Sample Taxation law Assignment

Added on - 21 Feb 2021

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Taxation law
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1QUESTION 1...................................................................................................................................1Calculations of the fringe benefit tax..........................................................................................1QUESTION 2...................................................................................................................................3A) Calculating the net capital gain or loss of Daniel Ray's for the year ended 30 June 2019...3B) Daniel's treatment to the net capital gain..............................................................................5C) Daniel's treatment to the net capital loss...............................................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONTaxation is a source of revenue to the government of a nation. The tax is levied on theincomes and sales revenue and other business transaction and is collected form the tax payer.This is imposed by the taxation authority compulsory and is collected form the assesses. In thepresent reports calculations related with Australian Taxation law are presented. This includesimposition of fringe benefit tax and capital gain tax on the tax payer which are individuals aswell as companies of Australian nationality. Along with this the extractions of the capital gainand fringe benefits tax with their interpretation is presented.QUESTION 1Calculations of the fringe benefit taxThe fringe benefit tax is that tax which is payable by employees for benefit paid to anemployee. this also includes the tax to be paid by the employer for the befits given to the familymember of the employee(Root, 2018). The fringe benefits are given to the workers underemployment of a specific employer in the lied of his/her salary or wages. This tax is separatefrom the income tax is calculated on the taxable value of the fringe benefits provided. This canbe calculated through either statutory formula methods and operating cost methods.GiveParticipialPercentageAmt.DaysGST includedCost of car18000Insurance2200Fuel990Repairs3300Total distance travelled20000Business use70.00%14000255.5Personal use30.00%6000109.5Operating method;Under the operating methods of calculating fringe benefit taxes based on the costs ofoperating the car any other benefit provided by the employer. The taxable value of the car fringebenefits tax is calculated as the percentage of the total cost of the operating the car and duringfringe benefit tax. The percentage of usage varied with the actual use for personal purpose. Thelowers the incident of the private use the lower is the taxable value of the fringe benefit1
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