Australian Tax Law (Doc)
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Added on 2020-02-19
Australian Tax Law (Doc)
Added on 2020-02-19
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Running head: AUSTRALIA TAXATION LAWAustralia Taxation LawName of the University:Name of the Student:Authors Note:
1AUSTRALIA TAXATION LAWTable of ContentsAnswer for the Question 1: Depicting the treatment for tax purposes under Australian TaxLaw.............................................................................................................................................2Q i) Benefits provided by Airline Company to frequent flyers.................................................2Q ii) Damage payment for Capital asset....................................................................................2Q iii) Free holiday package........................................................................................................3Q iv) Return of excess funds......................................................................................................4Q v) Payment to sports person...................................................................................................4Q vi) Expense related to building apprentices...........................................................................4Q vii) Short course expense for becoming art director..............................................................5Q viii) Work Makeup and dresses..............................................................................................5Q ix) Expenses between home and office..................................................................................6Q x) Expenses between one employer to another employer......................................................6Answer to Question 2: Net taxable income of Manpreet for the year 2016/17 financial year. .7Reference..................................................................................................................................10
2AUSTRALIA TAXATION LAWAnswer for the Question 1: Depicting the treatment for tax purposes under AustralianTax LawQ i) Benefits provided by Airline Company to frequent flyersRelevant reward points are provided to the customer on the basis of frequent flyingconducted by the business analyst. Therefore, the benefit gained from reward points cannotbe considered under taxable income or Fringe benefit tax. This is mainly because the overallbenefits provided to the business analyst is mainly due to the frequent playing that has beenconducted by the individual. According to the taxation ruling of TR 1999/6, any kind ofrewards for benefits that is received by the customer by the airline company cannot be treatedas a taxable income.However, there are some scenarios where fringe benefit tax could beassociated with the reward points are provided by the airline company.The first and foremostpoint is the family relationship between employer and employee, where reward points isprovided to the employee in context with their employment. The second point mainly statesthat reward points that are provided due to some particular arrangement could be consideredunder fringe benefit tax1. Therefore, the scenario does not represent any kind of fringe benefittax or taxable income for the benefits provided by Airline Company.Q ii) Damage payment for Capital assetThere is relevant payment for Capital Asset damage that was conducted by thecustomer. According to the Australian taxation law, relevant payments for damages are notconsidered under the taxation method. However, there are certain measures that need to be1Cheshire, Lynda, Jo-Anne Everingham, and Geoffrey Lawrence. "Governing the impacts ofmining and the impacts of mining governance: Challenges for rural and regional localgovernments in Australia."Journal of Rural Studies36 (2014): 330-339.
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