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Taxation Law Assignment (Answers)

   

Added on  2020-03-23

15 Pages2611 Words51 Views
Running head: TAXATION TaxationName of the StudentName of the UniversityAuthor Note

TAXATION 1Table of ContentsCategory-1: Assessable Income:......................................................................................................2Answer 1..........................................................................................................................................2Answer 2:.....................................................................................................................................3Answer 4:.....................................................................................................................................7References......................................................................................................................................11

TAXATION 2Category-1: Assessable Income: Answer 1Issue:The main issue here is impact implications of Susie and the issue will be highlighted based onAustralian taxation rules. Law The section 6-1 of the Income Tax Assessment Act 1936 provides list of certain payments thatshould be treated as royalty for the purpose of the act. The section 15-20 of the Income taxAssessment Act 1997 states that assessable income of the taxpayer should include the amountthat is received as royalty as per the ordinary meaning of the term. The section also states that itis not applicable for the payment received for which section 15-22 or 15-23 is applicable1ApplicationIn this case, Susie has received an amount from Malaysian company for developing a product.The amount received by Susie is royalty income and hence taxable under section 15-20 of the1Palil, Mohd Rizal, M. R. Akir, and W. F. B. A. Ahmad. "The Perception of Tax Payers on Tax Knowledge andTax Education with Level of Tax Compliance: A Study the Influences of Religiosity."ASEAN Journal ofEconomics, Management and Accounting1.1 (2013): 118-129.

TAXATION 3act. The advance received by her was nonrefundable and was to be adjusted against the futureroyalty income hence it is a revenue received in advance that should be taxable. If royalty isreceived in future Susie is not required to pay tax on the part she has already paid tax.2ConclusionThe royalty income of Susie can be therefore considered as taxable as the given sections. . Answer 2: Issue: The problem as stated in the question, deals broadly with the consequences of the capitalgains and income tax, as has been written in the subsections “160 M (6) and 160 M (7)”, underthe ITAA 1936, which ventures in the preventive business relations and contractual relations3 . Laws: 2Anderson, Colin, and Catherine Brown. "Mind the Insolvency gap: Lessons to be learned from audit expectationsgap theory."Insolvency Law Journal22.4 (2014): 178-191.3Palil, Mohd Rizal, M. R. Akir, and W. F. B. A. Ahmad. "The Perception of Tax Payers on Tax Knowledge andTax Education with Level of Tax Compliance: A Study the Influences of Religiosity."ASEAN Journal ofEconomics, Management and Accounting1.1 (2013): 118-129.

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