues. Indepth identification and elaboration of key issues in the exposure draft. Clear identification and some elaboration on most of the key issues One or two issues identified, but with various other issues overlooked with only basic elaboration. 1
Assessment of whether the regulators behaviour in introducing the ED can be explained by public interest theory (SLO4) Response provides an indepth application the public interest theory to the exposure draft and provides a thorough justification that critically evaluates the relevance of the theory to the behaviour of the regulator. Response applies the public interest theory to behaviour of the regulator, and provides a well developed justification for assessment of relevance of the theory. Response applies the public interest theory to the exposure draft and provides a clear justification for assessment of relevance of the theory. Response briefly applies the public interest theory to the exposure draft and provides a basic justification for assessment of relevance of the theory. 1
Description of issues where there is agreement/disagreement between the parties who have written comment letters. (SLO4) All of the key areas of conjecture are described in depth and this is supported by evidence from comment letters. All of the key areas of conjecture are described in depth Most of the areas of conjecture are described. The most obvious area of conjecture is briefly described. 1
Assessment as to whether the authors of the comments letters are utilising the arguments 'for' or 'against' regulation in their views. (SLO4) Response identifies a range of appropriate examples of comments letters are thoroughly justified as being for or against the existence of accounting regulation. Response identifies several examples of comments letters which are appropriately justified as being for or against the existence of accounting regulation. Response identifies some appropriate examples of comments letters which are adequately justified as being for or against the existence of accounting regulation. Response identifies one or two examples of comments letters with limited justification as to whether they are for or against the existence of regulation. 1.5
Application of each of the theories of regulation (public interest, private interest and capture) to the comments letters and a justification as to which theory best explains the comments. (SLO4). Response clearly applies all of the theories to the various issues in the comment letters and provides a well developed justification that critically evaluates the relevance of the theories to the issue. Response applies all of the theories to the various issues, and provides a clear justification for the chosen theories. Response applies most of the theories to various issues in the comment letters and provides a clear justification for the chosen theory/theories. Response briefly applies some of the theories to one issue in the comment letters and provides a basic justification for the most obvious theory. 1.5
Critical Capacity: Has the student deeply analysed the underlying assumptions of the accounting theories and perspectives utilised in their response? (SLO4) Response critically evaluates all the underlying assumptions of the theories and perspectives of regulation. Exemplary use of relevant sources from within prescribed materials and attempts to include sources beyond prescribed material. Response critically evaluates most of the underlying assumptions of the theories and perspectives of regulation. Correctly refers to an extensive variety of sources to support arguments, including prescribed texts and additional readings. Response provides some critical evaluation of the theories and perspectives of regulation as a whole. Demonstrates use of multiple appropriate sources. Response provides some summaries of the theories and perspectives of regulation and the underlying assumptions. Limited but appropriate source consultation and background reading. 3
Academic Writing: Is the answer well written, easy to follow and understand? Accurate use of syntax, spelling and punctuation. A sophisticated vocabulary is appropriately used. Answer is logically structured with arguments coherently developed and supported. Accurate use of syntax, spelling and punctuation; succinct and effective use of vocabulary. Clear expression and structure. Accurate use of syntax, vocabulary, spelling and punctuation. Writing is easy to follow and understand. Mostly accurate syntax, spelling and punctuation, language is simplistic but appropriate. 4
Adherence to referencing guidelines Reference list included with correct adherence to referencing guidelines. Correct in-text referencing is provided. Reference list and in-text referencing performed in accordance with APA guidelines. Reference list and in-text referencing performed largely in accordance with the APA guidelines. Reference list provided, formatted in APA style with minor errors. Some in-text referencing provided with minor errors 2
25

Presentation
The following points are a general guide for presenting assessment items.
Assessment items should be typed.
Use 1.5 spacing.
Use a wide left margin. Markers need space to be able to include their comments.
Use a standard 12pt font such as Times New Roman, Calibri or Arial.
Left- justify body text.
Include a separate title page with your name, student number, subject code, assessment number and assessment question. Include class time and tutor’s name if applicable.
Number your pages (except the cover page).
Use a header or footer with your name and student number on each page.
Always keep a copy of your assessments. Both a hard copy and an electronic copy.
Most importantly, always use your spelling and grammar checker, but remember that this does not pick up all errors. You must still manually and carefully edit your work.
Requirements
For this assessment you are required to use APA 6 referencing to acknowledge the sources that you have used in preparing your assessment. Please refer to the CSU referencing guide http://student.csu.edu.au/study/referencing-at-csu. In addition a very useful tool for you to use that demonstrates how to correctly use in text referencing and the correct way to cite the reference in your reference list can be found at https://apps.csu.edu.au/reftool/apa-6
Prescribed text:
Deegan, C. (2014). Financial accounting theory (4th ed.). McGraw-Hill: Sydney.
Topics covered are
1. The nature, construction and verification of theories
2. The History of Accounting - A theoretical perspective
3. Measurement in accounting
4. Normative accounting theories
5. Accounting regulation and politics
6. The standard setting process
7. International Accounting
8. Positive accounting theory
9. Critical perspective in accounting

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Webb’s Stores is a successful regional retailer that operates stores in Australia and also in New Zealand.

Task
Webb’s Stores is a successful regional retailer that operates stores in Australia and also in New Zealand. Webb’s sell a range of food stuffs as well as some speciality items. The company has two main data centres, one located in Sydney and the other in Melbourne. It also has a number of regional data centres located in Wagga, Bathurst, Port Macquarie, Brisbane and Auckland in New Zealand.
Webb’s Stores has engaged you as a consultant to advise them on the use of Cloud Computing in their daily operations. They have some 600 sales staff that work in their stores and 200 staff that work in their two main warehouses in Sydney and Melbourne. Webb’s have been facing increasing issues with application and operational complexity and the management of their data. They have been advised that a move to using a Cloud based infrastructure would be an advantage to them.
Webb’s are considering the following:
· They are considering a plan to close their Auckland data centre rather than update or replace the older infrastructure. The existing data and services in that data centre would be moved to the Cloud. If this migration is successful, then this could be a first step in the eventual migration of all Webb’s services to the cloud.
· They are concerned at the increasing costs of LTO 6 tapes that are being used for their backup of mission critical data. They are also concerned at the cost of off-site storage of these tapes, but they are really concerned at the time it is taking to complete a full backup of their databases and other critical data.
Webb’s Board is contemplating this strategy as a way to increase the company’s flexibility and responsiveness. The Board also expects to achieve significant savings on the cost of maintaining their ICT infrastructure by closing their Auckland data centre. This would entail retiring the infrastructure in that data centre rather than having to update it.
Webb’s has again approached you to advise them on this strategy. You have already advised Webb’s that this strategic approach will mean that they will need to design and operate a “Hybrid Cloud” methodology, where part of their data centre is “on premise” and another part in a Cloud.
Webb’s also plan to run a Risk and Security Workshop to assess the risks, security issues and possible methods of control that will be required with this “Hybrid Cloud” approach. You will be required to organise, run and facilitate this workshop.
The Board is also concerned about how this strategy will affect their BCP (Business Continuity Plan) and their backup and disaster recovery strategies.

Your task is to prepare a report for Webb’s Board that discusses the following:
1. Webb’s have decided to migrate their MS SQL Server 2012 R2 database to an IaaS instance in the cloud.
a. Describe the type of security that you would deploy to protect this mission critical database once it is moved to an IaaS instance in a public cloud.
b. Describe the benefits and issues that would be the result of your deployment of these security measures.
2. What are the risks associated with migrating this mission critical database to the cloud? You should name and describe each risk that you identify that applies to:
a. The database
b. The IaaS infrastructure
c. The communications between Webb’s and their IaaS database in the cloud
3. Webb’s is considering the use of the Cloud for backup and possibly also for archival of records.
a. What are the risks and issues associated with backing up data to the cloud? You should name and describe each risk that you identify that applies to:
i. Backing up data to the Cloud
ii. Storage of data in the Cloud
iii. Retrieval of data from the cloud.
b. How does Webb’s use of a Cloud backup affect their DR plans? Describe how you see that their backup and restore strategy will change as a result of this service.
4. How should Webb’s protect access to these services that they are now moving to the Cloud? Describe what you would recommend to Webb’s Board to protect access to:
a. Their IaaS infrastructure,
b. Their Ms SQL Server 2012 R2 cloud instance,
c. Their Cloud network infrastructure
d. Their Cloud backup and restore infrastructure
Question HD
Information security Clear comprehensive assessment of InfoSec issues, critical points identified and discussed.
Migration Risk Management Clear, comprehensive description of Risk Management issues, critical points identified & discussed.
Backup Risk Management Clear, comprehensive description of backup and DR plan, all critical points identified & discussed.
Access Management Clear and comprehensive description of protecting IaaS infrastructure, server and backup and restore infrastructure, and all critical points identified & discussed.

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Comparative Business Ethics and Social Responsibility

HC2121 Comparative Business Ethics and Social Responsibility
Trimester 2, 2017
Assignment 2 Group Case Study
The case assignment for Term 2, 2017 is found in your textbook Ferrell, Fraedrich & Ferrell (11th Edition) Business Ethics: Ethical Decision Making and Cases on pp.528 - 534 available in your campus library: Case 12 Insider Trading at the Galleon Group
Assignment 2 - Group Case Study
Topic: In groups of 2 - 4 students each group must read and complete a case study report based on the case Case 12 Insider Trading at the Galleon Group found in the 11th edition of the prescribed Business Ethics text book by Ferrell | Fraedrich on pages 528 - 534.
You are not allowed to submit on your own as an individual. Each group will complete a detailed analysis and present a 3000 word report of your analysis to your lecturer. You must engage in additional research to gather more background information as well as current information on the company and situation.
IMPORTANT:
You must address each of the 3 case questions at the end of the case study. You must submit a soft copy to the Blackboard ‘Final submission link’. Please, note that hard copies are no longer accepted. The percentage matching on safe assign must be no more than 20% with relevant Harvard references included.
It is important, that you also attach the peer evaluation to your assignment, so that the contribution of each team member can be assessed.
Format: Report format, times new roman, 12 point, 1.5 line spacing. The report needs to consist at least the following:
a. Executive Summary: ideally one page but no more than two.
b. Sections 1: Introduction (2 marks)
c. Section 2: Main body of the report consisting the 3 questions at the end of case study (12 marks)
d. Sections 3: Conclusions (2 marks)
e. Reference List (10-20 references). (2 marks)
f. Structure (2 marks)

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