Question: Do Comparison between the Progressive and the Fixed Tax System. Answer: Introduction The report proposes to discuss on the topic whether progressive tax system is seen to be fairer in perspective of a taxpayer in Canadian context in the province of Alberta. It also aims to find whether the amount of taxes paid by a taxpayer is appropriate given his or her income level. Some of the important consideration of the...Read More
Question: Describe about the Taxation Law for Seperate Business Tax. Answer: Capital Gain Tax The Capital gain Tax (CGT) are the tax that are paid by the taxpayer on the capital gains made in case of a CGT event. The Capital Gain tax is not a separate tax but a component of the Income Tax Assessment Act 1997. The Section 100-10 of the ITAA 1997 states that the Capital Gain Tax affects the income tax liability of the taxpayer. ...Read More
Questions: Case study 1: Capital Gains Tax Case study 2: Fringe Benefits Tax Answers: Introduction Capital gains tax is referred to a tax wherein there is a sale or transfer of an asset of capital nature. On the sale of the asset there can be a capital gain or capital loss. Where the sale value of the asset is more than the cost of purchase, cost of associated purchases and the cost of improvement the same is re...Read More
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