Answer: The given question pertains to the tax treatment for income earned by Andrew Smith, a lawyer in sole practice, for the income year ending 30th June, 2019. Income earned/received in current year: In the given case, a major decision is selection of a method of determination of income earned by the assessee. Relevant provisions: There are two methods for determination of income, i.e. earnings method and receipts method (Section 6...Read More
Answers: 1: The commissioner might under the “sec 353-10 (1)” it may provide in writing where it may require a person to do any of the following To provide the commissioner with any type of information for administration purpose or operation of tax law To attend and provide evidence to commissioner for administration purpose or operation of tax law To provide the commissioner with any type of documents in their cus...Read More
Answers: Q1. It is noteworthy that in accordance with ss. 6-5(3) ITAA 1997, a foreign tax resident needs to pay tax in Australia on any income which is derived from Australian sources (ATO, 2020a). It is known that taxpayer Alex is not a Australian tax resident and has derived income of $ 90,000 from Australian sources. As a result, in the absence of any deduction, his taxable income would be $ 90,000 only. As per the relevant tax s...Read More
Question: Discuss About The Retrieved From Interactive Tax Consultants? Answer: Introducation Issue: From the background of the scenario it is understood that Mos. Jenny was a resident of Honking who initially being offered for temporary business travel to Australia in order to give suggestions to the former residents of Honking who are settled in Melbourne, Sydney, and Brisbane during April 2016. She went to visit all the...Read More
Question: Discuss about the Land Transactions and Investment Regime. Answer: Introduction: The kit was born in Chile and still has his Chilean citizenship. However, Kit is also a permanent resident of Australia. He spends a major part of the year working off the Indonesian coast on an oil rig for an American firm. He was hired by this company in Australia only, and the employment agreement was signed there too. Kit’s f...Read More
Question: Describe about the Taxation Law for Cost of the Asset and Selling. Answer: Case study 1: Capital Gains Tax According to Australian Taxation office, capital loss or capital gain is the difference between cost of the asset and selling price of the asset. An individual has to pay tax on the capital gains. The capital gains forms part of the income tax and it is not consider as separate tax (Burrell and McGinn, 2009). If an in...Read More
Question: Discuss about the Taxation Law and Practice Policy. Answer: Introduction: The taxpayer was engaged in the business of providing dancing lessons in lieu of fees paid in advance. The advance fees paid by the students were placed under “suspense account” by the taxpayer. The taxpayer described this suspense account as “Unearned deposit- untaught lessons account”. The taxpayer followed the pract...Read More
Question: Describe about the Australian Txation Law for Daily Terror Amounting. Answer: 1. “Discussion on whether or not the three payments are income from personal exertion” From the above case study, it can be stated that three selected payments comes under income from personal exertion. This means that Hillary had written the book personally as well as sells the rights, manuscripts and photos to the Daily Terror amoun...Read More
Question: Describe about the Taxation Law for Broad Based Consumption Tax . Answer: Introduction The Government of Australia itself directly controls the taxation system in Australia. The provincial governments and local governmental bodies make chief contributions in implementing the legislations related to the taxation of Australia. Goods and service taxes are levied on the products and services, which are subject to taxation. Emp...Read More
Question: Describe about the Australian Tax Law for Taxation Act 2016. Answer: 1. Issue Hilary as per the information provided in the case has derived the following three payments: $ 10,000 – Sale of copyright of her autobiography $ 5,000- Sale of Manuscript $ 2,000 – Sale of expedition related photographs Other relevant information include that Hilary had no prior writing experience but still accepted the offer and ...Read More
Question: Discuss about the Australian Domicile for Business Employer. Answer: 1. The various facts with regards to Fred are summarised below. Fred does not hold an Australian domicile and hails from England. The visit to Australia is in regards to setting office for his British employer. His children did not accompany him to Australia as they were in college but wife has come. The exact duration of stay is not clear but Fred has...Read More
Question: Describe about the Taxation Law of Australia for Business Entities. Answer: The current study focuses on the assessment of the income tax that can help in calculation of the residential standing of Juliette. The first question in the current study deals with the residential status of Juliette and it suggests that the Juliette will be held as the resident of Australia enumerated from the perspectives of the income taxes betw...Read More
Question: Describe about the Taxation Law for Alternative Assets Insights. Answer: Introduction: The taxation act of Australia was introduced by Queensland in the year 1902. In order to help the Australian’s First World War Federal income tax was introduced in the year 1915. It is the most important system to collect revenue from the individual of the country. The financial year or the assessment year in Australia starts from ...Read More
Question: Describe about the Taxation Law for Personal Exertion of Hillary. Answer: Introduction: The study deals with critical evaluation of the personal exertion of Hillary, a mountain climber on two different provided scenarios. The second segment relies on significant assessment of the impact on the assessable income of the client; given the client is a parent. The latter portion of the study sheds light on ascertaining the net ...Read More
Question: Discuss about Tax Assessment Act for Indexation Mathod. Answer: Capital gains are derived when a capital asset is liquidated and the resultant proceeds are higher than the underlying asset’s cost base. With regards to capital gains, any gains on account of asset which are held for more than 12 months are termed as long term gains while capital gains made on assets with a holding period of less than 12 months amoun...Read More
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