Mr Mark Lewis is employed on a luxury cruise liner which travels the Mediterranean Sea. After deductions his taxable income is AUD$150,000, (Hong Kong Dollar 790,000)
He owns a farmhouse in Australia which was his family home. After divorcing his wife, the wife took their twins to live in Canada. Mark now rents the farmhouse to a lovely couple who sublease parts of the house through Airbnb.
The farmhouse is rented including all furniture, with the furniture belonging to Mark. Mark stays on the property when he is in Australia in a converted shed consisting of a master suite, bathroom and toilet. This part of the property is not listed on the lease agreement. All of Mark’s personal belongings are locked up and stored in this shed. The shed makes up about 25% of the overall lettable property.
In the current tax year, Mark spent eighty days in the converted shed in Australia. The remainder was spent on the luxury liner or visiting his twins in Canada, where he spent a total of 40 days.
The luxury liner where Mark works visits many locations around the Mediterranean. Mark is employed by a company incorporated in the Cook Islands under an employment contract signed in Hong Kong. The luxury liner is owned by a company incorporated in Bermuda.
In addition, in preparation for his retirement, Mark has taken up cattle breeding. He currently owns one hundred cows which live and feed on an external farm in Australia (for a fee). These cows are being fattened up and after half are at the required weight they will be sold. The other half will be used for further breeding.
Mark consistently keeps up to date with the development of the cows. He spends most of his free time reading literature and attending paid courses related to the business. Mark plans on purchasing a large, vacant property next door to his farmhouse specifically for keeping his cows when he retires from the luxury liner. In retirement, Mark intends on living permanently in the converted shed and will still rent out the farmhouse.
For each of the prior three years that Mark has been undertaking this activity, there has been a tax loss made, although the tax losses have been reducing in size as the venture becomes more successful. In fact, this year Mark has made a small profit before tax of $50,000 (taxable income $200,000, tax deductions $150,000).Country Australia
We always make sure that writers follow all your instructions precisely. You can choose your academic level or professional level, and we will assign a writer who has a respective degree.
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document.
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension.A 100% refund is guaranteed.
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text.
Tutorpro support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
At Tutorpro, we have top rated masters and PhD writers who will help you tacke that homework and score A+ grade. Tutorpro services covers all levels of education : high school, college, university undergraduate, masters and PhD academic level.
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Tutorpro academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. This is free because we want you to be completely satisfied with the service offered.