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HI5028 TAXATION T2, 2014 ASSIGNMENT 2 SOLUTIONS Due date: Friday Week 10 Instructions: This assignment is to be submitted by the due date in both soft copy (Safeassign – Bb) and hard copy. The assignment is to be submitted in accordance with assessment policy stated in the Subject Outline and Student Handbook It is the responsibility of the student submitting the work to ensure that the work is in fact his/her own work. Ensure that when incorporating the works of others into your submission that it appropriately acknowledged. Maximum marks: 20 (20%)Assignment 1: You should attempt both parts to this assignment Note: you should incorporate all sections of the various Acts/regulations where appropriate. Part 1: Case study Periwinkle Pty Ltd (Periwinkle) is a bathtub manufacturer which sells bathtubs directly to the public. On 1 May 2013, Periwinkle provided one of its employees, Emma, with a car as Emma does a lot of travelling for work purposes. However, Emma’s usage of the car is not restricted to work only. Periwinkle purchased the car on that date for $33,000 (including GST). For the period 1 May 2013 to 31 March 2014, Emma travelled 10,000 kilometres in the car and incurred expenses of $550 (including GST) on minor repairs that have been reimbursed by Periwinkle. The car was not used for 10 days when Emma was interstate and the car was parked at the airport and for another five days when the car was scheduled for annual repairs. On 1 September 2013, Periwinkle provided Emma with a loan of $500,000 at an interest rate of 4.45%. Emma used $450,000 of the loan to purchase a holiday home and lent the remaining $50,000 to her husband (interest free) to purchase shares in Telstra. Interest on a loan to purchase private assets is not deductible while interest on a loan to purchase income producing assets is deductible. During the year, Emma purchased a bathtub manufactured by Periwinkle for $1300. The…