Taxation Law Assignment (DOC)
Added on 2020-03-28
17 Pages2718 Words87 Views
Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
1TAXATION LAWTable of ContentsAnswer to question 1:.................................................................................................................2Answer to question 1.1:..............................................................................................................2Issue:..........................................................................................................................................2Rule:...........................................................................................................................................2Application:................................................................................................................................2Conclusion:................................................................................................................................3Answer to question 1.2:..............................................................................................................3Issue:..........................................................................................................................................3Rule:...........................................................................................................................................3Application:................................................................................................................................3Conclusion:................................................................................................................................4Answer to question 1.3:..............................................................................................................4Issue:..........................................................................................................................................4Rule:...........................................................................................................................................4Application:................................................................................................................................4Conclusion:................................................................................................................................5Answer to question 1.4:..............................................................................................................5Issue:..........................................................................................................................................5Rule:...........................................................................................................................................5Applications:..............................................................................................................................6
2TAXATION LAWConclusion:................................................................................................................................6Answer to question 2:.................................................................................................................7Issue:..........................................................................................................................................7Rule:...........................................................................................................................................7Applications:..............................................................................................................................7Conclusion:................................................................................................................................9Answer to question 3:...............................................................................................................10Answer to question 4................................................................................................................11Reference List:.........................................................................................................................13
3TAXATION LAWAnswer to question 1: Answer to question 1.1: Issue:The statement is interrelated to the income tax allowable deductions from the incomeof the taxpayer business for the expense arisen from the relocation of machine to new site. Rule: a.“British Insulated and Helsby Cables v Atherton (1926)”b.“Section 8-1 of the ITAA 1997”Application: Depicting the cost of relocation of machine to new site is observed as capital outlay.The provision of “Section 8-1 of the ITAA 1997” lay down that a taxpayer has the authorityof the deducting the expense up to the degree where it represents that the loss or the outlay isderived from generating the taxable income (Anderson, Dickfos and Brown 2016).Noticeably, the cost of moving the machine is an expense that represents capital characterunder section “8-1 of the ITAA 1997” and the under the terms of the “Section 8-1 of theITAA 1997” capital expenditure are not required to be considered as allowable deductions. The verdict has been depicted in “British Insulated & Helsby Cables Ltd v Atherton(1926)” expenses taking place at the time of transporting is representing the nature of benefitthat is in the form of continuous nature to the depreciable asset (Barkoczy 2016.). TaxationRuling of Income Tax 2197” arguably puts forward that relocation of machine is understood
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