Professional Practice Taxation
Added on 2020-03-16
9 Pages1393 Words47 Views
Running head: PROFESSIONAL PRACTICE TAXATION Professional Practice TaxationName of the StudentName of the UniversityAuthors NoteCourse ID
PROFESSIONAL PRACTICE TAXATION1Table of ContentsAnswer to question 1:.................................................................................................................2Issue:..........................................................................................................................................2Laws:..........................................................................................................................................2Applications:..............................................................................................................................2Conclusion:................................................................................................................................5Answer to question 2:.................................................................................................................6Issues:.........................................................................................................................................6Rule:...........................................................................................................................................6Applications:..............................................................................................................................6Conclusion:................................................................................................................................7Reference List:...........................................................................................................................8
PROFESSIONAL PRACTICE TAXATION2Answer to question 1: Issue:The present situation determines the net amount of tax payable by Jordan and his wifeCameron for the income year of 2016/17. Additionally, the existing scenario will lay downthe tax that is payable by Jordan and Cameron in regard to the individual transaction. Theassessment is tax is based on taking account of incomes and excluding the expenses in theevent of calculating tax liability. Laws: a.taxation ruling of TR 95/9b.FC of T v Hayley (1958)c.section 8-1 of the ITAA 1997d.subsection 51 (1)e.taxation ruling of TD 92/154f.Lodge v Federal Commissioner of Taxtion (1972)Applications: According to the taxation ruling of TR 95/9 traveling from and to home at the workplace is considered as the personal expenditure and an individual tax payer is not allowed toclaim allowable deductions. It is understood from the current situation of Cameron andJordan that they had incurred a traveling expenditure to and from home (Barkoczy 2016). Asheld in the case of FC of T v Hayley (1958) for an expenditure to meet the test ofdeductibility the expenditure should possess the characteristics of an outgoing that is incurredat the time of gaining the assessable income. As evident from the current scenario of Jordanand Cameron a deduction is disallowed under subsection 51 (1) since the traveling
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