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Taxation law Assignment of identify the facts available, identify the taxation issues arising, research the relevant law, apply the law to the facts identified and form an opinion.

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The purpose of the assignment is to assess a student’s ability to: 1. identify the facts available; 2. identify the taxation issues arising; 3. research the relevant law; 4. apply the law to the facts identified; and 5. form an opinion. REQUIRED Taking the above Learning Outcomes into consideration, your assignment is to prepare a written opinion addressed to your client, Water-Jet Ferries. It should be no longer than 1,000 words. SCHOOL POLICIES You should refer to the Subject Outline and carefully note the School’s policies in regard to the following ma...

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The purpose of the assignment is to assess a student’s ability to: 1. identify the facts available; 2. identify the taxation issues arising; 3. research the relevant law; 4. apply the law to the facts identified; and 5. form an opinion. REQUIRED Taking the above Learning Outcomes into consideration, your assignment is to prepare a written opinion addressed to your client, Water-Jet Ferries. It should be no longer than 1,000 words. SCHOOL POLICIES You should refer to the Subject Outline and carefully note the School’s policies in regard to the following matters: 1. the late submission of assignments; 2. the presentation of written work; and 3. academic integrity ASSIGNMENT COVER SHEET An Assignment Cover Sheet must be completed, signed and attached to the hard copy of your assignment prior to its submission. These forms are available at the Reception/Front Office. Please check the cover sheet for details relating to assignment requirements. ASSIGNMENT WATERJET FERRIES WaterJet Ferries is a successful ferry operator providing roll-on/roll-off car and truck ferry services to the larger islands off the coast using vessels that are propelled by water-jets powered by diesel engines. Over the last twelve months the company’s profitability has been badly affected by rising fuel costs and a fall in patronage. As a consequence management has decided to examine the possibility of modifying the existing engines to reduce their fuel consumption. Not only would the modifications result in reduced fuel costs, the modified engines would produce increased power permitting the vessels to travel at higher speeds and so enable more services to be provided. A further benefit would be that the modified engines would be environmentally friendlier which is important to the island communities served by the company. Their decision was arrived at after receiving advice from the engine manufacturer that WaterJet would be able to treat the modifications as a repair and by doing so claim a tax deduction for the cost incurred. WaterJet has requested your company to provide them with an opinion as to the correctness of this claim by the engine manufacturer. Your opinion must be supported by reference to any applicable tax legislation and/or case law

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In the given case, Water Jet Ferries provides truck ferry services to the larger islands off the coast using vessels which are propelled by the water-jets that are powered by the diesel engines. However, due to the increased cost of fuel in the market, the profitability of the company is getting affected and thus water jet has decided to make some repairs to the existing engines, due to which it will minimise the consumption of fuel at large. Also, such repairs would result into production of increased power permitting the vessels to travel at the higher speeds and so it enables more services to be provided. All these expenditures incurred for the repairs of old engines were charged to revenue, thereby claiming a tax deduction on cost incurred.

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