BLO2206 Taxation law and practice

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Taxation Law Assignment Question

Stephanie Rogan ran her own advertising company. Stephanie was an advertising executive with a large advertising agency company, Greater Union Advertisers Pty Ltd. She left Greater Union in 2012 to look after her father when he became very ill. When he recovered Stephanie set up her own Company, Rogan Advertising Pty Ltd. Stephanie set up her company on the suggestion of Greater Union, who wanted to use her as contractor to whom it would give work which was of too small a nature for Greater Union.

Stephanie was married. Ronald, her husband, was the company secretary and manager of Rogan Advertising.

In January 2015 Greater Union offered Rogan Advertising the opportunity to make a series of advertisements in the lead up to the 2016 Olympic games in Brazil, for a small sports manufacturer. This would involve Stephanie having to live in Brazil for an unknown period, and at least until the end of the Olympic games. Accordingly Stephanie and her husband left Australia for Brazil on 26 June 2015. They hoped they would be able to return to Australia around October – November 2016. Whilst away Stephanie and Ronald would lease out their house in Australia. On their return to Australia they expect reasonable work to be available to Rogan Advertising, and hopefully gaining new clients beyond Greater Union.

Stephanie receives a salary of $80,000 a year from her company Rogan Advertising . Her husband, as company secretary and manager also receives a salary of $80,000. They are both shareholders of the company, each holding 1 share. Any income of Rogan Advertising not distributed as salary, and after all other expenses are paid, is distributed as unfranked dividends to Stephanie and Ronald. The house they own is leased out for $450 a week.

Rogan Advertising does have a number of other clients who advertising work is done for. The majority of these clients Stephanie did work for whilst she worked for Greater Union. The only advertising work to be done by Rogan Advertising, whilst Stephanie is overseas, would be that given to the company by Greater Union (i.e. for the small sporting goods manufacturer), because Stephanie was the only person who has the expertise in Rogan Advertising of doing advertising material.

Whilst in Australia, the salary from Rogan Advertising for each of Stephanie and Ronald is paid into their joint bank account whilst working in Australia. Rent received, whilst they are overseas, will also be paid into this account. They have set up a joint bank account in Brazil into which their salary will be paid, by Rogan Advertising, whilst they are in Brazil. Stephanie has also been asked by Monash University to deliver a series of lectures over two 6 week periods at the Federal University Rio, in Rio de Janeiro, to students undertaking a management degree run by Monash University in Brazil. She is to be paid $24,000 which will be paid to her Australian bank account.

Advise Stephanie, Roger and Rogan Advertising of their assessable income for the 2015/16 and 2016/17 tax years based on the information you have above. If you feel you need further information to be able to adequately answer the question, indicate what information you require and why it is required.

Taxation Law Assignment Solution

Important facts from the point of view of Taxation

  • Stephanie Rogan incorporated a company named ‘Rogan Advertising Pty. Ltd.’, around or after 2012.

  • Ronald, her husband, was the company secretary and manager of Rogan Advertising.

  • In 2015, Greater Union offered Rogan Advertising, the opportunity to make a series of advertisements in the lead up to the 2016 Olympic games in Brazil, for a small sports manufacturer. This involved her having to live in Brazil for an unknown period, and at least until the Olympics games ended.

  • The couple left Australia for Brazil on 26 June 2015.

  • Their house in Australia was given on a lease for $450 a week, for the time they were in Brazil.

  • Stephanie receives a salary of $80,000 annually from her company Rogan Advertising.

  • Ronald, as a company secretary and manager, also receives a salary of $80,000.

  • They both are shareholders of the company, each holding one share.

  • Any income of Rogan Advertising not distributed as salary, and after all expenses are paid, it is distributed as unfranked dividends to Stephanie and Ronald.

  • The only advertising work to be done by Rogan Advertising, while Stephanie was overseas, would be given to the company by Greater Union.

  • Stephanie was asked by Monash University to deliver a series of lectures over two 6 week periods at the Federal University Rio, in Rio De Janeiro, for which she would be paid $24,000 into her Australian Bank Account.

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