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HI6028 Taxation Theory Practice And Law

Download : 0 | Pages : 10

Answers Case study 1: (Residence and source) Discussing whether Kit is a resident of Australia and derive its income tax: The main motive of the case is to identify whether Kit is an Australian citizen and needs to pay income tax according to the IT ruling 2650 under ITAA 1997. According to the depicted rule income generated from an Australian inhabitant needs to be taxed unless he or she is not present in the country for more than 183 days....

Read More arrow Tags: Australia Melbourne Finance HI6028 taxation Holmes Institute 

HI6028 Taxation Theory Practice And Law

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Answer: This part of the study deals with the applicable of residential provisions as per Australian taxation to determine source and taxability of income for individuals. Applicable law In accordance with the Australian taxation provisions, an individual is considered to be resident if the satisfied the conditions described in subsection 6(1) of Income Tax Assessment Act 1936 (ITAA). Four tests covered under this section are enumerated as b...

Read More arrow Tags: Australia Carnegie Finance Taxation Holmes Institute HI6028 Taxation  Theory  Practice & Law  

HI6028 Taxation Theory Practice And Law

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Answer: Case study 1: Residence and source The provided case mainly deals with residential status that has to be identified to ascertain tax on salary from an Australian firm. From the case study, it has been observed that Kit is a permanent Australian occupant while born in Chile; however, he does not own citizenship of the nation despite permanent stay in the same. The income that an Australian individual holds for assortment is obtained fr...

Read More arrow Tags: Australia Pyrmont Management HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

HI6028 Taxation Theory Practice And Law

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Answer: Solution 1 Case study In the given case kit has permanent resident of the Australia and also retain his Chilean citizenship as he was born in Chile. He spent most of the time in Indonesia on the oil rig for the United States Company and entered into the contract for the same in Australia. Determination   In the given case the dual residency applies to the earning of the Kit and is considered as resident of Australia and his gl...

Read More arrow Tags: Australia Williamstown Finance HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

HI6028 Taxation, Theory, Practice And Law

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Answer: Residential status of assesse Kit  Basic observation from the current problem situation Present circumstance problems refers to a resident of Australia whose name is Kit which has origin from the country Chile and is still retaining its citizenship. Here the tax assesse Kit has his residential home in Australia where his family (including his wife and his children) is residing. Currently the tax assesse Kit is working out in count...

Read More arrow Tags: Australia Merrylands Finance HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

HI6028 Taxation Theory Practice And Law

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Answer Case study 1 Kit was born in Chile; he has the citizenship of Chilean. It is proved that kit is a permanent resident of Australia, so the Australian taxation law is applicable for him. Kit is considered as the Australian tax consideration though is an American employee. Kit spends most of the time working off at America but he has a planning for permanently reside in Australia. Kit’s wife and children is also permanent citizen of...

Read More arrow Tags: Australia Hawthorne Finance HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

HI6028 Taxation Law

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Answer: Residence and Source:  An individual residing in Australia temporarily as well as with the foreign residents they are usually taxed for their income derived from Australian source (Woellner et al. 2016). The existing case study is deals with the issue of residential status of Kit together with the assessment of his employment remuneration and investment income for the purpose of taxation. The present case study depicts that ...

Read More arrow Tags: Australia Kirribilli Management HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

HI6028 Taxation, Theory, Practice And Law

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Answer: Case Study 1: Residence and Source The main aim of the provided case study is to ascertain the residential status of Kit and payment of tax according to “IT ruling 2650 under ITAA 1997”. According to this law, the accumulated income of a citizen of Australia needs to be taxed (Wickramasuriya 2014). For this, the person needs to be present in the country for 183 days above. Having born in Chile, Kit has become a permanent c...

Read More arrow Tags: Australia Brisbane Law HI6028 Taxation  Theory  Practice & Law  James Cook University 

Australian Law: Taxation Office

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Question: Discuss about the Australian Law for Taxation Office.    Answer: ISSUE: We need to advice Kit if he is to be considered as a resident of Australia, as an accountant. Kit also needs to be advised on how his salary and also his investment income is to be taxed. Kit was not born in Australia. He is still to be considered as a resident of Australia. Kit has his Chilean Citizenship retained as he was born in Chile...

Read More arrow Tags: Australia Law HI6028 taxation Holmes Institute 

HI6028 Taxation Theory Practice And Law

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Answer: Issue To determine whether Kit is a tax resident of Australia and how the salary and investment income would be taxed taking the residency status into consideration. Rule The tax liability on the received income of the taxpayer depends on the tax residency position of taxpayer. The total income derived via all the respective sources (domestic or international) would be considered for tax if the individual is a tax resident of Aust...

Read More arrow Tags: Australia Auburn Law HI6028 Taxation  Theory  Practice & Law  University of New South Wales 

HI6028 Taxation, Theory, Practice And Law

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Answer: Answer to Question 1 Issue: In the given question we need to advice Kit, as an accountant, if he should be considered to be a resident of Australia. We also need to state how the investment income and salary of Kit is to be taxed. Although Kit was not born in Australia, he is a permanent resident of Australia. Instead, Kit was born in Chile thus he has his Chilean Citizenship. Kit was working for a United States based company. He wou...

Read More arrow Tags: Australia Cabramatta Finance HI6028 Taxation  Theory  Practice & Law  University of New South Wales 

Case Study: Taxation, Theory, Practice & Law

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Question:  Describe about the taxation, theory, practice & law.    Answer: Case Study – 1 Issue Based on the Kit’s case information, the central issue is to ascertain if for the given assessment year, Kit is indeed a tax resident of Australia. A secondary concern is to opine on the tax implications of the income that Kit earns from various sources. Rule Determination of tax residency is pivotal since the t...

Read More arrow Tags: Australia Glenroy Law HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

Taxation: Income Tax Law

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Question: Discuss about the Taxation for Income Tax Law.   Answer: 1: Capital gain refers to the difference between the acquisition costs and proceeds from capital of the capital gain tax. There are three methods that can be used for the calculation of capital gain tax. The first method is the discount methods that are applied for more than twelve months before the event of the capital gain tax (Newnham, 2012).  The second method...

Read More arrow Tags: Australia Hallam Finance HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

Taxation, Theory, Practice And Law Analysis

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Question: Describe about the taxation, theory, practice and Law.    Answer: Capital increase is an extension in the estimation of a capital asset either land or venture that gives it a higher worth than the initial price. The change is not acknowledged until the advantage is sold. A capital increment may be more than one year that is long term or less than one year that is short term, which must be guaranteed on pay charges. A...

Read More arrow Tags: Australia Lakemba Law HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

Capital Gains Tax Assignment

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Questions: Dave Solomon is 59 years of age and is planning for his retirement. Following a visit to his financial adviser in March of the current tax year, Dave wants to contribute funds to his personal superannuation fund before 30 June of the current tax year. He has decided to sell the majority of his assets to raise the $1,000,000. He then intends to rent a city apartment and withdraw tax-free amounts from his personal superannuation account...

Read More arrow Tags: Australia Hurstville Law HI6028 Taxation  Theory  Practice & Law  Holmes Institute 
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