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Australian Income Taxation Law and Practice - Assignment

   

Added on  2020-12-18

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AUSTRALIAN INCOMETAXATION LAW ANDPRACTICE
Australian Income Taxation Law and Practice - Assignment_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................11. Defining foreigners in Australian Taxation law (including business)....................................12. Determining tax treatments which is different for foreigners.................................................23. Implications for identified treatments.....................................................................................34. Recommendation ....................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
Australian Income Taxation Law and Practice - Assignment_2

INTRODUCTIONThe Australian taxation office is Australian government statutory agency along withcollection of principal revenue body for Australian government. It has responsibility for purposeof administering taxation system of Australian federal, superannuation legislation and otherlinked matters. Usually, it is replicated as act, with outcome of revenue as taxes. The presentreport is based on the topic of “tax treatment and implications for foreigners investing inAgricultural businesses in Australia”. It consists of appropriate defination of foreigners,determining tax treatments along with implications and recommendations for relevant law formsas well,MAIN BODY1. Defining foreigners in Australian Taxation law (including business)Foreign business person is elaborated as in Foreign Acquisitions and takeover feesimposition act 2015 to mean any foreign person, with exception of any individual is notordinarily resident of Australia and carries business in Australia or anywhere. The foreigners asper Australian taxation law are considered who does not belong to that particular origin asAustralia. There are three statutory tests, which are necessary to be passed to consider anindividual as foreigner in Australia according to Australian taxation office. These statutory testare stated below:Domicile test: It is first statutory test, as any resident of Australia as domicile which isreferred to place i.e. permanent home is in Australia. Unless satisfaction with permanentplace of abode is not inside Australia. In this aspect, permanent does not signify foreveror everlasting but implied with sense of contrasted to transitory or temporary. The placeof abode is replicated as residence, where you sleep at night and live with family. If onedoes not have any fixed or habitual place of overseas abode and move from one countryto other. Furthermore, there is constant movement within single country then domiciletest will be cleared then domicile test will state one as Australian resident not asforeigners (Edge, 2017).183-day test: It is about presence in Australia for 183 days or more than half income yearwith break or continuous then there is possibility for having constructive residence inAustralia. There is requirement for establishing usual place of abode is not in Australiaand absence of intention for taking residence.1
Australian Income Taxation Law and Practice - Assignment_3

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