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Assignment on Income Tax Law

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Added on  2021-06-14

Assignment on Income Tax Law

   Added on 2021-06-14

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Running head: INCOME TAX LAWIncome Tax LawName of the StudentName of the UniversityAuthors NoteCourse ID
Assignment on Income Tax Law_1
INCOME TAX LAW1Table of ContentsAnswer to Part 1:........................................................................................................................2Answer to Part 2:........................................................................................................................6Domicile Test:............................................................................................................................6183 days’ test:............................................................................................................................7Resident according to Ordinary Concept Test:..........................................................................7Superannuation Test:..................................................................................................................8Reference List:...........................................................................................................................9
Assignment on Income Tax Law_2
INCOME TAX LAW2Answer to Part 1: Computation of Taxable IncomeComputation of Balance of Dale Assessment
Assignment on Income Tax Law_3
INCOME TAX LAW3Working Notes 1: Working 1ParticularsSections Notes Amount Cashreceiptsfromsaleoftradingstock for the year Section 6-5 of the ITAA 1997 $ 110,000.00 CashreceiptsfromholistichealthservicesSection 6-5 of the ITAA 1998 $ 100,000.00 Invoices issued but not paid Section 6-5 of the ITAA 1999 $ 12,000.00 Total Revenues $ 222,000.00 Cost of goods soldSection 8-1 of the ITAA 1997General Deduction $ 7,500.00 Wages paid to part time staffSection 8-1 of the ITAA 1997General Deduction $ 56,112.00 Rent expenses paidSection 8-1 of the ITAA 1997General Deduction $ 15,600.00 Legalexpensesincurredinrenewing the leaseSection 8-1 of the ITAA 1997General Deduction $ 1,750.00 Tax Agent’s FeesSection 25-5 of the ITAA 1997Specific Deduction $ 650.00 Bank/Merchant FeesSection 8-1 of the ITAA 1997General Deduction $ 700.00 BusinessInsurance(continuityinsurance)Section 8-1 of the ITAA 1997General Deduction $ 2,950.00 Business PhoneSection 8-1 of the ITAA 1997General Deduction $ 1,780.00 Home phone for businessSection 8-1 of the ITAA 1997General Deduction $ 660.00 Scented oils etc used upSection 8-1 of the ITAA 1997General Deduction $ 11,150.00 ElectricitySection 8-1 of the ITAA 1997General Deduction $ 4,000.00 Postage, printing & stationerySection 8-1 of the ITAA 1997General Deduction $ 1,600.00 Interest on loanSection 25-25 of the ITAA 1997Specific Deduction $ 2,520.00 Total Expenses $ 112,162.00 Profit $ 109,838.00 SuperannuationGuaranteepaidforall employeesSpecific Deduction $ 5,190.00 Taxpayer: Dale TaleComputation of Taxable IncomeSubdivision 290-B of the ITAAWorking Notes 2:
Assignment on Income Tax Law_4

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