Business Law : Page - 32

Classification of IncomeDiscuss about the Business Insurance Law and Practice. The income that is earned directly or indirectly by the residents of the Australia and whether it is earned outside or within the country is regarded as the assessable income. Therefore, the income that is generated from the sale of the property by the resident of Australia is treated as the assessable income of the individual residents of Australia (Barkoc...

Ordinary Income of Residents of AustraliaDescribe about the Taxation Law for ITAA Sec 6-5. 1. According to the ITAA sec 6-5, the ordinary income of a resident of Australia is considered to include all concepts that are considered ordinary (Groenewegen, 2009). It is the income that will be assessed for that individual. The assessable income will be treated in a different manner. This will depend on whether one is resident of Australia or a...

DiscussionDiscuss about the Business Association for Corporations Law. Interaction between the companies and stakeholders is regulated and formulated under the corporation law applicable to all the companies whether private or public listed or unlisted. Corporations Law regulates and formulates the provisions, principles and standards that are required to be followed by the directors and management of the companies for operating the ...

IssueDescribe about the Institutional Affiliation for Principles of Company Law. The issue in this case is if Peter and Aidan can be held to be bound by the contract when Adrian entered into a contract for purchasing accounting standards worth $25,000. In this regard, it needs to be mentioned that according to the partnership agreement between Peter, Aidan and Adrian, each partner has the authority to enter into a contract up to the value...

Case 1: Can a Promise be Legally Enforced?Describe about the Essays on Contract for Legally Enforceable Law. 1. The issue that is present in this case is related with the fact if the agreement that was concluded between Richard and his father is legally enforceable or not. According to this agreement, Richard's father agreed to pay him $200 per week in he took care of the family property and mowed the lawns. But later on, the father refus...

The Principle of Separate Legal IdentityDiscuss about the Cases and Materials in Company Law. The doctrine of separate legal identity of the company is a basic principle of the law and that is applicable in most parts of the world. In accordance with this principle, the law treats a corporation as a distinct entity that is separate from its members. The rule of the separate identity of a company can be found throughout the company law...

Question: Discuss about the Business and Corporation Law.   Answer: Issue In this case the matter wants the establishment of the fact that whether there was an enforceable contract between Richard and his father. This matter wants to choose that whether the parties to the agreement had the reason of entering into a legal association or not. In this case, an assurance has been given by Richard’s father to his son that he wil...

Duty of careDescribe about the Product Liability for Manufacturing of Product. Product liability entails a claimant bringing a claim against a manufacturer for a defect in manufacturing or design of as product. Such a claim is derived from the tort of negligence. The overarching rule entrenched by the law of negligence is that one should reasonably foresee acts or omissions that are like to cause harm to a neighbor (Donoghue v. Stevenson,...

Formation and Validity of the ContractDiscuss about the Report of Australian Woollen Mills Pty Ltd. The law of contract has assumed prominence in the commercial field for the significant role that it plays. Indeed, the applicable law in regards to this solution that this paper seeks to critically discuss, shall be one within the panoply of Contract Law. Of particular significance to note, is that in the law of contract there are essen...

IssueDescribe about The Reliance Interest in Contract Damages for Legally Enforceable. (1): Issue: The issue that needs to be decided this case is if Gina can sue Cary for not going ahead with a new lease. In other words, the issue is if Cary is bound by the promise according to which she had given Gina five days to think over the offer. Rule: The relevant provisions of the law contract provided in this regard that the promise to keep ...

Assessable IncomeDescribe about the Taxation Law for Work Related Expenses. 1:-  For the Australian residents the incomes, earned from all direct and indirect sources within or outside Australia, are considered as the assessable income. Any income generated from the sale of property by any Australian resident, therefore, should be treated as an assessable income of the individual resident (Woellner et al. 2012). However, under ITAA ...

Part ADescribe about the Income Tax for Assesable Business Income. Income tax is payable on assessable income of the party and is divided into statutory income and ordinary income (Ault and Arnold, 2010). The present report explains the standard norms needed to be espoused by organisations to comply with the Australian tax law. The different sections of the Income Tax Assessment Act 1997 are discussed in a detailed manner with relevant ca...

The key areas of business law that are relevant in these factsDiscuss about the Competition and Consumer Act. The key business laws which can assist Bill and Jill in this present scenario are the Competition Laws and Consumer Laws of Australia. Under the Competition and Consumer Act (CCA), it is imperative for any business establishment to conduct their business operations in a fair and ethical manner. The Competition and Consumer Act...

PartnershipDiscuss about the Corporate Law for Section 6 of Partnership Act. In accordance with the information provided in the case, a successful business is being operated by Jack, Jill and Max from the last one year and it deals with truck sale. But for future growth and sustained progress, the formal definition of business structure is mandatory as the underlying liabilities associated with each are different. There are a host of opti...

Calculation of Net Capital Gain/Loss for an IndividualDescribe about the Taxation for Generating Earlier Assets. “Calculation of Net Capital Gain/ Loss of an Individual” In this particular case study, capital gain or loss of an individual is calculated by applying the formula. Fred is an Australian resident as assumed in the case study. Fred was not operating in any of the trading business at the same time (Piketty, Saez and ...

Constitution of a Proprietary CompanyDiscuss about the Law of Business Organization. The assignment is in two parts Part I & Part II. Part I contents the constitution of the company. The company should create a constitution of the company before its registration. For the registration, the company should make an application before the ASIC. The contents of the constitution of a company have been referred herein. The owner of the...

Advantages of IncorporationDiscuss about the Business Structure for Supreme Pty Ltd. In the first part of this assignment, it needs to be discussed, which business structure will be most suitable for Jack, Jill and Max, who are already running a successful business of selling trucks. However they have not yet organized a formal business structure therefore they want advice regarding the business structure that will be most appropriate f...

Part ADescribe about the Taxation Law and Practice for Determination of Income. Refer to the case study of Rip Pty Ltd it has been observed that the company needs proper guidance as per the Income Tax Law for determination of their income for the purpose of income tax considering revenues under different head with the proper conclusion to suffice the purpose of Income tax as per the law prevailing in Australia. Three are certain questions...

Sugar Tax ArgumentsDiscuss about the Sugar Tax Economic Consequences and Effectiveness. Sugar drinks consumption has adverse effects on the consumers, and it has posed a challenge for the government to intervene. According to Pettinger (2015), interesting economic arguments are raised on the debate on whether or not to impose a tax on drinks that are sugary. Firstly, optimal allocation of resources is what economics tries to achieve, bu...

Historical Background leading to Torrents SystemDiscuss about the Critical Analysis of National Land Code. There are various ways followed across the globe in acquiring land or property by an individual. Such one way is by Torrens ways where the registration of the land to its owner is given more importance over anything else. The historical beginning of the system started after the Island was taken under the control of the British Colo...

Arthur Murray (NSW) Pty Ltd V FCT (1965) 114 CLR 314Describe about the Taxation Law and Practice for Preparement of Fees. Facts of the case The taxpayer was engaged in the business of providing dancing lessons and offered discount to students that paid fees in advance. This discount was offered to encourage the student from prepayment of fees. The agreement between the taxpayer and the students expressly provided that there would be no r...

Sale Contract and MisrepresentationDiscuss about the Business Law for Consolidated Business Acts. 1. In the present case, Dodgy Pty Ltd was the owner of café and he was to sell this café to Bill and Jill. He stated certain facts about regarding the business which led Bill and Jill into entering the sale contract. Here, we analyze the laws of business that can help Bill and Jill. As per section 19 of the Minors (Property and...

IssueDescribe about the Australian Law for Livestock Companies. The current case discusses about the issue relating to lease agreement. After concluding this assignment we would come to know what happens when anyone backs out after signing the lease agreement. This case is about a company named as MOO, a livestock company. Company wanted to expand its business so it was considering opening a branch office in Ballarat. The entire respons...

Assessable incomeDescribe about the Taxation Law for Separation Property Settlements. Taxation law of Australia focuses to provide complete knowledge in simple and clear manner by providing easy ways of application of law to practical problems (Miller and Oats 2016). The main focus of the act is towards the federal taxation system, income tax, capital gain tax, fringe benefit, and so on(Woellner et al. 2016). It provides complete introduc...

Analysis of First CaseDiscuss about the Business Laws for Dodgy Pty Ltd. In this context, the case of Bill and Jill describes that they contracted with seller Dodgy Pty. Ltd. in this contract; the seller dishonestly stated that the weekly taking of the café is $10,000. The seller also put a term related to the estimation of the per week business cost $3000. But the buyers found that the weekly taking was just below than the ...