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

Considered As Income And Are Taxable Under

tag 0 Download2 Pages 327 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

Discuss About The Considered As Income And Are Taxable Under?

 

Answer:

Introducation

According to the “Taxation Ruling of TR 94/D20” defines that the accounting of the compensation that is received in regard to the personal injury would be treated as the assessable income under section “Subsection 25 (1) of the ITAA 1936”. The income received by Yen the present context is represents weekly payments and they are treated as salary and attracts liability for tax.

Compensation for the loss of finger is a lump sum payment related to the personal injury and therefore under “Subsection 25 (1) of the ITAA 1936” they are considered as tax free income (Barkoczy, 2016). An important consideration is that lump sum payment made for physical injury is considered as a common law claim that cannot be considered for taxation law.

Amount paid by the employer is considered as benefit for Yan and would be included in the taxable income of the Yan’s.

Social security disability support pension is considered as the benefit that possesses the characteristics of the income (Woellner et al., 2016). These income are considered as assessable completely during the year in which it is received and would be considered as taxable under “Section 25 (1) of the ITAA”. Arguably, amounts received by Yen is under the social security disability support pension is regarded as the insured person lost income due to the injury. These amounts are considered as income and are taxable under “Subsection 25 (1)”.

 

Determination of the Taxable Income

Particulars

Section

Amount ($)

Assessable Income

 

 

Workman Compensation

subsection 25(1) of the ITAA 1936

4000

($500*8 weeks)

 

 

Compensation for loss of finger

subsection 25(1) of the ITAA 1936

Exempted

Cost of ambulance received

 

950

Social security disability support pension

subsection 25(1) of the ITAA 1936

750

Total Taxable Income

 

5700

 

Reference List:

Barkoczy, S. (2016). Foundations of Taxation Law 2016. OUP Catalogue. 

Woellner, R., Barkoczy, S., Murphy, S., Evans, C., & Pinto, D. (2016). Australian business Law 2016. OUP Catalogue.

OR

Cite This Work

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

My Assignment Help. (2018). Considered As Income And Are Taxable Under. Retrieved from https://myassignmenthelp.com/free-samples/considered-as-income-and-are-taxable-under.

"Considered As Income And Are Taxable Under." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/considered-as-income-and-are-taxable-under.

My Assignment Help (2018) Considered As Income And Are Taxable Under [Online]. Available from: https://myassignmenthelp.com/free-samples/considered-as-income-and-are-taxable-under
[Accessed 10 December 2019].

My Assignment Help. 'Considered As Income And Are Taxable Under' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/considered-as-income-and-are-taxable-under> accessed 10 December 2019.

My Assignment Help. Considered As Income And Are Taxable Under [Internet]. My Assignment Help. 2018 [cited 10 December 2019]. Available from: https://myassignmenthelp.com/free-samples/considered-as-income-and-are-taxable-under.


At MyAssignmenthelp.com, we are committed to deliver quality assignment assistance in the fastest way possible. To make our service delivery fast, we have hired subject matter experts to work on different subject specific assignments. We have hired experts who owe in-depth knowledge in their respective subjects. As per their expertise, they provide geography assignment help, Physics assignment help, Strategic assignment help, history assignment help, art architecture assignment help and assistance with other subjects as well.

Latest Tax Samples

HA3042-Imposition And Collection Of Income Tax

Download : 0 | Pages : 13

Answer: Introduction:  One of main sources of revenue for a country is the taxes that it collects from its citizens including individual, corporate and other entities. In order to regulate the taxation matters in the country each and every country has respective legislations. In Australia, earlier it was Income Tax Assessment Act, 1936 that used to govern the provisions related to imposition and collection of income tax by the country on t...

Read More arrow

HA3042 Taxation Law 3

Download : 0 | Pages : 13

Answer: Answer 1 The annual payment is not considered as income in Australia since lottery winnings are not taxable and are considered as prizes. Given that the ‘Set for Life' is a lottery, the winnings though distributed over a long period of time, are not susceptible to taxation. This means that the annual prize is not declared on a tax return. Initially, taxation is done at the point of obtaining the scratches where the scratches are...

Read More arrow

LAW505 Taxation 3

Download : 0 | Pages : 12
  • Course Code: LAW505
  • University: Charles Sturt University
  • Country: Australia

Answer: Issue 1 As per the case facts outlined, Amber has enacted certain transactions involving sale of certain assets and other contractual agreements. In this background, it is essential to outline the various tax liabilities that would potentially arise for Amber. The various issues in this regards are indicated below. 1) Owing to liquidation to chocolate shop, proceeds would be obtained and it needs to be outlined if capital gains tax w...

Read More arrow

ACC3TAX-Tax Implications Related To The Sale Of Brent Wilson House

Download : 0 | Pages : 6

Anwer: Answer to question 1:  As stated in the “section 108-5 of the ITAA 1997” capital assets is usually referred as the form of property or any kind of the legal equitable rights which is not treated as the property. As stated under the “section 108-5 of the ITAA 1997” the land and building are not considered for the capital gains tax purpose (Barkoczy 2014). As stated in “section 104-10 (1) of the ITAA 19...

Read More arrow

HA3042 Taxation Law

Download : 0 | Pages : 18

Answers: 1 Prizes and awards are referred by Australian Tax Office as other income mainly because they are not earned on regular basis as is seen in normal business operations. The tax office is likewise seen to explain the classification of awards and prizes for tax purpose on these gaming and winnings events as either tax exempt or taxable (Marshall and Armstrong, 2010. Pg.220.) Australian Tax System and for this case Australian Tax O...

Read More arrow
Next
watch

Save Time & improve Grades

Just share your requirements and get customized solutions on time.

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

1,160,757

Orders

4.9/5

Overall Rating

5,050

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

93 Order Completed

100% Response Time

Jackson Mitchell

MiM (Masters in Management) in Supply Chain Management

New Jersey, United States

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

154 Order Completed

97% Response Time

Harold Alderete

PhD in Economics

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 4/5

248 Order Completed

100% Response Time

Lloyd Bernabe

MSc in Accounting

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 4/5

2594 Order Completed

95% Response Time

Michael Johnson

Masters of MSc in Economics

Washington, United States

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

Thank you for the professional writing and the time-efficient. I would recommend to my friend for sure

flag

User Id: 349555 - 10 Dec 2019

Australia

student rating student rating student rating student rating student rating

It was very well written and a good assignment with the amount of time that was allotted.

flag

User Id: 235137 - 10 Dec 2019

Australia

student rating student rating student rating student rating student rating

DO NOT USE THIS COMPANY.... Hopeless, poor grammar and unable to meet brief. A week of arguing and finally redid work which was just as hopeless as first attempt.

flag

User Id: 303057 - 10 Dec 2019

Australia

student rating student rating student rating student rating student rating

The report was well written and helped me get the mark which I would have got If I had the time to do it. thank you for helping me pass the unit.

flag

User Id: 318318 - 10 Dec 2019

Australia

student rating student rating student rating student rating student rating
Have any Query?