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HI3042 Taxation Law

tag 0 Download 11 Pages / 2,666 Words tag 26-07-2021

Questions:

Question 1

Discuss whether the following are allowable as deductions under s 8-1 of ITAA 1997.

1.The cost of moving machinery to a new site

2.The cost of revaluing assets to effect insurance cover

3.Legal Expenses incurred by a company opposing a petition for winding up

4.Legal Expenses incurred for services of a solicitor in respect of a number of matters, including conveyancing, discharge of a mortgage, and general legal advice relating to a client’s business operations. (The Solicitor account does not separate the costs for various matters.)

Question 2

Big Bank Ltd operates nationally with more than 50 branches, a 10-storey head office and numerous call centres. It is registered for GST purposes. Big Bank has for many years provided loans and deposit facilities to customers in Australia. Last year it launched a new product, Big Bank home and contents insurance policies. It was a significant step for Big Bank and required it to change some of its computerised accounting systems due to the fact that GST needed to be charged on the new product.

Big Bank budgeted to spend $1,650,000 (including GST) on advertising campaigns last year. Of that sum, $550,000 was allocated to a television advertising campaign specifically promoting Big Bank home and contents insurance policies. The other $1,100,000 was allocated to a general advertising campaign, including television, radio and print media advertisements promoting Big Bank to the public as the bank that is “Here for You”.

When Big Bank Ltd launched Big Bank home and contents insurance policies, it forecast that its home and contents insurance business would constitute 2% of its entire enterprise. Big Bank has been proved correct in its forecasts. The other 98% of its enterprise is made up of its traditional loans and deposit facilities businesses.

Last month, the advertising consultants issued their tax invoice for $1,650,000.

Question 3

Discuss Big Bank's ability to claim input tax credits with respect to its advertising expenditure of $1,650,000.

The following are the current year details of Angelo’s income, expenses and the foreign tax he paid. All of Angelo’s foreign income amounts have been converted to Australian dollars.

Question 4

What format are the questions to be answered?

I would recommend you answer the questions in the following format:

Q1: short answer but still ensure you cite the law and application

Q2: IRAC

Q3: For each step, cite the law and application and then the calculations

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Total 11 pages

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My Assignment Help (2021) HI3042 Taxation Law [Online]. Available from: https://myassignmenthelp.com/free-samples/hi3042-taxation-law/issues-in-european-and-international-tax.html
[Accessed 27 January 2023].

My Assignment Help. 'HI3042 Taxation Law' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/hi3042-taxation-law/issues-in-european-and-international-tax.html> accessed 27 January 2023.

My Assignment Help. HI3042 Taxation Law [Internet]. My Assignment Help. 2021 [cited 27 January 2023]. Available from: https://myassignmenthelp.com/free-samples/hi3042-taxation-law/issues-in-european-and-international-tax.html.


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