(Doc) Taxation Law - Assignment
Added on 2020-03-23
12 Pages1998 Words47 Views
Running head: TAXATION LAWTaxation LawName of the Student:Name of the University:Author’s Note:Course ID:
1TAXATION LAWTable of ContentsAnswer to Question 1:................................................................................................................3Answer to Requirement 1:.....................................................................................................3Issue:..................................................................................................................................3Legislations:.......................................................................................................................3Application:........................................................................................................................3Conclusion:........................................................................................................................4Answer to Requirement 2:.....................................................................................................4Issue:..................................................................................................................................4Legislations:.......................................................................................................................4Application:........................................................................................................................4Conclusion:........................................................................................................................4Answer to Requirement 3:.....................................................................................................4Issue:..................................................................................................................................4Legislations:.......................................................................................................................4Application:........................................................................................................................5Conclusion:........................................................................................................................5Answer to Requirement 4:.....................................................................................................5Issue:..................................................................................................................................5Legislations:.......................................................................................................................5Application:........................................................................................................................5
2TAXATION LAWConclusion:........................................................................................................................5Answer to Question 2:................................................................................................................5Issue:......................................................................................................................................5Legislations:...........................................................................................................................5Application:............................................................................................................................5Conclusion:............................................................................................................................6Answer to Question 3:................................................................................................................6Answer to Question 4:................................................................................................................6References:.................................................................................................................................8
3TAXATION LAWAnswer to Question 1:Answer to Requirement 1:Issue:The issue is related to ascertaining the deductions that would be allowed under“section 8-1 of the ITAA 1997” with respect to the cost happened in the shifting of machine.Legislations:a.“Section 8-1 of the ITAA 1997”b.“British Insulated &Helsby Cables”Application:The charge that has taken place for shifting the machine to new location signifiescapital expenditure and admissible deductions permitted under the “Section8-1 of theIncome Tax Assessment Act 1997”. In case of depreciation, the shifting of machinery to newsite has raised the overall asset cost. The charge that has occurred for shifting the machine tothe new location signifies a charge followed from minor changes and means to be allowablein the form of admissible deductions, as per the “section 8-1 of the ITAA 1997”. The solereason for considering the expenses for allowable deductions is that the cost is considered asportion of the business expenditures arising from the daily business operations (Blakelockand King 2017). With special reference to the result obtained in the case of “British Insulated&Helsby Cables”, the charge arising out of the carriage features a continuous benefit on thetrade-associated locations through location of the depreciable assets (Becker, Reimer andRust 2015). According to the “taxation rule of TD 93/126” in relation to the machineryinstallation and initiation of the business operations, the occurrence of cost to shift the
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