Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
loader

Phone no. Missing!

Please enter phone for your order updates and other important order related communication.

Add File

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Guaranteed Higher Grade!

BX3112 Taxation Law

tag 0 Download 4 Pages / 902 Words tag 16-03-2021
  • Course Code: BX3112
  • University: James Cook University
    icon

    MyAssignmentHelp.com is not sponsored or endorsed by this college or university

  • Country: Australia

Question:

In June 2016 Tom had signed an agreement in Sydney with XYZ Ltd to act as the company’s plantation manager in Brunei until June 2018. At the time of signing the agreement, Tom was advised that it was possible that at the end of his two year contract the company would offer him a one year extension. Tom advised the company, at the time of signing, that he had no definite view of accepting or rejecting the possible extension but would consider it at the end of his two year posting. He rented his house in Sydney for two years.

He arrived in Brunei on 1 July 2016. He and his family resided in a large house they leased near the plantation, which was provided as part of his employment package. His younger daughter Mary, aged 9, accompanied him and his wife to live in Brunei, where she attended boarding school. His older married daughter Anne, aged 23, remained in Australia with her husband. While in Brunei, Tom and his wife joined the local bridge and golf club. He also rented a holiday apartment at a nearby beach resort for two years. During the time the family was in Brunei, his wife took a part-time job teaching English.

In June 2018, Tom was offered a one year extension of his contract, but decided to reject it and returned to Sydney on 10 June 2018. While in Brunei, the rent from his house in Sydney was paid into his interest earning Australian bank account, which he accessed using his Australian credit card. His salary was paid into an interest earning bank account that he had opened in Brunei. He drew upon his Brunei bank account from time to time at local ATMs in Brunei.

On returning to Australia, Tom decided to open an accounting practice as a sole practitioner. His wife assisted him, by acting as the receptionist. Fortunately, he was able to provide a service to a client shortly after beginning business. He billed this client for fees of $8,000 on 27 June 2018, but did not receive the cash payment from his client for these services, until July 2018. This was the only client he billed for the year ended 30 June 2017.

Required

Advise Tom of the Australian taxation issues arising from the above fact situation.

Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Upload
Unique Document

Document
Under Evaluation

Get Money
into Your Wallet

Total 4 pages

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). Taxation Law. Retrieved from https://myassignmenthelp.com/free-samples/bx3112-taxation-law/tax-assessment.html.

My Assignment Help (2021) Taxation Law [Online]. Available from: https://myassignmenthelp.com/free-samples/bx3112-taxation-law/tax-assessment.html
[Accessed 02 December 2022].

My Assignment Help. 'Taxation Law' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/bx3112-taxation-law/tax-assessment.html> accessed 02 December 2022.

My Assignment Help. Taxation Law [Internet]. My Assignment Help. 2021 [cited 02 December 2022]. Available from: https://myassignmenthelp.com/free-samples/bx3112-taxation-law/tax-assessment.html.


Stuck on Any Question

Our best expert will help you with the answer of your question with best explanation.

question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

Phone no. Missing!

Please enter phone for your order updates and other important order related communication.

loader
250 words
Error goes here

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

We Can Help!

Get top notch assistance from our best tutors !
Excel in your academics & career in one easy click!

icon

Other Samples

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the content removal request.

icon

5% Cashback

On APP - grab it while it lasts!

Download app now (or) Scan the QR code

*Offer eligible for first 3 orders ordered through app!

screener
ribbon
callback request mobile
Have any Query?