management

15 Pages

TAL305 Taxation Law

Task Learning Outcomes: a. Describe and explain the principles and operations of the Australian taxation system and the Tax Assessment Actb. Use and apply the concepts of assessable income a ...

Course

TAL305

Type

Assignment

Subject

Tax

University

Macleay College

2 Pages

LAW6001 Taxation Law

Critically appraise the argument(s) presented by the author(s). What is the method – how do the author(s) convince their readers?Discuss the limitations of the research conducted by the author(s ...

Course

LAW6001

Type

Course Work

Subject

Tax

University

Australian Catholic University

3 Pages

Business Management

Type

Home Work

Subject

Tax

Question

Answered

Question 1 – Residency (10 marks)

Taite arrived in Australia on 1 August 2017 from Europe to follow a boyhood dream. He has always dreamed of a gap year visiting Australia and experiencing the sun, sand and surf. He has saved some money to finance his travels and plans to follow the various fruit picking and other casual non-government labour type employment opportunities.

Taite does not stay in any one place for long before moving on to the next work opportunity. He stays at a variety of places including backpacker hotels and accommodation offered by employers.

Taite leaves Australia on 30 June 2018 and makes his way back home to Europe by following the “hippie trail” from Bangkok to Istanbul and then back home to recommence his University studies.

Required

Determine whether Taite is a resident of Australia for tax purposes and provide written advice in the form of a letter to Taite. Construct your answer with reference to the four (4) residency tests, relevant case and relevant legislation

Question 2 – Deductions (20 marks)

Derek is a resident individual who has decided to start a business as a tax advisor trading as a sole trader business. He decided to purchase an existing business for $450 000.

During the relevant income year the following transactions took place:

1) Paid a rental bond 1 July 2017 $3 600

2) Installed new internal walls on 1 August 2017 $8 000

3) Repainting existing walls 1 February 2018 $3 500

4) Repairs to fittings throughout the year $2 000

5) New carpet laid throughout on 1 March 2018 $5 000

6) Repaired computer system on 1 April 2018 $950

7) Installed computer upgrade on 1 January 2018 $12 500

8) Replaced unbroken front glass window with safety glass on 1 July 2017 $4 700

Derek has decided to use the diminishing value method and has established the effective life of the relevant assets to be:

· new internal walls to be 10 years,

· the carpet to be 8 years

· the computer upgrade to be 3 years.

· The window to be 2 years

Derek also incurred the following costs:

1) Stamp duty on the transfer of the business name $2 750

2) Legal costs for preparing a new 5 lease of the business premises $2 000

3) Borrowing fees for the 10 year loan financing the purchase $1 250

Management

Answer in Detail

i Solved by qualified expert

Get Access to This Answer

Get Answer

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Hac habitasse platea dictumst vestibulum rhoncus est pellentesque. Amet dictum sit amet justo donec enim diam vulputate ut. Neque convallis a cras semper auctor neque vitae. Elit at imperdiet dui accumsan. Nisl condimentum id venenatis a condimentum vitae sapien pellentesque. Imperdiet massa tincidunt nunc pulvinar sapien et ligula. Malesuada fames ac turpis egestas maecenas pharetra convallis posuere. Et ultrices neque ornare aenean euismod. Suscipit tellus mauris a diam maecenas sed enim. Potenti nullam ac tortor vitae purus faucibus ornare. Morbi tristique senectus et netus et malesuada. Morbi tristique senectus et netus et malesuada. Tellus pellentesque eu tincidunt tortor aliquam. Sit amet purus gravida quis blandit. Nec feugiat in fermentum posuere urna. Vel orci porta non pulvinar neque laoreet suspendisse interdum. Ultricies tristique nulla aliquet enim tortor at auctor urna. Orci sagittis eu volutpat odio facilisis mauris sit amet.

Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

67 Pages

66 More Pages to Come in This Document. Get access to the complete answer.

Get Answer

Over the last few years, MyAssignmenthelp.com has emerged as one of the leading websites that provide high quality accounting assignment help. We provide assistance with wide ranges of assignments. We have segmented our writers in separate teams to offer maths assignment; economic assignment help and statistics assignment help as well. We have teams of expert writers to render assistance on more than 100 subjects. We offer custom-made law assignment help to students who are looking for assignment help with legal terms and structure.

More Management: Questions & Answers

Tax

Business Management

QUESTION 1: 20 marks. Manpreet is an international student studying an accounting degree at CQU, Sydney. She commenced her studies in term 1, 2016. In the 2016/2017 financial year she worked part time as an office assistant at an Accountant’s office to gain work experience in her chosen career ...

Tax

TAL305

Macleay College

TAL305 Taxation Law

Task Learning Outcomes: a. Describe and explain the principles and operations of the Australian taxation system and the Tax Assessment Actb. Use and apply the concepts of assessable income and allowable deductions to calculate taxable income and tax payable for individuals and basic compan ...

Tax

LAW6001

Australian Catholic University

LAW6001 Taxation Law

Tax

Business Management

THE ASSIGNMENT SHOULD BE 100% PLAGIARISM FREE. READ THE ATTACHED FILE CAREFULLY EVERYTHING IS WRITTEN IN IT. ALL THE REQUIREMENTS HAVE TO BE MET. MUST HAVE TO GIVE ME THE ASSIGNMENT WITHIN THE DUE DATE. NO OVER TIME CAN BE GIVEN. SO MAKE SURE IT IS FINISHED THE DUE TIME. You must cite relevant cases ...

Choose Our Best Expert to Help You

Areli Osborn

I have acquired Master’s degree in Humanities from Middlesex University

310 - Completed Orders

Mary Lee

Mater of Management

187 - Completed Orders

Blake Burnham

PhD with specialization in Migration law

1648 - Completed Orders

Marshall Chronister

Pursuing PhD in Mathematics with specialization in Probability and Statistics

2742 - Completed Orders