Question: Introduction A receipts that a taxpayer receives from the employment and from giving any personal services is subjected to taxation on income for the employee. As defined in “sec 6-5, ITA Act 1997” ordinary income refers income on the bass of ordinary concepts. The commissioner in “CT v Scoot (1935)” held that interpretation of income must be made on the basis of the ordinary concepts (Barkoczy 2014). A ...Read More
Answers: Question 1 Provisions related with partnership firm Statement showing the computation of the net income of the partnership for the year ended 30June 2017 Particulars Amount ($) Total sales (cash and credit) &nbs...Read More
Barkoczy, S., 2016. Core tax legislation and study guide. OUP Catalogue.
Woellner, R., Barkoczy, S., Murphy, S., Evans, C. and Pinto, D., 2016. Australian Taxation Law 2016. OUP Catalogue.
Answer: Introduction The fundamental problem to this instance is linked to estimate the net sum of earnings that is grossed by the partners all over the year of assessment and to conclude the dispersal of incomes amongst the partners. Rule: “Division 5 of the ITAA 1936” commence with the “section 90”, that explains partnership is not the separate legal company within the purview of genera law and do not pay taxe...Read More
Answer: The objective of this case study is to appropriately treat the business receipts of the partnerships on the basis of the ordinary income and statutory income that is paid to the partners. Rule: There is a chief depiction that has been in the “sec-90, ITA Act 1936” that the partnership on making the net income is responsible for assessment of its taxable income given the partners are the resident taxpayers following t...Read More
Answer: Introduction: Over the years, nations have been supporting themselves on the platform of imposing an income tax on its citizens to increase its revenue. This is because the government cannot function without funds. Thus, to ensure that there are enough funds to operate the nation’s activities, they typically collect taxes from their citizens. The term income tax can be defined as a tax imposed on a taxpayer that varies depending...Read More
Answer: Answer to question 1: Issues: The main issues that the current case study is concerned relates to the determination of the net income of the partnership within the meaning of “section 90, ITAA 1936”. Rule: An explanation has been made under the “division 4 of the ITAA 1936”, which clarifies that the partnership is not treated as the separate legal entity under the meaning of general law and no taxes ...Read More
Answer: Introduction: Income tax assessment act 1997, Section 995-1(1), describe the partnership as an association of the two or more persons running business as a partner in lieu of statutory income. In the layman language, it can be said that partnership is the relationship between the two or more than two people carrying out the commercial activity with the view of earning a profit (Burkhauser, Hahn, and Wilkins, 2015). The partnership is ...Read More
Answer: Introduction The main issues that the current case study is concerned relates to the determination of the net income of the partnership within the meaning of “section 90, ITAA 1936”. An explanation has been made under the “division 4 of the ITAA 1936”, which clarifies that the partnership is not treated as the separate legal entity under the meaning of general law and no taxes is paid by the partnership. The p...Read More
Answer: Introduction When the taxpayer receives any receipts through the occupation or from any rendering of personal services then the income will be taxable for the employee. As noted in “sec 6-5, ITA Act 1997” ordinary income is better understood on the basis of ordinary concepts. The taxation commissioner decision in “CT v Scott (1935)” stated that income must be interpreted in accordance with the ordinary concepti...Read More
Answer: For the purpose of income tax under “section 995-1, ITAA 1997” the definition of partnership comprises of including the receipts made from the joint incomes of the property, service contracts and business agreements (Tondani 2016). Conferring to the “section 995-1”, partnership is better understood as the conducting of business activities as the partners or getting the ordinary income and the statutory...Read More
Answers: Question 1: Assessable Income of Partnership Business Division 5 of Pt of III ITAA deals with the principles concerning partnership taxation. These are applicable to all types of partnership exclusive of limited corporate partnership. It is stated by Morse and Deutsch (2015), that, the main purpose of this division is to inflict the tax on the partners rather than partnership which is obliged to be the individual taxpayer. Furthe...Read More
Answer: Issues: The case introduces the issues that is related to the calculation of the net income from the partnership made by the partners during the year. Rule: As per the “division 5 of the ITAA 1936”, a partnership is not treated as the separate business under the general law and partnerships is not required to the tax. Instead the partners pay the tax on the profits that is distributed to the partners (Arnold,...Read More
Answer: Part A: According to “section 6-1, ITAA 1936”, personal exertion income includes income that is derived from wages, salaries, gratuities, superannuation allowance etc. by working as the employee or from business activities. According to “section 6-5, ITAA 1997” most of the income that is earned by the taxpayer is treated as ordinary income. According to the taxation commissioner in “Scott v CT ...Read More
Barkoczy, S. 2014. Foundations of taxation law.
Kenny, P. 2014. Australian tax.
Krever, R. 2015. Australian taxation law cases.
Morgan, A., Mortimer, C. and Pinto, D. 2015. A practical introduction to Australian taxation law.
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