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HI3042 Taxation Law || Holmes Institute

   

Added on  2020-03-02

12 Pages1894 Words41 Views
Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID

1TAXATION LAWTable of ContentsQuestion 1:.................................................................................................................................3Answer to scenario 1:.................................................................................................................3Issue:..........................................................................................................................................3Legislation:.................................................................................................................................3Application:................................................................................................................................3Conclusion:................................................................................................................................3Answer to Scenario 2:................................................................................................................3Issue:..........................................................................................................................................3Legislation:.................................................................................................................................4Application:................................................................................................................................4Conclusion:................................................................................................................................4Answer to Scenario 3:................................................................................................................4Issue:..........................................................................................................................................4Legislation:.................................................................................................................................4Application:................................................................................................................................4Conclusion:................................................................................................................................5Answer to Scenario 4:................................................................................................................5Issue:..........................................................................................................................................5Legislation:.................................................................................................................................5Application:................................................................................................................................5

2TAXATION LAWConclusion:................................................................................................................................5Question 2:.................................................................................................................................6Issue:..........................................................................................................................................6Legislation:.................................................................................................................................6Application:................................................................................................................................6Conclusion:................................................................................................................................7Answer to question 3:.................................................................................................................8Answer to question 4:.................................................................................................................9Reference List:.........................................................................................................................11

3TAXATION LAWQuestion 1: Answer to scenario 1: Issue: The present issue determines whether the allowable deductions will be allowed for thecost of moving machinery to a new site.Legislation:a.British Insulated & Helsby Cablesb.Section 8-1 of the Income Tax Assessment Act 1997Application: The cost of moving the machinery to new site is considered as capital and nodeductions will be allowable under 8-1 of the Income Tax Assessment Act 1997. Citing thereference of British Insulated & Helsby Cables the transportation cost is referred as theenduring advantage on business premises by moving the depreciable asset. Therefore, thecost involved in moving the mercenary to a new site is not allowable for deductions. Conclusion: To conclude with, moving of fixed asset represents an increase in the cost of item fordepreciation and cannot be allowed for deductions under section 8-1 of the ITAA 1997. Answer to Scenario 2: Issue: The issue determines whether the revaluation of asset to the effect of insurance shallbe allowed as deductions under section 8-1 of the Income Tax Assessment Act 1997.

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