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PDCV103 Revenue Law

Question

Answered

Task

Questions

1) Your friend is a professional netball player who won a trophy and a $5000 cash prize for being voted the league’s best and fairest player at the end the season.
 
Which tax law of the following would not be considered in determining whether or not the $5,000 is assessable income?

a) Kelly v FCT (1985)
b) Section 15-2 ITAA 1997
c) Stone v FCT (2005)
d) McCauley v FCT (1944)
e) Section 6-5 ITAA 1997

2) Jack is a non-resident taxpayer (for the full year) who is living in New York City. He has a rental property in Brisbane, QLD which earned $5,000 (net profit after expenses), overseas wages A$100,000 (USD equivalent), franking dividends of $500 from Australian shares and interest income from a USA bank account of A$100 (USD equivalent).
 
Which of the following is incorrect about his Australian tax calculations?
 
a) His exempt income is $100,100
b) His assessable and taxable income is $5,500
c) Tax payable should be nil since his taxable income is less than $18,200
d) Dividend income will be tax free from the franked dividend
e) There will be no low income tax offset

3) Calculate the transfer duty for a sale of existing residential property for $1,500,000 (exchange date of 30 June 2019) to a foreign buyer.
 
Which calculation would be correct:
a) $67,990
b) $188,000
c) $68,000
d) $187,990
e) $120,000
 
4)  Which of the following activities could be a CGT event?

a) Your investment in shares listed in the China stock market become worthless
b) Your antique car was stolen and never recovered by the police
c) You sell your sail boat (cost: $10,500) for a profit
d) The state government decides to build a highway next to your block of land forcing you to sell part of your land
e) You leave Australia permanently but retain ownership of land in Tasmania
f) All of the above may result in CGT events
 
5) You plan to start your own conveyancing business but want limited liability, to retain profits (accumulate capital), pay yourself as an employee and minimize complexity / regulations.
Which business structure should you choose to satisfy all your requirements?
 
a) Private company
b) Sole trader
c) Public company
d) Partnership
e) Trading trust

PDCV103 Revenue Law

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Tom, Dick, and Harry have been best friends since kindergarten. Tom is the business brain of the group. Dick is the mechanical one and Harry is the creative one. All grown-up, the boys decided that they should start making some serious money to provide for their expanding families. The boys decided ...

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Task: It's a business law assignment which is based on a case which I'm going to provide you Case :- Fame Decorator Agencies Pty Ltd v Jeffries Industries limited (1998) Need 5 Refrences The instructions to make the assignment are as follows:- 1. Research on an Australian case (not more than 10 yea ...

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You must address UK employment law, as that is what the CIPD standards require. note: separate Bibliography of sources consulted but not specifically mentioned in preparing each answer. ...

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Part ARead Australian Securities and Investment Commission (ASIC) v Cassimatis.Answer the following questions:1. Describe the legal issues relevant to this case. (4 marks)2. Explain the relevant laws relevant to this case. (4 marks)3. Discuss the arguments of the parties in this case. (8 marks)4. St ...

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