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LAWS20060 Australia Taxation Law

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Question:

In working out its net income, a partnership claims deductions for salary it pays to a partner and for interest on a partner’s capital contribution to the partnership. Advise the partnership on the correctness or otherwise of these claims.Lemongrass Pty Ltd is a small company incorporated in Victoria, Australia. The company was incorporated in 2005 to manufacture and sell candles. Its sales revenue regularly exceeds $100,000 each year. The company sells its candles to a local retailer for $5.50 per dozen. It also sells its candles to a retailer in Vanuatu as the candles have been very popular there for $6.60 per dozen. On 1 January of the current year, Lemongrass Pty Ltd purchased a car for $22,000, which it provided to its managing director as she has to do a lot of travelling for work.
 
The car was purchased from Big Cars Pty Ltd, a large national car retailer with sales revenue in excess of a million dollars per year. Advise Lemongrass Pty Ltd of its GST consequences arising from the above information. Assume its
input tax credits are 35 cents per dozen candles.Bluebottle Pty Ltd is an Australian resident company. Assume its company tax rate is 30 percent. Its profit is $200 on which it pays $60 tax. It has two shareholders, Spoke and Sallers. Spoke is an Australian resident for tax purposes and Sallers is a resident of Vanuatu. Bluebottle declares a dividend
of $70 fully franked and pays that $70 to each of the shareholders on 30 June. Discuss the tax treatment of the dividends for each shareholder. 

Because of a contractual dispute, a company was unsure who it owed money to. It commenced proceedings and paid money into court. The court ordered that the money be held by a firm of 3 solicitors on trust for the as yet undetermined party that would ultimately be successful in the litigation. In income year 1, before the matter was resolved, the trust earnt $40,000 interest income.In income year 2 the trust earnt $20,000 in interest before the court determined on 1 December who the correct payee was. On that day the solicitors paid the quantum plus interest to that payee.Who will be taxed on the $40,000 interest earnt in income year 1, before the correct payee has been
determined Who is taxed on the $20,000 interest earnt in year 2 that has been paid to the appropriate payee.
 
Identified and clearly stated the relevant issues applied relevant legal principles to the resolution of these issues integrated and evaluated relevant knowledge from both the material covered in this unit and your own independent research developed and sustained a concise and convincing legal argument through to a logical.
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My Assignment Help. (2021). Australia Taxation Law. Retrieved from https://myassignmenthelp.com/free-samples/laws20060-australia-taxation-law/revenue-statement.html.

My Assignment Help (2021) Australia Taxation Law [Online]. Available from: https://myassignmenthelp.com/free-samples/laws20060-australia-taxation-law/revenue-statement.html
[Accessed 26 October 2021].

My Assignment Help. 'Australia Taxation Law' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/laws20060-australia-taxation-law/revenue-statement.html> accessed 26 October 2021.

My Assignment Help. Australia Taxation Law [Internet]. My Assignment Help. 2021 [cited 26 October 2021]. Available from: https://myassignmenthelp.com/free-samples/laws20060-australia-taxation-law/revenue-statement.html.


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