Business Finance Homework Help

Ms Karla Tulli is a Certified Practising Accountant (CPA), who has two specialisations in Accounting and Finance. Ms Karla Tulli has been running her own small accounting firm for only three years. In order to attract new clients she has placed an advertisement in the local newspaper indicating that she is a “Fellow of CPA Australia”.

“CPA registration is a mark of high professional competence. This registration indicates that the accountant complies with quality of accountancy knowledge”.

In May 2019, Mr Sam Tylor (Sole Trader) a former client complained about Ms Karla Tulli’s accounting services with CPA Australia. He was very unhappy because he received a fine from the Australian Taxation Office (ATO) regarding his Tax Return. Mr Sam Taylor was found in guilty of tax evasion and tax minimisation When Mr Sam Tylor had approached Ms Karla Tulli after the financial year to lodge his Tax return, he told her he wanted to maximise his tax deductions. Ms Karla Tulli responded to Mr Sam Tylor “Don’t worry… you are with “the best Fellow of CPA Australia”, “I will make sure you are well looked after”.

Mr Sam Tylor remembered when he had provided Ms Karla Tulli “via email” all his bank statements and scanned copies of every single Tax Invoice he provided to his clients. He also provided the expenses that he had to incur in order to run his business. When Mr Sam Tylor visited Ms Karla Tulli in her office, she advised him that he should collect any expenses receipts from his family members and that it didn’t matter if these receipts were not related to his business activity.

Ms Karla Tulli advised Mr Sam Tylor that she will have to include these receipts to maximise his deductions. Mr Sam Tylor relied on her advice, so he did not hesitate to collaborate in providing these receipts. Furthermore, Ms Karla Tulli let Mr Sam Tylor believe that her advice in fact was not wrong and that it was the only way to maximise his deductions.

Now Mr Sam Tylor is trying to make an agreement to pay in instalments to the ATO. In the meantime, he wants to make an appointment with a Solicitor (Legal Practitioner) to seek legal advice so he can find out what are the legal actions that he may be entitled to exercise against Ms Karla Tullin.

Please Note: “If you are a highly-experienced CPA, you can become a Fellow of CPA Australia (FCPA). You must have at least 15 years’ full-time work experience in accounting, finance or business, including at least five years in an executive position or as a public accountant

Question 1

• Please advise Mr Sam Tylor that if he entered in a contract with Ms Karla Tulli whether this contract can be invalidated under the principles of Contract Law.
• In your answer explain the meaning of Contract and how the Elements need to be satisfied in order to make a simple contract valid
• You will need to address all the “essential elements of a contract” including (Offer and acceptance, intention and consideration) as well as “elements of a valid contract” (Capacity, Legality, Genuine Consent, Mistake, Misrepresentation, Durres, Undue Influence and Unconscionability.
• You will need to address and explain “Remedies” available for Mr Sam Tylor

Question 2

• Please advise Mr Sam Tylor if Ms Karla Tulli breached his Australian Consumer Law Guarantees.

• In your answer explain to Mr Sam Tylor what are his Australian Consumer Law Guarantees under the Competition and Consumer Act 2010 (Cth) Schedule 2.

• You need to justify your view as to whether these guarantees are available.

• Explain the remedies available to Mr Sam Tylor and the penalties that can be imposed to Ms Karla Tulli

Note: 1500 words, Harvard Referencing, IRAC mehod.