Answer: Simple trusts can distribute their income and not allowed to make charitable contributions, but complex trusts can and hence in case Michelle’s trust made charitable contributions of $4,800 in 2016, it will be known as a complex trust. The requirements to govern an organization as a simple trust or complex trust is stated in IRC section 651(a). There are few requirements that a trust must fulfil to be classified as a simple trust...Read More
Answer: Metro Culinaria Inc. owns several restaurants in Metro Area. The company is a closely held company with 100% of its ownership belonging to Tony Messina (80%) and his youngest son Martin Messina (20%) with market value of stock of Metro Culinaria estimated to be $4,000,000. Elder son of Tony also owns a popular restaurant in that has an estimated market value of $1,500,000 and runs the restaurant as sole-proprietorship business. W...Read More
Answer: Introduction The tax practitioner in any part of the country are the people who deal in taxes, the tax laws, their application and their settlements. Usually when we see the tax practioner who automatically draw a conclusion that the said person deals in taxes, but the fact is often neglected that sphere of taxes that they must work in. Here in the discussion which follows one has tried to categorize the work that is done by the tax pay...Read More
Answers: 1. The probabilities that are possessed by the values of a random variable gives the probability distribution of that particular random variable. A probability distribution can be represented in the form of a function, a table or a graph. Probabilities possessed by discrete random variables is a discrete probability distribution. In a discrete random variable, the probabilities are assigned to each values and are greater than 0....Read More
Answer: Introduction: The most common principles of the ordinary and the statutory income is that it is considered in the taxpayer’s assessable earnings. The ordinary earnings under “sec 6-5, ITAA 1997” are held assessable for tax when the taxpayer successfully establishes the nexus with the payment received for services. But in terms of statutory income it is not so necessary. Assessing the nature of receipts for...Read More
Answer: Business Problem An Australian business school intends to understand the difference in performance of students studying “Statistics for Business”. The key parameters identified for the study is the underlying gender of the students along with the international student status. Besides, the business school also intends to find ways based on the given study in order to improve the performance of students in the subject. Proble...Read More
Answers: 1.Issue Determining the employment status of William is the issue in thus given situation Theory There are five specific legal tests which have to be used to analyze the issue in hand. These tests are as follows: Control test – The way in which the work is to be carried, when it is to be done and where is all decided by the employer. Organization or integration test- whether the work activity is done in the same way by a ...Read More
Answer: 1.The present case study is based on the ascertainment of whether the legal expenses that is reported by the taxpayer would be taken into account as the permissible deductions under “section 8-1 of the ITAA 1997”. Evidently, it is noticed that Microhard occurred a legal expenses relating to the claim of copyright bought forward by one of its competitor (Tan, Braithwaite and Reinhart 2016). Eventually the claim was sett...Read More
Answer: Introduction: Income Tax Assessment Act, 1997 is the current legislation in Australia governing the provisions in relation to the income tax for the individuals and corporations in the country. Australian Taxation Office, here in after to be referred to as ATO, is an independent statutory body of Government of Australia that regulates the taxation environment in the country. The relevant provisions of the Income Tax Assessment A...Read More
Answer: An individual’s assessable income is subjected to income tax since it is added into the taxable income. Income according to the ordinary concepts is taxable under “section 6-5 ITAA 1997”. The court in “Scott v CT (1935)” held that income should be interpreted in terms of the ordinary concepts of mankind. Gains originating from business is an ordinary income under “section 6-5” (Bankman et ...Read More
Answer: The Australian Taxation Office (ATO) is the main revenue collection agency of the government. The main role of ATO is to shape the tax and superannuation system in such a way that it acts as a pillar for fund services for the people out there but not limited to:: collecting income tax revenue for government monitoring the goods and services tax (GST) on behalf of the Australian states and territories to govern the Programs which r...Read More
Answer: Introduction In the case it has to bedetermined thatif the three payments that Hillary received are the income of personal exertion. It is also to be determined that if Hillary had written a story for own happiness and then she decided to sell it then will it sum up to the income from her personal exertion. According to the section 6-1 of the Income Tax Assessment Act 1997, the term income has been derived from the personal exertion ...Read More
Question: Discuss About The Gender Differences In Paid And Unpaid Work? Answer: Introduction: The organisational structure of every successful company needs to be diversified and there should be enough equality provisions inside the company. The concept of equality in the company has been raised in the portion of the developing countries like Britain with the help of the certain scholars like Kirton and Greene. However, the poli...Read More
Question: Discuss about the Study of the morphological and mechanical feature. Answer: Type of tax system used to determine the taxpayer’s income and its functioning One of the taxation systems used to determine the income of a taxpayer in the form of income tax. Canada Revenue Agency collects tax charged on the income received by an individual in a particular financial year. Income tax charged on all the residents of ...Read More
Questions: 1. Calculate the net tax payable for Darren and Samantha for the 2017/18 financial year. Show all workings. Include Medicare, Medicare Surcharge (if applicable) and any offsets or rebates that may apply. 2. Provide advice to Darren and Samantha about merging both of their businesses into a partnership. Show how you have compared the option of merging versus not merging. Show all workings/calculations. Justify your advice. ...Read More
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