Answer: Heading: The following problem statement brings forward the provision of “Section 6-5 and 8-1 of the ITAA 1997” in understanding the assessable nature of income and expenses reported by an individual taxpayer. Issue: The following issue brings into the context of determining the tax assessment of Bridget relating to the income and spending that is occurred during the income year. The issues circles around ...Read More
Answer: Rule: The taxable income is subjected to income tax and it is usually added to the taxable income. Ordinary income refers to the income with respect to the ordinary concepts and it is considered taxable under the “S 6-5, ITAA 1997” (Barkoczy 2018). Usually much of the earnings that comes in the taxpayer is treated as earnings within the ordinary concepts. The judicial concept of ordinary income is explained through th...Read More
Questions: 1. Discuss the deductibility of the $70 000 expense for Paper Co. 2. Explain, citing sections, whether or not the following expenses can be incurred in the cost base for each of the following situations. Note that all assets are post CGT. 3.Showing workings, calculate Claude’s net capital gain or loss (assuming he has no other CGT events) 4. Calculate the highest deduction for depreciation available for Matthew for the fina...Read More
Questions: 1. Advise Enviro-Spray Ltd of the deductibility of the $45,000 spent on the spray equipment. 2. Having installed the newly developed electronic system, could Enviro-Spray Ltd claim the cost of the amount they would have spent on the old out-dated equipment 3. What are the tax consequence for Dusters Ltd arising from the sale of the aircraft to Enviro-Spray Ltd? Answers: Answer 1: “Section 25-10 of the ITAA 199...Read More
Question: Discuss about the Paying Of No Corporate Tax. Answer: Statement of the problem: The main problem regarding this report is to find out the problems and issue relating to the non-payment of corporate tax by many companies. In order to state any clear statement on the topic, it is important to evaluate the norms of paying taxes and the aspects of non-payment of corporate taxes to this effect (Dyreng, Hoopes and Wilde ...Read More
Question: Discuss About The Allocated Between Fiduciary And Beneficiary? Answer: Introducation As held in the “section 6 of the ITAA 1936” income from personal exertion includes the income that is generated from the personal exertion. This represents the income that originates from the earnings, salaries and wages, fees, bonus etc. that is received in capacity to the employee in respect of the services rendered. A...Read More
Question: Discuss About The Australian Taxation Legislation Commentary? Answer: Introducation The present case is concerned with the determination of whether the unexpected or voluntary payments constitute ordinary income as the benefit in the form of incident of employment. As the general rule stated in the case of “FCT v Dixon (1952)” it is stated that the unanticipated and voluntary payment is classified as the o...Read More
Question: Discuss About The Christopher Fisher Principles Of Australian? Answer: Introducation The current situation is based on the determination of the capital gains derived from the sale of capital asset in the form of real estate or shares and they usually make capital gains or losses. The capital gains represent the difference between cost of acquisition of the asset and the amount received from the disposition of the asset...Read More
Questions: 1.Can Robyn be taxed on any part of her salary, from Victoria University, in Australia for the 2016/17 tax year and any other years she acts as coordinator in Calcutta. Fully explain your answer. Ignorer the operation of double tax agreements. 2.Determine what amounts will form part of Paul’s assessable income for the 2016/17 taxation year. Fully explain your answer. Answers: 1.Issues: The iss...Read More
Questions: 1.Can Robyn be taxed on any part of her salary, from Victoria University, in Australia for the 2016/17 tax year and any other years she acts as coordinator in Calcutta. Fully explain your answer. 2.Determine what amounts will form part of Paul’s assessable income for the 2016/17 taxation year. Answers: 1.Issue The major issue is to determine whether the taxpayer Robyn from Victoria University would ...Read More
Questions: 1.Can Robyn be taxed on any part of her salary, from Victoria University, in Australia for the 2016/17 tax year and any other years she acts as coordinator in Calcutta. 2.Determine what amounts will form part of Paul’s assessable income for the 2016/17 taxation year. Answers: 1.Issues: The current issues is based on the determination of the tax consequences for the part of salary derive...Read More
Question: Discuss About The Perspectives On The Accountability Of Australian? Answer: Introducation The main aim is to evaluate section 8-1(1) of the ITAA 1997 and identify the relevant deductions that could be used by taxpayers. These relevant deductions would eventually allow the taxpayers to reduce the assessable income and retain more cash. The Section 4-15 of the Income Tax Assessment Act mainly indicates the relevant exemp...Read More
Question: Discuss About The Outbound Investment Tax Issues In Australia? Answer: Introducation As per the ATO (Australian Taxation Office, the FBT (Fringe benefit tax) is the tax that is paid by the employers on payment of few benefits that they offer to the employees. it includes the family of the employees and other associates. These benefits are paid as additional to or as part of the employee’s wages or salaries. For i...Read More
Question: Discuss deductibility under S 8-1. Relevant Case-brown 's Case and Steele Case. Answer: Introduction In the given case Taite Moneybags and his business colleague Aramis Lotsamoney were planning to start a business. Both these people are resident of UK for tax purposes. Both these people have plans of starting a business relating to land development activities. They are planning to set up a company who will bo...Read More
Question: Discuss About The Determine The Tax Consequences For Salary? Answer: Introducation The report explains the treatment of tax of income that have been derived from working in an oversea university as a coordinator. The terms of work for the coordinator is that Can Robyn can continue to works as long as he wished or as long as the course existed in the Calcutta University. The Taxation Ruling IT 2650 provides certain guid...Read More
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