Answer: The given question pertains to the tax treatment for income earned by Andrew Smith, a lawyer in sole practice, for the income year ending 30th June, 2019. Income earned/received in current year: In the given case, a major decision is selection of a method of determination of income earned by the assessee. Relevant provisions: There are two methods for determination of income, i.e. earnings method and receipts method (Section 6...Read More
Answer: Introduction Mark Lewis works in a luxury cruise liner that travels within the Mediterranean Sea. His main tax is received from income tax although he has other sources of income such as the rent income from his rented farmhouse which he subleases through Airbnb. This is lease income that comes from the farmhouse that he sublets. Additionally, Mark Lewis also has been breeding cattle in Australia or his retirement preparation. He owns...Read More
Answers: Introduction Taxation is a very important component in any government. Through taxation, a country can earn a good amount of income which will spend in undertaking its various developmental projects among other key businesses. It is now very important for every entity to submit its taxes without evading or even avoiding whichever the circumstances. This is because it will enable the government to run its activities to improve the eco...Read More
Answer: Private & Confidential To Herbie Smith Advisors Consultant & Co 85 Smiths Villa Native Heights Dear Herbie We look forward to respond to your recent meeting, messages and telephone conversation. We are attaching the advice in respect to the matters sought by you in relation to the assessment of small business entity. Scope: The main objective or scope of the current letter of advice is to give the taxpayer with a valua...Read More
Answers: 1: The commissioner might under the “sec 353-10 (1)” it may provide in writing where it may require a person to do any of the following To provide the commissioner with any type of information for administration purpose or operation of tax law To attend and provide evidence to commissioner for administration purpose or operation of tax law To provide the commissioner with any type of documents in their cus...Read More
Answers: 1. With reference to the principles of taxation, it is seen that it plays an important role in accomplishing the income equality within the society. Some of the important functions are given below- Taxation redistribution function In order to allocate proper understanding of the Australian taxation system, there are many deductions, fringe benefit tax, goods and service tax. The allocation function reveals comes up to make governme...Read More
Answer: Introduction The focus of the assessment is to formulate a detailed analysis on the reporting process of a business mainly focusing on reporting for taxes. The company which is selected for the analysis is CSL ltd which is engaged in providing pharmaceutical solutions to the people. The company is known for its 9innovative approaches for development of new medicines (Csl.com. 2020).. The annual report for the company would be consider...Read More
Answers: 1: Issues: The central matter of discussion that is addressed in this case is concerning the tax deduction of prepaid rent that is paid by the taxpayer for 10 years of casino rental. Rule: An outgoing is not permitted for deduction till the extent that the outgoing has occurred for expenses that are capital and not allowable as tax deduction inside the “sec 8-1 ITAA 1997”. There must be a difference between the r...Read More
Answers: 1: Issues Reasons/Discussion Amount ($) Issue 1: Salary and Allowance Under the “sec 6 (1) ITAA 1936” the income that is received by an individual taxpayer out of their individual effort are known as personal exertion income. The judgement that was made in “Dean & Anor v FCT (1997)” stated that the remuneration paid to employee for being employed in the compa...Read More
Answers: 1: Part 1: There are situations where the taxpayers normally gets the compensation payment where they suffer commercial as well as other type of losses. There are golden rule or principles relating to replacement. The character of a compensation receipt is largely dependent on the type of amount that is received by the taxpayer. This involves the payment which replaces, substitutes or compensate the taxpayer (Barkoczy, 2...Read More
Answers: 1: Part 1: There can be circumstances where the taxpayer regularly gets payment in the form of compensation when they suffer commercial or other types of losses. There is a golden rule associated to the taxability of compensation payment. The character involving a compensation payment will normally be reliant on what type of amount is received by the taxpayer (Burkhauser et al., 2015). This involves the payment which replaces,...Read More
Answers: Q1. It is noteworthy that in accordance with ss. 6-5(3) ITAA 1997, a foreign tax resident needs to pay tax in Australia on any income which is derived from Australian sources (ATO, 2020a). It is known that taxpayer Alex is not a Australian tax resident and has derived income of $ 90,000 from Australian sources. As a result, in the absence of any deduction, his taxable income would be $ 90,000 only. As per the relevant tax s...Read More
Answers: Dfference Between Capital And Revenue Expenditure Facts of the case In Melbourne city John wants to operate a casino and for the same application for license has been done and it was approved. The license granted to John to operate a casino was for 10-year from Victorian Government. John also received an approval for Casino’s building for a total period of time of 90 years. It was instructed to John by the concerned Gov...Read More
Answer: 1: The basic functions of taxations are as follows; Funding government expenditure: The most important vital function of tax is to fund the expenditure of government. It provides varying amount of justifications and explanation for taxes that has been offered all through the history. Previously, taxes were used in supporting the “ruling classes”, increase armies and create defences (Saez and Stantcheva 2018). Later exp...Read More
Answers: 1 – FBT Calculation Fringe Benefit Taxis considered a separate tax from tax on income. It is calculated annually on the benefit gained by the employee. An employer assess their annual FBT liability for the FBT year which begins from 1st of April to 31st of march and then lodge an FBT return. In this case, Lucy is the proprietor and one of the director at Clothes r Us Pty Ltd(CRU) which is a privately owned business wh...Read More
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