Question: Discuss About The Power In Formulation Of Laws As Taxation? Answer: Introducation Based on the main source of the information taken from the commonwealth parliament taxation regulation this has been seen to be derived as per section “51(ii), 53, 55, 90 and 96”. As mentioned in the context of “Section 51(ii) of Australian Constitution”, the parliament is seen to be having the power in formulation...Read More >>
Answer: Solution-1 According to the AASB’s Framework for the Preparation and Presentation of Financial Statements, assets means a resource which is within the control of the entity occurred as a result of some past events and having future economic benefits for the entity. The future economic benefits may be in the form of generating future revenues, generating cash flow by selling or exchanging of the asset, by settling a liability with ...Read More >>
Answer: Answer 1 The purpose of taxation is to raise revenue in order to meet government expenditure. The Tax office is Australia administers taxes, excise ad superannuation legislations. The broad issues which are faced by Australian revenue system is addressed by the tax office. These issues include persistent tax debtors aggressive tax planning, the cash economy and globalization. The Tax office ensures that the tax which is levied in the ...Read More >>
Answer: Part A: 1: Australian taxation has three main functions which is stated below; Economic growth:The government undertakes the policies to prevent the unnecessary variations in economy. The primary function of taxation is applying price controls, implementing policy index for quicker growth of wages. The primary functions of taxation also consists of growth of economy, fiscal and monetary policies as well. Employment gr...Read More >>
Answer: You are working as a graduate accountant at a local accounting firm. Your boss has been asked to host a stall and give a presentation at a local university for their careers day. In preparation, she asks you to research and draft some answers to some questions that the students are going to ask during the presentation. She has asked that you provide appropriate references for your answers, so that she may refer the students...Read More >>
Answer: In the modern era, the intensity of competition has increased significantly in industries. The corporations operating in these industries have to ensure that they adopt strategic policies to generate a competitive advantage over their competitors to sustain their growth in the market. The management uses strategy development tools while forming business strategies in order to evaluate the business environment factors which affect their...Read More >>
Answers: Part A. 1. The independent statutory officer who is responsible for administering the taxation law is known as the Inspector general of taxation. The responsibility of the official includes reviewing the administration of tax based on the principle of good taxation system. It is the duty of the officer to provide independent advice and recommendation to the government (Apps et al., 2014). 2. The legislations that govern the power ...Read More >>
Answers: Answer to part A: Answer to question 1: The inspector general of taxation is an independent statutory office, which recognises the issues relating to the administration of law. They review the elements relating to the administration against the principles of good tax administration (Barkoczy, 2016). The inspector general of taxation provides an independent advice to the government. Answer to question 2: The functions and the power...Read More >>
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