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BA317 Taxation Law

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Questions

Part A

1. Examine the following items typically found in a company’s Profit and Loss Account. Which of them would be allowable deductions under s 8-1? 
 
You should consider: 
 
1. Is there a loss or outgoing? 
2. Is it incurred? 
3. Does it satisfy the positive parts of s 8-1? 
4. Is it capital or private?
 
a) accrued wages;
b) advertising;
c) depreciation;
d) interest;
e) insurance of plant and equipment;
f) lease payments;
g) provision for long-service leave;
h) repairs;
i) staff training;
j) taxation expense
 
2. Identify which, if any, of the following are balancing adjustment events as defined in s 40-295:
 
(a) A depreciating asset is destroyed by fire;
(b) You start using a computer wholly for private purposes when you previously used the computer wholly for business purposes;
(c) You start holding an asset that was previously part of your trading stock for the purpose of gaining your assessable income;
(d) You start holding an asset for the purpose of gaining your exempt income when you previously held the asset for the purpose of gaining your assessable income;
(e) You, as lessee of a car that you used for business purposes, acquire legal ownership of the car at the expiration of the lease.
 
3. Yan is injured in an industrial accident and receives the following payments:
 
(a) Workers compensation: $500 × 8 weeks                       $4000
(b) Compensation for loss of little finger                            $5000
(c) Yan’s employer pays the cost of the ambulance              $950
(d) Social security disability support pension 7 weeks          $750

Part B

Advise Yan on how these items are treated for taxation purposes.
 
Pick an area of Taxation Law from the following list:  
  • Capital Gains Tax,
  • Goods and Services Tax
  • Fringe Benefits Tax,
  • Small Business Concessions,

In relation to your chosen area of Taxation Law answer the following questions:

1. Discuss briefly this part of Taxation Law and its objective. Here you can include discussions of revenue raising; economic or community benefit, equity and efficiency amongst others.

2. Discuss briefly the history of this tax measure.  Discuss any important amendments including any recent amendments.

3. How effective has this tax measure been in meeting its objectives? What if any changes would you suggest to the tax measure to better meet its objectives? Are you aware of any proposed changes?

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