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L100 : Economics Assignment

tag 0 Download 3 Pages / 704 Words tag 24-11-2020
  • Course Code: L100
  • University: Coventry University
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  • Country: United Kingdom

Question:

The Deputy Commissioner of taxation has issued the company an amended assessment on 1.10.17 for the 30.6.17 company tax assessment. The Commissioner has reduced the deduction for the rent of $88,000 down to $44,000. The Commissioner is arguing that the rent paid is a non-arm’s length transaction. This has resulted in an adjustment as follows:
1. Extra company tax of $11000.
2. Extra GST of $4000
3. Interest charge of $1000.

The Deputy Commissioner of Taxation is in fact incorrect. The landlord charging the company $88,000 has no personal connection with the company directors and transacts business at arm’s length on a commercial basis.

You are therefore required to prepare a Notice of Objection Against Assessment within the appropriate time frame. You should refer to the professional format for notices of objection as presented in the Master Tax Guide. (Ref 28-050).
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My Assignment Help (2020) Economics Assignment [Online]. Available from: https://myassignmenthelp.com/free-samples/l100-economics-assignment/increasing-the-profitability-of-the-company.html
[Accessed 18 August 2022].

My Assignment Help. 'Economics Assignment' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/l100-economics-assignment/increasing-the-profitability-of-the-company.html> accessed 18 August 2022.

My Assignment Help. Economics Assignment [Internet]. My Assignment Help. 2020 [cited 18 August 2022]. Available from: https://myassignmenthelp.com/free-samples/l100-economics-assignment/increasing-the-profitability-of-the-company.html.


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