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Tax Fundamentals of Australia

   

Added on  2021-01-02

9 Pages2181 Words51 Views
TAX FUNDAMENTALS

Table of ContentsINTRODUCTION...........................................................................................................................1CASE STUDY 1..............................................................................................................................1a) Residential status and relevant case laws and relevant tax rule..............................................1b) Calculation of Australian assessable income .........................................................................2CASE STUDY 2..............................................................................................................................4Calculation of Joseph's taxable income in relation to superannuation lump sum benefit...........4CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7

INTRODUCTIONTax is a liability of levied by the government upon individual, company and organisations togenerate funds for running economic operations of a country (Chi, Pincus and Teoh, 2013). Thisreport contains the procedure of assessing tax liability for individual assesses. Case study basedquestions are analysed by applying Australian legislations, case law and relevant tax ruling toassist answer. CASE STUDY 1a) Residential status and relevant case laws and relevant tax ruleFacts As per the provision of residential status Dr peter Wong is an Australian pathologistemployed by Apex laboratories Ltd in Sydney since 2010. There is calculated residency status ofDr Wong for the period between 1 July 2015 and 30 June 2018. The facts and related tax rulingmention below - In June 2015, Dr Wong accepted a 2 year research fellowship at a new york universityand starting from 1 July, 2015. Apex Laboratories Ltd Keep Dr Wong as an employee so they offered part time positionand Dr Wong accepted and provide their services remotely from new york, travel toSydney for project meetings every 8 weeks. In December 2015, Dr Wong is working as a full time research position in new york. On 1 January 2016, resigned from apex and apartment remained rented at the same price(Gibb, 2015). Residency status - There is apply income tax 1936 and calculated time period to stay inAustralia and residency status - In 2015-16, Dr Peter Wong stay 3 months in Sydney from April to June but in July 2015shift in new york and provide their services from new york. In the year 2015-16, travel for project meetings in every 8 weeks in Sydney. In Januarypermanent shift in new york. 2015-16Residency status April to June 3 Months (Sydney) July to December 6 Months (Sydney + New york)1

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