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7
Question:
Discuss about the Benefit Tax Liability of ABC Pty. Ltd.
Answer:
The Fringe Tax Benefit Tax Liability of ABC Pty. Ltd. for its employee Alan, is calculated in the following table (Ato.gov.au. 2016):-
In the Books of ABC Ltd.
Calculation of Fringe Benefit Tax Liability
as on 31.03.2015
GST Inclusive
GST Free
Particulars
Amoun...
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Australia Sydney Law principlesof finacial markets Holmes Institute business law
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9
Question:
Write about the Essay on Issue Arising on Rental Income Tax for Rental Property.
Answer:
Rental properties 2017 Act and Australian Tax Office regulations are set to guide on when and how rental income is assessed and recognized as well as its provisions on when rental income allowable deductions are applicable. The 2017 Australian Rental Property Act is seen to define rental income as any amount paid as rent when you ...
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Australia Melbourne Management principlesof finacial markets University of Melbourne
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3
Question:
Advise Rob and Jane on the tax implications, if any of the trust that is intended to be set up for their two sons. Clearly explain and support your arguments with reference to legislation.
Answer:
A trustee is usually held lawfully accountable for the functioning of trust. The trustee can be either an individual or company and the profits derived from the trust usually goes to the beneficiaries. The taxation ruling ...
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Australia Lakemba Management principlesof finacial markets University of Melbourne
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7
Question:
Discuss about the Accounting For Allowable And Non-Allowable Expenses For Tax Purposes In Australia.
Answer:
Australian Tax Office recognizes and allow expenses and cost that relate directly to activities relating to revenue generation to be the only items eligible for tax deduction deductible. John Smith by virtue of being a veterinarian officer generates his revenue from the services he offers at his own consulti...
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Australia Melbourne Finance principlesof finacial markets University of Melbourne Accounting
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3
Question:
Discuss about the Taxation for Goods and Services Tax.
Answer:
Section Breached
The section 7.1 of A New Tax System (goods and services tax) Act 1999, provides that goods and services tax is payable on taxable importations and taxable supplies. The section 9.5 of the A New Tax System (goods and services tax) Act 1999 provides that a supply is considered as taxable supply if it is made for a consideration, the su...
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United Kingdom Brisbane Finance principlesof finacial markets James Cook University Accounting
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15
Question:
Discuss About The Small Business Concessions Superannuation.
Answer:
Introduction:
Small businesses are allowed to gain the access to the range of concessions along with payment and reporting options. As the small business an individual might be allowed to claim a concession on the capital gains tax assets that are used by business to carry out their daily operations. Namely according to the Australian Taxation Office ...
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Australia Melbourne Management principlesof finacial markets University of Melbourne
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13
Question:
Discuss About The Designed Governing Authorities Of Country?
Answer:
Introduction:
The term economy refers to the production activities, demand and supply of goods and services and financial situations of a geographical location, measured in monetary terms. The goods and services, which are produced within a country and the demand-supply dynamics of the country mostly, fall under the domain of the monetary and taxation...
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Australia Melbourne Management principlesof finacial markets University of Melbourne
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9
Questions:
Case Study 1: Capital Gains Tax.
Case Study 2: Fringe Benefits Tax.
Answers:
Case Study 1: Capital Gain or loss
Capital gain is defined as capital in process and acquisition cost given by the capital holder. We can calculate the capital by the well known method, in which number one is known as Discount method. Discount method is applicable when history of transaction is at least twelve month old. The second...
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Australia Glen Waverley Law principlesof finacial markets Holmes Institute Taxation Law
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6
Answer:
Answer to 1:
According to the “section 40-25 of the ITAA 1997” decline in value of the depreciating asset begins from the time when the company employs the asset first time or has fixed the asset as ready for use. Under “section 40-65 of the ITAA 1997”, an entity can chose to compute the decline in value of the depreciating asset by using either the diminishing method under “section 40-72&rdquo...
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Australia Preston Management principlesof finacial markets University of Melbourne
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11
Question:
Discuss about the Essential Tax Law.
Answer:
Introduction
The market of residential property in Australia is distorted due to the implementation of lawful combination between capital gain tax discount and negative gearing. The factors are encouraging assumptions and high income group are using this advantage for saving the tax (Amatucci et al., 2006). According to a survey conducted by The Australia Institute shown...
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Australia Adelaide Law principlesof finacial markets Federation University BULAW5916 Taxation Law & Practice
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2
Question:
Discuss About The Considered As Income And Are Taxable Under?
Answer:
Introducation
According to the “Taxation Ruling of TR 94/D20” defines that the accounting of the compensation that is received in regard to the personal injury would be treated as the assessable income under section “Subsection 25 (1) of the ITAA 1936”. The income received by Yen the present context is represents weekly paymen...
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11
Question:
Discuss About The Elimination Double Taxation Under Double?
Answer:
Introducation
The first criteria on the basis of which income tax is charged on an individual or entity is on the residence principle. In order to compute taxable income, it is to be determined whether the individual or entity is a resident of the country or not. In the case of New Zealand., the concept of residence is a significant part of the Goods a...
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Australia Waiatarua Management principlesof finacial markets University of New South Wales
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5
Answer:
Ref: Selling or Transferring Inherited Shares
Dear George,
The untimely death of your father means that you are the sole executor and beneficiary of AP Spencer Dec’d, an estate that he had developed. In his lifetime, Alexander P Spencer spent a considerable part of his active life diversifying his investment portfolios in the Commonwealth Bank and the National Australian Bank (Lam, & Humphreys, 2017). For the period ranging...
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Australia Batesford Finance principlesof finacial markets University of New South Wales
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5
Answer:
Part 1- Starting a new business
Section 6(1) ITAA 1936 highlights the three main tests for ascertaining if the underlying company is an Australian resident for tax purposes or not. These tests are mentioned as follows (Woellner, 2014).
Test 1: The place of incorporation of company ought to be Australia and not any foreign location.Test 2: The company must have some business in Australia and the control of the voting power should be wit...
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Australia City Of Sydney Management principlesof finacial markets University of Sydney
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Question:
Discuss About The Accounting A Practical Approach Pearson Education?
Answer:
Introducation
As per the Australian taxation provisions, accounting for income tax purpose is for production of the overall result to reflect the activities with trading stock in a year. According to Section 70(10) of the Income Tax Assessment Act 1997, "Trading stock" means anything that is produced or acquired or manufactured, which is held ...
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