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...Read More
Answer: Issue: Will Kate would be held as Australian resident while she was away from Australian when she was in Fiji for three-year time period? Will her part time earnings from teachings would be included in assessable income? “Subsection 6 (1) of the ITAA 1936” “FCT v Applegate (1979)” “FCT v Jenkins (1982)” “Section 6-5 of the ITAA 1997” The situation of Kate defines that...Read More
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...Read More
Question: Discuss about the Australian Tax Concessions in Small Business Entities. Answrer: Introduction: Tax concession are tax based special treatments given to individual tax payers in our case small business entities so as to help them relief and reduce their tax burden hence sustaining their growth, performance and more so management of their finances and especially on cash flows. Australian Tax Office, as well ...Read More
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...Read More
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 ...Read More
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...Read More
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 ...Read More
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...Read More
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...Read More
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 ...Read More
Question: Discuss About The Principles Taxation Laws System Of Australia? Answer: Introduction In the study, it has been decided to show the taxation system of Australia, taking the help of the five different case studies. With this given case reference, it is said to obtain complete sense of implication of taxation as well as it has been decided that the principles of governing body and certain legislation to be reviewed for th...Read More
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 ...Read More
Question: Discuss about the Core Tax Legislation and Study Guide. Answer: Introduction: The existing case study is takes into the considerations the subject whether the or not selling of property would be held assessable under 6-5 of the ITAA 1997. The case study commences with Smith and Jones who are engaged in the activities developing property and used a block of land for sheep grazing (Barkoczy, 2016). As a result the bu...Read More
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...Read More
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