Taxation Law and Practice - Question 1
ABC Pty Ltd sells upmarket washing machines. It had $200,000 stock on hand at the beginning of the 2017/2018 financial year. It purchased $50,000 of additional trading stock during the income year. The closing stock on hand was $130,000.
At the beginning of the 2018/2019 financial year ABC Pty Ltd had $130,000 stock on hand. It did not purchase any stock during the year as it was having financial diffi…
Understanding of Relevant Taxation Law and Policy Issues
Contents
Introduction:
Question 1: Brief description of Fact:
Decision at 1st Instance:
Why did Full Federal Court Judges Disagree?.
Prospects of any proposed appeal to the High Court:
Questions # 02:
Capital Gain Calculation:
If Enid inherited it from her aunt, Sophia on February 12, 1999:
Part B: Brief description:
Introduction:
The FFC (Full Fede…
Case Study: Edwin
Conditions for availing CGT Concessions
According to the small business entity, CGT Concessions rules[1], a small business is entitled to certain CGT concessions concerning the sale of an active asset by it. A business entity shall be regarded as a small business entity for these concessions only if its aggregate annual turnover including the turnover of its connected entities [2]is not more than $ 2 million. This is …
2017 OECD Model Tax Convention (MTC)
Answer to Question 2:
Question: Discuss whether country B is allowed to tax the income received by ACO from its customers in country B under the A/B treaty?
Discussion
Indeed, under the 2017 OECD Model Tax Convention (MTC), country B is allowed to tax the income received by ACO from its customers in the country. This convention applies to customers of one or both of the contracting states, regardle…
Case Study: Michael
Answer to Question- 1 :-
ASSESSABLE INCOME FOR THE YEAR ENDED 30.06.2019
PARTICULARS
AMOUNT($)
PROFIT FROM OPERATION
$ 640,000.00
(915000-275000)
ADD:RENTAL FROM PROPERTY
$ 95,000.00
ADD:EXCESS PAYMENT…
Federal Commissioner of Taxation v Stone 2005 ATC 4234
Brief Facts
Joanna stone was one of the athletes who was playing for Australia Olympic and had represented the country in various international competition including the Olympic Games. Stone was also employed in the police force in Queensland. However, she had retired from the sport due to injuries caused during the game and now working as a full-time policewoman. Stone had received var…
Part-1 Solution:
Fringe Benefits Tax
Fringe benefit are those payment made by employer to employee other than by way of salary. Employee means any employee who serve or serving in current, past or future. It also includes director of the company and a person being beneficiary of trust involve in activity in relation to business.
There are different types of fringe benefit can be provided such as providing interest free loan to employee, …
(A) Explain and determine the Section 90 (ITAA36) partnership net income for the 2020 income year.
Partnership
In a layman’s language, partnership is something where two or more than two people come together to constitute any business activity in order to meet their common objective or mutual forecasted goal from the same. However, technically partnership is something where all the individuals form a relationship in view of profit and…
Week 1
Different Functions of Taxation
Taxes are described as contributions by donors to budget and extra-budget funds in set sums within a normal and specified time period.
The tax purpose is an abstraction of its essence, the tax feature outlines its social goals of value-based allocation and income redistribution. Any step taken by the taxing machinery is an indication of the essence or group of such internal features, indices or econ…
Calculation of Taxation Law
Table of Contents
Week 6
Week 7
Week 8
Week 9
Week 10
References
Week 6
The provisions of the Income Tax Assessment Act related to Fringe Benefit Tax provide that any payment made by the employer towards expenses of the employee would be regarded as a fringe benefit irrespective of whether the amount is reimbursed to the employee or paid directly to any third party (ATO, n.d. a). Accor…
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