Access Taxation Answers to Make It Less Taxing : Page - 4

Background of Dolce Singapura Pte LtdQuestion 1Dolce Singapura Pte Ltd (DSPL), a Singapore incorporated company, runs a very popular patisserie business in Singapore. It was incorporated on 15 December 2017 and its first set of accounts was for the period ended 31 July 2018. Its shares are held equally by Dolce Ong, a Singapore citizen and Caramel Wang, a Taiwanese based in Singapore.Both individuals are also the directors of the company and the...

Course Code   :  MGT2207

Course Title   :  canadian income taxation ii

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Louis Sutton, a well-known Montreal artist, owns all of the shares of Art Designs Inc. (“ADI”).  Louis is the only employee of ADI.     ADI recently signed a contract with the University of Toronto Mississauga (“UTM”) to beautify the campus.The contract refers to ADI as an independent contractor.  Louis ...

Part A: Tax Residence Status for YA 2024 Ms Betty Tan, aged 48, is a Singaporean widowed in 2017 with 3 children, aged 10, 8 and 5 years old as of 31 December 2019.  The children are looked after by a foreign maid with a monthly salary and levy of $650 and $60 respectively.  Ms Tan’s mother, a 65-year-old homemaker with no income of her own, lives with Ms Tan and helps to look after her children.Â...

Rules of Basis Period Determination in Malaysian Taxation1.Explain the rules of the determination of basis period for the year of assessment when(a)Accounts prepared for less than or more than 12 months and not ending on 31st December(b)Basis period of a person other than a company under Section 21 of the Income Tax Act 19672.In Malaysia, the government body entrusted to govern various forms of indirect taxation is the Royal Malaysian Customs De...

Question 1For each multi-choice question write the question number (a) to (d) and beside it the option A to D that you consider to be the correct answer. Example: (a) C(a) A person’s annual gross income for a tax year is the total of their assessable income that is allocated to the corresponding:•A Tax year•B Calendar year•C Accounting period•D Income year(b) Sam’s annual gross income is $70,000, his annual total ...

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Fred Jones is a New Zealand resident.  He settles assets upon a trust for his three children, Tom, Lucy and Claire.  His wife, Georgina, brother Eric and lawyer, George Williams, who are all residents of New Zealand, administer the trust.  A family friend, Pamela Crow, provides free accounting services to the trust.  Thanks to Pamela, the trust has always kept its tax payments and returns up to date and accurate. The tax ret...

Attitudes towards Tax Avoidance in recent years1) Critically evaluate the structure and operation of the system of taxation in the UK and the interaction with foreign tax systems (internationalisation). 2) Demonstrate a critical awareness of the key factors which influence the development of taxation strategy requiring consideration of ethical responsibility. In recent years there has been an increased focus on unacceptable tax avoidance ...

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Question 1 - Residency and IncomeAndrew and Linda were married in 2011 and settled in central Auckland where they have lived continuously. They have two children, aged 6 and 3.  However early last year (in January 2019), they decided to separate. Linda and the two children have remained living in central Auckland.  Andrew moved to Australia in January 2019 and rents a home there. He has a new job in Brisbane, and has met a new partner ...

Fiona and Bruce are equal partners in a printing business which used the elections available to SBE taxpayers and used the cash basis. The business is operated from a building which they own.  The building is too large for them and they sublet some of it.  During the current year they sublet it to a new tenant who paid them a lease premium of $25,000 on 1 July CY. The income and expenditure of the partnership are as follows: I...

There are several approaches to the taxation of companies and their shareholders.  The following three approaches have been adopted by different jurisdictions: • Classical system – Where dividends are paid out of tax-paid profits and are taxed again in shareholders’ hands without any consideration for any income tax paid on the profits from which the dividend is paid.  This usually leads to double taxation of d...

Course Code   :  ACCT604

Course Title   :  managerial accounting

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REQUIRED: A satisfactory definition of “income” remains ‘elusive’.  As Hannan and Fansworth (1946) observed: “The word “income” is of such illusive import that it cannot be defined in precise terms which would adequately meet legislative requirements. Why its meaning is not to be found in any income tax statute is explained by the many shapes which income may assume, and the illimitable variety of ...

Question: The academic task in this coursework assignment focuses on the components of a national tax system that should together create a consensual attitude amongst tax-paying individuals that each person is being treated fairly.  Alongside this national consensus there should be an unremitting objective for the tax administration function to ensure that collection and control services deliver robust value-for-money efficiencies in oper...

Widening the common law notion of incomeChoosing one of the approved listed topics to (1) Should the Income Tax Act 2007 be amended to widen the common law notion of income? (2) Should NZ introduce incentives for employee contributions to Kiwisaver schemes as is found in Australia? (3) Should NZ introduce separate social security taxes to fund either healthcare or NZ Superannuation (old age pensions)? (4) There are concerns about the increas...

Course Code   :  IAF 420

Course Title   :  tax law

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Question 1 The following assets are to be transferred under section 85 for consideration including common shares plus boot as indicated below:FMVACBUCCBoot receivedLand75,00060,000-70,000Equipment50,00065,00040,00045,000For each of the assets transferred, specify the elected amount and related tax consequences.Question 2–10 marks The following transactions pertain to independent Canadian-controlled private corporations and their  share...

Course Code   :  AF5213

Course Title   :  Corporate Taxation and Tax Planning

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Operations in Mainland ChinaCase Study: Rose Ltd Rose Ltd (RL) is incorporated in Hong Kong and has been carrying on a business of distribution of fruits, flowers and plants in Hong Kong for many years. It sources products from its wholly owned subsidiary, Dorathy Ltd (DL), which is also incorporated and based in Hong Kong. The ultimate suppliers of DL are located in Europe. DL’s three procurement managers go to Europe at least once eve...