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LAWS20060 - Assignment- Taxation Law of Australia

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Central Queensland University

   

LAWS20060 - Taxation Law of Australia (LAWS20060)

   

Added on  2020-03-04

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The below report discusses the Taxation Law of Australia. The below report also discusses the criteria to which australian taxation law is applicable.  

LAWS20060 - Assignment- Taxation Law of Australia

   

Central Queensland University

   

LAWS20060 - Taxation Law of Australia (LAWS20060)

   Added on 2020-03-04

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Running head: TAXATION LAW OF AUSTRALIATaxation law of AustraliaName of the studentName of the universityAuthor note
LAWS20060 - Assignment- Taxation Law of Australia_1
1TAXATION LAW OF AUSTRALIATable of ContentsAnswer 1....................................................................................................................................2Answer to question I..................................................................................................................2Answer to question II.................................................................................................................2Answer to question III................................................................................................................3Answer to question IV...............................................................................................................4Answer to question V.................................................................................................................4Answer to question VI...............................................................................................................5Answer to question VII..............................................................................................................5Answer to question VIII.............................................................................................................6Answer to question IX...............................................................................................................7Answer to question X.................................................................................................................7Answer 2....................................................................................................................................8References................................................................................................................................11
LAWS20060 - Assignment- Taxation Law of Australia_2
2TAXATION LAW OF AUSTRALIAAnswer 1Answer to question IAs per the TR 19996/6 of the Australian taxation ruling, if any person is benefittedthrough the rewards or points under frequent flier standard program, the amount of benefitwill be qualified for deduction and will not be included under the assessable income of therecipient. However, to get the qualification for deductions, the following conditions must besatisfied –The shall be provided exclusively for goods or servicesOnly the natural persons are entitled to the membershipOn the contrary, the amount of benefit can be included under the fringe benefit tax if –The employee got the reward under special arrangement rather than getting it asgeneral entitlementThere exists a family relationship among the employer and employee and the pointwas allocated owing to that relationshipIn the given circumstance, the employees were rewarded with the points only for theirassociation with Webjet as employees and therefore, the reward points shall be qualified fordeduction and the expenses will be allowable expense for the employer.Answer to question IIIf the service provider receives any compensation for the damage of his asset whilethe asset was under use by the service recipient, the compensation amount will not be taxed
LAWS20060 - Assignment- Taxation Law of Australia_3
3TAXATION LAW OF AUSTRALIAunder the hands of the service provider. Some specific conditions are there those are requiredto fulfil to be eligible for deduction –The asset for which the compensation is received must be damaged while it was inuse under the service1The compensation amount shall exclusively used for restructuring the damaged partThe asset shall be depreciable asset for which the depreciation shall be measured andrecorded in the books of accounts2. The asset that was provided for service shall be capital asset and service providermust use the asset only for the purposes of businesses.Therefore, the compensation amount that was received on account of damage of theasset by Crane Hire Company shall be allowed for deduction assuming that above mentionedall conditions are satisfied.Answer to question IIIUnder the Para 71 – 78 of TR 1999/10, if any person receives any gifts on account ofhis employment associated activities, then the amount of gift shall be included under his totaltaxable income for the purpose of taxation. However, it the gift is received on account onpersonal relations or personal reason and in no way it is related with the employmentactivities, the gift amount will be qualified for deduction under the taxable income3.1Chartered Accountants Australia & New Zealand (2017) CAANZ https://www.charteredaccountantsanz.com/2The Tax Institute (2017) Taxinstitute.com.au https://www.taxinstitute.com.au/3Barkoczy, Stephen, et al.Foundations Student Tax Pack 3 2016. Oxford University Press Australia & NewZealand, 2016.
LAWS20060 - Assignment- Taxation Law of Australia_4

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