logo

LAWS20060 - Taxation Law of Australia (doc)

   

Added on  2020-03-01

15 Pages2805 Words11 Views
Running head: TAXATION LAWTaxationName of the StudentName of the UniversityAuthors NoteCourse ID

1TAXATION LAWTable of ContentsAnswer to question 1:.................................................................................................................2Answer to I:................................................................................................................................2Answer to II:..............................................................................................................................2Answer to III:.............................................................................................................................2Answer to IV:.............................................................................................................................2Answer to V:..............................................................................................................................2Answer to VI:.............................................................................................................................3Answer VII:................................................................................................................................3Answer to VIII:..........................................................................................................................3Answer to IX:.............................................................................................................................3Answer to X:..............................................................................................................................3Answer to question 2:.................................................................................................................4Reference List:.........................................................................................................................13

2TAXATION LAWAnswer to question 1:Answer to I:The employer can claim deductions for the expenses incur when travelling for business orpaying for employee travel1. Answer to II: If the damages were paid for something pertaining to income according to ordinary concepts,s6-5 of the ITAA97 will apply. Such payments are considered as tax-free.Answer to III: Fully assessable to the employee with no deduction allowable even though an allowance isreceived. Answer to IV: Non-Assessable Answer to V: No. The prize is not ordinary or statutory income and therefore is not assessable incomeunder either section 6-5 or section 6-10 of the ITAA 1997. Rather, it is a non assessablewindfall gain2.1Barkoczy, Stephen, et al.Foundations Student Tax Pack 3 2016. Oxford University PressAustralia & New Zealand, 2016.2Berg, Chris, and Sinclair Davidson. "Submission to the House of Representatives StandingCommittee on Tax and Revenue Inquiry into the External Scrutiny of the Australian Taxation

3TAXATION LAWAnswer to VI: Non-Assessable: A deduction is allowable for self-education expenses if the education isdirectly relevant to the taxpayer's current income-earning activities.Answer VII: A deduction is allowable for the cost of buying, hiring or replacing clothing, uniformsunderthe taxation Ruling IT 2641.Answer to VIII: Non-Assessable: A deduction is allowable if the education is likely to lead to an increase inthe factory worker's income from his or her current income-earning activities.Answer to IX: Assessable: Trips between home and work are generally considered private travel. Answer to X: Deductible: A person can claim deductions in some circumstances, as well as for some travelbetween two workplaces.Answer to question 2: Computation of Assessable income Office." (2016).

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Case Study on Taxation Law - Net Tax Payable
|9
|1107
|49

(Solution) Taxation law of Australia Assignment
|12
|3170
|44

TAXATION 11 TAXATION Taxation Name of the student Name of the university
|14
|2359
|269

Assignment On Taxation | Australian Taxation Law LAWS20060
|11
|2337
|34

Taxation Law Assignment on Deduction
|9
|2090
|62

LAWS20060 - Assignment- Taxation Law of Australia
|13
|2189
|45