Answer: 1.To John Smith The main aim of this letter is to address the issues related to deduction of outgoings based on the relevant statute and case laws. The laws related to deductions are covered under Division 8 of the Income tax Assessment Act 1997. The section 8-1 of the Act provides that a taxpayer is allowed to deduct outgoings from the assessable income if it is incurred for gaining assessable income. It is has been clear...Read More >>
Answers: Facts of the Case: The study is presently dealing with the determination of the fringe benefit tax for Charlie that is working as the real estate agent for Shiny Homes. Evidently, the case study describes that Charlie has been assigned with a car that was used by him for both private and business purpose. Charlie has incurred administrative expenses in running the car which included petroleum, maintenance charges, fees and insu...Read More >>
Answer: Introduction Income tax is charged on the assessable income of the assessee. The government of Australia prescribed various rules and regulations for assessing the income of the person. In Australia, the Income Tax Assessment Act 1997, defined all the principles and standard for computing the income of the assessee (Doerrenberg, Peichl, and Siegloch, 2017). In this Act, various deductions and exemption are prescribed; the assessable inc...Read More >>
Answer: Issue: The current issue is regarding the income tax consequence for the financial year ended 2018 for Anna. In other words, to be exact the issue is, whether the person paying tax qualifies for deduction under section “8-1 of ITAA 1997”? Rule: &...Read More >>
Answers: Answer 1 Under section 128 of Evidence Act 1995, Privilege with concern to self-discrimination is where; witness objects in providing particular evidence on the basis that the evidence might prove that witness might have committed a crime against or arising under Australian law of a foreign country or is liable to a civil penalty (Lewis, 2005). ‘Privileges’ are statutorily recognized in the Evidence Act of NSW under...Read More >>
Answer: Issue: Will the taxpayer be held liable for taxation under the Fringe Benefit Tax Assessment Act 1986 relating to the tax consequences that arises from the transactions reported during the income year? Laws: As stated under the “section 6-1 of the ITAA 1997” income obtained from the personal exertion or income obtained from the employment are treated income under the ordinary concepts (Burton, 2017). These in...Read More >>
Answers: 1: The Australian resident is referred as the person who is the resident of Australia for the taxation purpose under “section 995-1 of the ITAA 1936”. The court in “Reid v The Commissioners of Inland Revenue (1926)” considered the meaning of the word “reside” (Kenny 2014). The commissioner expressed that the presence and time are to be taken into account while determining whether th...Read More >>
Answer: According to the ATO the meaning of the permanent establishment has been defined under “subsection 6 (1) of the ITAA 1936”. This includes business operations that is carried out by the Australian resident entity at with the help of fixed business place in alternative nation (Brauner and Stewart 2013). In other words, permanent establishment refers to the business functions that is performed by a resident of foreign entity at ...Read More >>
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