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LAWS19033 - Taxation Law and Practice Assignments

   

Added on  2020-02-24

14 Pages3106 Words30 Views
Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID

1TAXATION LAWTable of ContentsAnswer to Part A:.......................................................................................................................2Answer to question 1:.................................................................................................................2Answer to question 2:.................................................................................................................2Answer to Question 3:................................................................................................................2Answer to question 4:.................................................................................................................3Answer to Question 5.................................................................................................................3Answer to Question 6.................................................................................................................3Answer to Question 7.................................................................................................................4Answer to Question 8.................................................................................................................4Answer to Question 9.................................................................................................................5Answer to question 10:...............................................................................................................5Part B:.........................................................................................................................................5Answer to Part C:.......................................................................................................................7Answer to Part D:.......................................................................................................................8Answer to Part E:.......................................................................................................................9Reference List:.........................................................................................................................11

2TAXATION LAWAnswer to Part A: Answer to question 1: In compliance with the Constitution of Australia, the main source of CommonwealthParliament’s power of taxation generally comes from the sections 51(ii), 53, 55, 90 and 96.As defined under Section 51(ii) of Australian Constitution, the power of creating laws inrelation to tax is assigned with the Commonwealth Parliament (Pinto, 2011). It can be statedthat there are some conditions that those laws does not create any form of differentiationbetween the states or parts of the states. Answer to question 2: Acts are mainly designed to establish the laws relating to tax. Hence, this forms theprimary source of Australian Taxation Laws that originates from the legislation withnumerous Parliamentary Acts and Regulations that are delegated in the legislation(Braithwaite, 2017). The second source of Tax in Australia are the case laws that helps ininterpreting the legislation such as the judgment of court, tribunals etc. The third source oftaxation in Australia is the taxation rulings stated by the Commissioner of Taxation. Answer to Question 3: As per the Taxation Ruling TR 98/17 it is concerned with the residential status of anindividual entering in Australia (Cao et al., 2015). The Taxation Ruling TR 98/17 of isapplicable to most of the individuals that are entering Australia and comprises of thefollowing; a.Any Migrants

3TAXATION LAWb.Any overseas student visited Australia for the purpose of studyc.Any visiting coming to Australia d.Any form of workers arriving in Australia for the purpose of planned contracts ofemployment Answer to question 4:Medicare Levy in Australia is designed to provide residents with the health careaccess. Medicare levy is required to be paid by the taxpayers at a rate of 2% to partly fund forthe health care access (Saad, 2014). If an individual’s assessable income is below the certainlimit then that person Medicare levy might be lowered or at times they might not be requiredto pay any form of levy. Conversely, an individual is required to pay Medicare Levysurcharge if an individuals have the health insurance of a private hospital. Answer to Question 5As defined under the Schedule 2 of the Competition and Consumer Act 2010, anyform of misconduct that is deceptive or false shall be barred under Section 18 of theAustralian Consumer Law (Woellner et al., 2016). Section 12DA of the AustralianSecurities and Investment Commission Act 2001defines the prohibition of deceptive andfalse conduct of financial service. The main purpose of this principle is to offer security andsafety to the consumers from being misguided by deceptive business practices. Answer to Question 6Section 25-45 of the Income Tax Assessment Act 1997 is concerned with the lost arising outof theft (Robin, 2017). The section clearly defines the loss in regard to the money that cannotbe deducted by one if;

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