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The concept of Veil of incorporation in Australian Law In the given situation the issue is whether the daughter of Bob has provided him a better idea to form an organisation under the rules of common Law. The court has stated in the given case Salomon v Salomon & Co [1897] AC 225 that the registered organisation is said to be the artificial legal person that states the identity of the company is not exactly similar as the identity of their ...
Incorporation of a Company and Distinction between officers and the company Whether Bob by doubling his catch with the help of company incorporation has violated any legal provisions? If any person intends to establish a business, then, one of the forms is the formation of a company. Section 124 of the Corporation Act 2001 submits that when a company is incorporated, then, it is an artificial being and is regarded as an artificial person. This ...
Artificial Legal EntityThere are various features which a company gets when it has been registered or incorporated. A company is a form of business structure which is selected for the purpose of carrying out business activities. The attributes which a company gets after being incorporated are as follows: Separate legal entity Through the term spate legal entity a company becomes an artificial legal person. This means that it has its own ...
Overview of Director's DutiesThe central issue is to offer Tim legal advice in the capacity of legal advisor for Modern Design Pty Ltd in relation to the issues that the company is facing regarding potential breach of duty by directors with reference to both common law and Corporations Act 2001 (Cth). The directors occupy a significant position in the company and play a vital role in the success of the company. Considering the importance of...
Residency Status under ITAA 1936 The taxation ruling of 98/17 provides the interpretation of the commissioner relating to the ordinary connotation of the term resides that are inside the definition of the term resident under “subsection 6 (1) of the ITAA 1936”. The taxation ruling of 98/17 is associated with those people that are entering Australia and includes people that are migrants or workers that comes to Australia with the pre-...
Gifts and their taxation treatment Answer to question 1: The Australian taxation office defines that an individual might receive amounts that are not subjected to tax. Therefore, the amount from gift are not included as the part of the taxable income. According to Australian taxation office a gift that is a mere gift does not possess the character of income. As evident in the current situation of Susan received a redeemable gift voucher of $300...
Analysis of Operating, Investing, and Financing Cash FlowsThe report intends to state on the various types of finding based on cash flow assessment of “Telstra corporations Ltd.” Some of the main assessment of the study has included a comparative analysis of three important aspects of cash flows specifically stated with operating, investing and financing events. It is also discussed on the various changes over the past three years ...
Cash Flow StatementThe company selected for this task is JB HI-FI. The latest annual report corresponding to the company available in the public domain corresponds to June 30, 2017. The other relevant aspects related to cash flow statement, other comprehensive income and tax flow are discussed below (JB HI-FI, 2017). The cash flow from operations for the company is represented through the screenshot below. A brief description of the ab...
Cash Flow from Operating ActivitiesThe following discussion shows the details about the recorded items by Cromwell Property Group in their 2017 Consolidated Statement of Cash Flows: Cash Flow from Operating Activities: Cromwell Property Group has reported some specific items under the operating activities. They are payment and receipts from the course of business operations, distribution received, interest received, finance cost payment ...
Permanent Establishment in AustraliaThe taxation ruling of TR 2002/5 is associated with the permanent establishment. The definition of permanent establishment has been defined in the “subsection 6 (1) of the ITAA 1936” and also applicable for the taxation purpose of both the ITAA 1997 and “schedule 1 of the Tax Administration Act 1953” (Kiprotich 2016). The “subsection 6 (1) of the ITAA 1997”&nbs...
Background of the StudyThis section of the research paper deals with the background of the study so that a clear idea of the research area is received. The discussion of the problems and the purpose of the study will follow the background from which the research objectives and the research hypothesis will be framed. The hotel industry in UAE has shown a significant growth in the past few years. There has been significant growth in the inven...
Taxable Income from Personal ExertionWith the changes in complex business structure, each and every organization needs to use the strategic tax planning process to mitigate the business risks. There are several concepts are discussed such as tax computation, computation of the car fringe benefit, assessment of income and tax computation in different circumstances. There are several tax concepts which have been analyzed with a view to assess t...
Definition of a Director under Section 9The key issue of this case revolves around the possible breach of director duties’ covered under section 180(1) of the Corporations Act, by the directors of the company, and the possible defence available under 180(2) of the Corporations Act. Corporations Act, 2001 is the legislation which has to be followed by all the companies working in Australia, unless otherwise exempted. This legislat...
Definition of Director under Section 9 of the Corporation Act 2001 The issue is that whether the directors have breached their duties. From the very beginning, the provisions of Section 9 of the Corporation Act 2001 deal with the definition of a director. According to the provisions of Section 9 of the Corporation Act 2001, a person may not be appointed as the formal director of a company, if the nature of the duty of the director is such ...
Duties of Directors under Section 180(1) of the Corporation Act Whether the director of Fruut Pty. Ltd (Fruut) have violated section 180 (1) of the Corporation Act 2001. Whether section 180 (2) have any effect in the given situation? The Corporation Act 2001 is the legislation that deals with the working of a company, its officers and employees. The House of Lords has established in (Salomon v A Salomon & Co Ltd, 1896), th...
Payment from Autobiography The key issue is to outline if the payments that Hilary (a famous mountaineer) can be termed as receipts derived from personal exertion or not considering s.6(5) ITAA 1997 along with relevant case law The given facts clearly highlight that the newspaper approaches Hilary and offers $ 10,000 to write her autobiography despite knowing that she has not written anything in the past. Considering the hefty amount, it...
Issues 11. Is a valid legal contract is constructed between Gabby and Terence even when Gabby enter into a contract with Sara? 2. Is there a contract between Terence and Mary? 3. Is there a contract between Gordon and Terence? 4. Is Roger personally liable to pay $200,000? 5. Is Roger likely to succeed in changing the decision of the department for rejection of the licence application of Explosive Industries Pty Ltd? Is a valid lega...
Issue1.Terence studies jewellery design at Charles Sturt University. After he graduates, he sets up a business called ‘Terry’s Terrific Designs’. He employs Peter and Sara, who are also CSU graduates to work for him. Peter is appointed as Supplies Purchaser and Sara as a Designer. Sara shares the design work with Terence himself. Give Terence advice in relation to the following situations, citing relevant...
Project Resource PlanningDiscuss About The Construction And Architectural Management. Project resource planning offers a variety of scheduling tools which comprises an easy-to-use worktable for developing as well as modification of plan online. Therefore, it is important to optimize a project’s capacities with a date synchronization, sophisticated simulation, as well as impact analysis aspects which will guarantee on-time and on...
AimDiscuss about the Construction Management Plan for Demolition and Excavation. A construction management plan is a documentation that details the manner in which a project team is expected to implement the construction project as well as the manner in which this team is able to carry out the tasks and responsibilities of managing the construction site. It assists professionals in the construction industry to sufficiently estimate ...
DiscussionDiscuss about the Law for Proprietary Estoppel and Property Rights. Contract is an agreement binding by law. There are certain elements of contract necessary for its valid application. According to the common legal rule, in every contract, there must be certain offers and free acceptance to the offer. When an offer has been accepted, a contract has been incorporated. Further, there are certain other essentials in the ...
The role of Neo-Liberalism in developing countriesDiscuss about the Bhopal Disaster and the Global Impact . The role of globalisation and the neo-liberal policies has left great impact on the social and economic condition of the developing countries. The basic principle of Neo-liberalism can be identified as the less monitoring and control of the government in the business orientation of the private organisation and makes reforms of the...
Partnership Structure and Elements of PartnershipDiscuss about the Foundations Of Company And Commercial Law. Which business structure has created between Julio, Carolyn, Trisha and Sarah and the status of each party? Parties have to select a business structure while performing the operations of a business in Australia. The partnership is one of the most common business structures which parties can choose if a business is started by ...
Guidelines by OSHA Discuss about the Analysis Of Risk At Construction Site. The 34 year old construction worker died at a construction site in Jamaica. As per the reports, two of the workers were lifting a large winder with a forklift. In the meantime, the forklift operator dropped the window and it fell on Pazmino. This is the reason for death of the worker. The government is working to improve the working conditions of the employees and at th...
Farm Bank Problem Investigate the organizational change that happens in Farm Bank, considering the hypothesis and ideas should be utilized to encourage the achievement of the change. Change has dependably been there in human life in all angles, for example, political, financial, and political. Notwithstanding, globalization has given greater chance to the development of different parts of human lives, prompting quick change and improvement in b...
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