Answers: Question 1: Partnership is the concept were two of more parties joins together to commence business or a specific activity. In this case the profits are shared equally by both the partners. Usually it depends upon the mutual understanding and written partnership deed to share the profits among the partners (Woellner, et al., 2018). In the absence of any information it is assumed that the profits are to be shared equally whether the c...Read More >>
Answers: 1.Issue: The issue is to determine the taxable income of Peter from the information provided in the about detailing the receipts and payments from the partnership business of Peter and Jill. In determining the taxable income Peter, apart from the receipts and payments of partnership business other personal income of Peter shall also be considered. Rules: In Australia, the income tax rules and regulations are enumerated in the Incom...Read More >>
Answer: Answer to 1: According to the “section 40-25 of the ITAA 1997” decline in value of the depreciating asset begins from the time when the company employs the asset first time or has fixed the asset as ready for use. Under “section 40-65 of the ITAA 1997”, an entity can chose to compute the decline in value of the depreciating asset by using either the diminishing method under “section 40-72&rdquo...Read More >>
Answer: Part 1 Purchased a Mercedes Benz motor vehicle for a cost of $128,000 on 10 October 2017. The car is used by the managing director 72% of the time for work purposes. The effective life of the car is 6 years. On 16 May 2018 the car was crushed by a forklift. The insurance company wrote off the car and paid the company $87,000. Solution In terms of Australian Income Tax Assessment Act, 1997 there are generally two methods of depreciat...Read More >>
Answers: 1. In this case, Bob is engaged in the business of promoting motor race. There was a damage caused in the track due to flood and it required reconstruction of the long straight that costs $58000. The company constructed the bypass and reduced the length of the track by 300 meters. The bypass was constructed using the original material. The issue here is to determine whether cost of the bypass is allowed as deduction under section 25-...Read More >>
Answers 1a. Issue Based on the given context, the main question is whether the fee charged by the public relations firm as advisory charges need to be held under reductions as per “Income Tax Assessment Act 1936” and “Income Tax Assessment Act 1997”. Laws “Income Tax Assessment Act 1936 (ITAA 1936)” “Income Tax Assessment Act 1997 (ITAA 1997)” Application The fees of $90,000 was paid in o...Read More >>
Answers 1. Issue With the help of the sustainability of the expenses under the 8-1 ITAA 1997, there are few issues that are important to understand. In the first question, these issues have been identified and explained below: i. The new system allows deduction in the cost of the machinery for the new site. ii. It also allows deduction in the cost of assets along with the insurance coverage. iii. It has the ability to deduct the legal expens...Read More >>
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