Answer Australian Taxation Law Introduction A tax refers to any amount of money that is charged by the government on the income of a corporation, individual or the value of a gift or trust. Taxes are divided into different types. Typical examples include the real estate taxes, consumer sales taxes, and use taxes (Findlaw.com, 2018). Usually, tax fee is not a voluntary giving but an enforced contribution following the legislative authority of...Read More >>
Answers: 1.Australian Tax Office defines capital gain or loss as the difference between the cost of an asset or investment and the sales residual value of that asset upon disposal. Likewise, the office of tax man expects that all gain on disposal of business assets should be accounted for as part of income for tax purposes. Capital Gain/Loss=Sales Residual Less Asset Cost, it is however from this event that we get capital gain tax i.e. tax le...Read More >>
Answers 1. Fringe Benefit tax (FBT) is paid when the employer provides the employees certain benefits that are over and above the normal salary or wages. Further, the payment does not relate to salaries hence FBT will not be computed on the salary component that is $300000. When it comes to the fringe benefit tax, the category comprises of various fringe benefits. The cost of the dinner at the restaurant came $6,600 and it will come under ...Read More >>
Answers 1a. An Australian resident are taxed worldwide for their income irrespective of the places or source derived by them (Trakman, 2015). The existing case study is concerned with the determining the residential status of Marty for being an individual and Planks Pty Ltd as the company. According to the Australian taxation law, the first test of determining the residential status of a person is conducting the “Resides Test”. An i...Read More >>
Answer: Issues In this case, the issues is related to the determination of the consequences of tax for smith. In order to do that the residential status of smith is determined, as he has to move out of Australia for the employment related purpose. The study will be helpful in determining the capital gain of the land subdivided by smith. Legislation Subsection 995-1 (1) of the ITAA 1997; Taxation ruling of 98/17 C. of T. v. Appleg...Read More >>
Assignment John and Mary are equal partners in Cooper Associates, a resident accounting partnership. Mary contributed partnership capital of $200,000 to establish the partnership. John does all the accountancy work for the business and receives a salary of $150,000 per year. Both John and Mary are Australian residents for tax purposes. The accounts of the partnership for the 2020 income year have the following data: Notes – please ...Read More >>
Assignment Zeta Pty Ltd accounts for its income and expenditure on an accruals basis. A review of the financial records for the financial year ending 30 June 2020 reveals the following details. Statement of financial performance Income Sales revenue 8,500,000 Interest Note 2 93,000 Rent Note 3 84,000 Royalties Not...Read More >>
Question Kay McNeil (aged 32 years) is a lawyer employed by a law firm in Hobart. For the income year ended 30 June 2020, Kay’s employer provided her with a PAYG payment summary, which included the following: Gross salary $98,500 Clothing allowance $ 3,000 Total tax withheld (PAYG credits) $22,700 In the 2020 income year, Kay’s employer provided her with a clothing allowance of $3,000 (see PAYG payment summary informa...Read More >>
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