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Answer: Private & Confidential To Herbie Smith Advisors Consultant & Co 85 Smiths Villa Native Heights Dear Herbie We look forward to respond to your recent meeting, messages and telephone conversation. We are attaching the advice in respect to the matters sought by you in relation to the assessment of small business entity. Scope: The main objective or scope of the current letter of advice is to give the taxpayer with a valua...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: 1. With reference to the principles of taxation, it is seen that it plays an important role in accomplishing the income equality within the society. Some of the important functions are given below- Taxation redistribution function In order to allocate proper understanding of the Australian taxation system, there are many deductions, fringe benefit tax, goods and service tax. The allocation function reveals comes up to make governme...Read More
Answer: Introduction The focus of the assessment is to formulate a detailed analysis on the reporting process of a business mainly focusing on reporting for taxes. The company which is selected for the analysis is CSL ltd which is engaged in providing pharmaceutical solutions to the people. The company is known for its 9innovative approaches for development of new medicines (Csl.com. 2020).. The annual report for the company would be consider...Read More
Answers: 1: Issues: The central matter of discussion that is addressed in this case is concerning the tax deduction of prepaid rent that is paid by the taxpayer for 10 years of casino rental. Rule: An outgoing is not permitted for deduction till the extent that the outgoing has occurred for expenses that are capital and not allowable as tax deduction inside the “sec 8-1 ITAA 1997”. There must be a difference between the r...Read More
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