Tax : Page - 2

Assessable Income and ExemptionsAn individual’s assessable income is subjected to income tax since it is added into the taxable income. Income according to the ordinary concepts is taxable under “section 6-5 ITAA 1997”. The court in “Scott v CT (1935)” held that income should be interpreted in terms of the ordinary concepts of mankind. Gains originating from business is an ordinary income under “section...

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 ...

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...

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...

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...

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...

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...

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...

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...

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...