Tax : Page - 3

Case Study on Private Exertion Income For an ordinary income to for the part of the taxpayer’s assessable income during the particular year under “section 6-5 of the ITAA 1997” it should be derived must be derived by the taxpayer in the relevant year (Clarke, 2017). In order to consider the receipts as personal exertion it must be produced from the employment or services rendered there must be a sufficient connection ...

The Case of Arthur Murray (NSW) Pty Ltd v FCT (1965) The facts of this case is that taxpayer carried on the business of giving dancing tuitions and charged fees from those that took lessons from the tax payers based on hourly basis. As evident from the case the basic tuition courses which was available to those that learned dancing was in varied hours of 5, 15 and 30. The tuitions was provided following the appointment with the taxpayer inside o...

Personal Exertion Income under ITAA 1936 and ITAA 1997 Meaning the definition that is stated in the “section 6-1 of the ITAA 1936” includes that the accounting that is received personal exertion represents the income that is obtained from the salaries, wages, bonuses, gratuity received in capacity of the employee or the allowances received in respect of any kind of services rendered. The definition that is stated in the “s...

Assessable IncomeAdvise Kate regarding the tax implications, arising from the above facts in relation to the 2017/18 income year. In your answer, make sure you: (1) apply the HIRAC methodology and refer to any relevant cases, legislative provisions, and principles of tax law; and (2) show separately your calculation of Kate’s taxable income, and ‘basic income tax liability’, for the 2017/18 income year, fully explained by ref...

Answer 1: Tax Consequences for Jenny's Transaction1. Henry, a tax resident of Australia, was a famous jazz singer who passed away recently. Jack, a publisher was interested on Henry's life story and wanted to write a bibliography on Henry's life. Jack approached Henry's wife, Jenny (also a tax resident of Australia) to interview her on Henry's life story. She was offered $1 million for Henry story. Jenny was paid $500,000 deposit before the in...

IssueDiscuss about the Federal Income Taxation Of Partners. The issue here revolves around ascertaining the consequences of tax for both ABC Sports Pty Ltd and John. The issue here would take into the deductibility or the assessability of the recipts and expenses caused during the ordinary business course or during the employment course. “Federal Commissioner of Taxation v Wiener (1978)” “Californian Oil Products L...

Assessability of Income from Personal ExertionWhat Is The Efficiency Incidence Major Australian Taxes. The current report is based on determining the assessability of income derived by Jacinta Wells for the income year of 2016/17 and 2017/18. “Section 6 of the ITAA 1936” provides that income derived from the personal exertion or income generated personal exertion represents income that comprises of earnings, salaries, wage...

Gregor's delusional character is revealed the moment he wakes upQuestion:Discuss aboout the Gregor Samsa in Kafka’s Metamorphosis. General statement Gregor’s connection of his previous human thinking and feelings with his insect form is the main delusion depicted by Gregor in the narrative Kafka’s Metamorphosis. Gregor is presented to the reader as a character who is deluded about his own family. Delusion is a general re...

Determining Residency for Taxation PurposesDicsuss About The Tax Guide Musicians Actors And Entertainers? From the background scenario it is noted that Ms. Jenny was a Honkong resident who was initially offered a temporary business travel to Australia in order to offer suggestions to the former residents of Honkong who were settled in Melbourne, Sydney, and Brisbane during April 2016. To complete her training she visited all the three...

Issues1.Can Robyn be taxed on any part of her salary, from Victoria University, in Australia for the 2016/17 tax year and any other years she acts as coordinator in Calcutta.  2.Determine what amounts will form part of Paul’s assessable income for the 2016/17 taxation year.  The current issues is based on the determination of the tax consequences for the part of salary derived by an Australian resident working overse...

Deductions under ITAA 1997 Discuss About The Perspectives On The Accountability Of Australian? The main aim is to evaluate section 8-1(1) of the ITAA 1997 and identify the relevant deductions that could be used by taxpayers. These relevant deductions would eventually allow the taxpayers to reduce the assessable income and retain more cash. The Section 4-15 of the Income Tax Assessment Act mainly indicates the relevant exemption that could be us...

Calculation of Fringe Benefit and Taxable Income for BrianQuestion:Discuss About The Purchase Public Infrastructure Project In Australia? Brian is one of the executive of bank. As the part of his salary structure, his company has given him a three year loan of $1m at a special 1% rate of interest per annum which is payable in monthly instalments. Brian got the loan on 1 April 2016. Out of the total loan amount 40% is used for the purpose of pro...

Computation of Net Capital Gain or Loss for CGTQuestion:Discuss About The Obligation Payment Interest Charges On Loan? The present study is based evaluation of given 5 case scenarios by applying Australian taxation provisions. For the solution of each case study, ILAC approach will be applied in to provide a viable solution to the taxpayer. In the previous twelve months, Eric had acquired, and sold capital assets thus present part of study dea...

Assessable Income and Allowable DeductionsQuestion:Discuss about the Analysis Of The Treatment Of Claiming Deductions.This report is based on the analysis of the treatment of claiming deductions with respect to interest and expenses under rental property. Through this report an attempt has been made to correctly identify the cause of the issue that was stated in the case study and therefore analyzing every aspects of the issue to suggest the bes...

Zakat as an Effective Instrument for Alleviating PovertyQuestion:Discuss about the Role of Zakat in Alleviation of Poverty.The Zakat or instinctive almsgiving as the measure through which Islam attempts to address poverty. The theory of Zakat might appear strange to any person who is not acquainted with the region of Islam. Nevertheless, it is a noteworthy concept of theory that attempts to address the issues of global poverty (Yaacob et al. 201...

Residency Status for Tax PurposesQuestion:Discuss About The Determine The Tax Consequences For Salary? The report explains the treatment of tax of income that have been derived from working in an oversea university as a coordinator. The terms of work for the coordinator is that Can Robyn can continue to works as long as he wished or as long as the course existed in the Calcutta University. The Taxation Ruling IT 2650 provides certain guidelines...

Comprehensive discussionDiscuss about the Sections  of the ITAA 1936 and ITAA 1997 and income tax rulings issued by the Australian Taxation Office. The Australian taxation office regulates and monitors the taxation system in the country. The taxation office determines whether an individual would be considered as the resident for the taxation purpose of not. To determine whether an individual is a resident for the tax purpose or not...

Income Sources and Assessable IncomeQuestion:Discuss about the Taxtation Law Residency & Source.The income earned from different sources is an imperative aspect to determine the total assessable income of a taxpayer. The income received from sources such as domestic source or from foreign source is considered for taxation on the basis of the tax residency status of the taxpayer. Therefore, it can be concluded that in regards to determine the...

Tax Residency and Assessability of IncomeQuestion:Discuss about the Residency & Source of Income.In order to determine the assessability of income when income is derived from both domestic and foreign sources, tax residency tends to become a key determinant. This is primarily because in accordance with Section 6-5(3), ITAA 1997, with regards to foreign tax residents, only that portion of the income that would be derived from  sources lo...

Overview of Tax Residency Status Determination under Australian Tax LawQuestion:Discuss about the Taxation Law and Practice Residency & Assessable Income.The tax residency status of an individual tax payer provides estimation that what portion of the income is assessable for the taxation that is derived either from domestic sources or from foreign sources. As per the Section 6-5(3) of the Income Tax Assessment Act (ITAA), 1997[1], in case of...

FactsDiscuss about the Cyonara Snowfox Pty Ltd v Commissioner of Taxation. The current report considers the long and expensive history concerning the GST. The study considers the “Cyonara Snowfox Pty Ltd v Commissioner of Taxation 2012 FCAFC 177” where the federal court of Australia unanimously terminated the taxpayer’s petitions arising from the verdict of the tribunal (Tang 2015). The tribunal held its decision conce...

Calculating Assessable Income under the Income Tax Assessment Act 1997Describe about the Income Tax Law for Ordinary Notion Assessment. The Australian taxation law provides that every individual, company and other entities are required to pay tax on their taxable income. The section 4-15 of the Income Tax assessment Act 1997 provides that the income on which tax is payable is calculated by subtracting deductions that are allowable from As...

Current Situation of the companyDiscuss about the Sengupta Fibres Limited And Insights From Working Capital.  Current Situation of the company: The current situation of the company is worse than in the earlier years. As per the problem cited in the case study, the company cannot send its goods out of the warehouse until the excise duty has been paid to the excise inspector and as per the scenario it seems that the goods cannot be sen...

Facts of Infrastructure at LappingtonDiscuss about the Land Acquisition and Statutory Valuation. There are number of projects undertaken, in the eastern part of the Leppington and in the northern part of the Leppington. This work will come to the conclusion in the year 2022. They started the building up of infrastructure of waste water. In Austral it will complete by the year 2016, in the eastern part of Leppington, it will complete b...