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Taxation Law Worldwide Australia Ltd

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Question:

What are the Australian tax consequences of these transactions for Mandy Morris,Explain and justify your answer relevant case laws?
 
 

Answer:

The following case study is based on the determination of tax consequences of transactions incurred by Mandy Morris. An individual leasing the commercial premises to others must include the full amount of rental income derived from such leasing in their income tax return. As evident from the existing situation, Mandy had derived rental income of $10,000 from the commercial leasing of her Australian home. The second point to be considered in context of rental income states that ordinarily where the taxpayer grants the property on lease or license it whether wholly or partially, the amount derived in the form of rent by Mandy will be considered in the assessable income (Barkoczy 2016). Referring to the illustrations made under “FCT v Kowal, 84 ATC 4001”, the money derived by Mandy will be regarded as assessable income.

Dividends that are paid to the shareholders by the Australian resident companies are held for taxation under the system that is known as imputation (Woellner et al. 2013). Mandy had borrowed from the Westpac Bank to purchase shares in Worldwide Australia Ltd and received $2,500 fully franked distribution, which is subjected to tax under the imputation system. Therefore, Mandy had received dividends from the Australian resident company and it will tax under the imputation system. An individual can claim deduction upon the interest that is charged on money borrowed to purchase shares. Mandy can claim a deduction on interest charged by the bank on money that is borrowed from the Westpac to purchase shares.

 

References

Barkoczy, S., 2016. Foundations of Taxation Law 2016. OUP Catalogue.

Woellner, R., Barkoczy, S., Murphy, S., Evans, C. and Pinto, D., 2013. Australian Taxation Law Select: legislation and commentary. CCH Australia.

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