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LAW 79017 - Small Business Taxation Law

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UNIVERSITY OF TECHNOLOGY SYDNEY

   

Taxation of Law (LAW 79017)

   

Added on  2020-03-07

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LAW 79017 - Small Business Taxation Law assignment Small businesses can access a wide range of concession that comprises reporting and payment options, The business of Jack and Jill qualifies for the concession since their aggregate turnover is below a million. In the present case, Jack and Jill can gain the advantage of a 50% active asset reduction as this can help in reducing the capital gain on the active asset by 50%. 

LAW 79017 - Small Business Taxation Law

   

UNIVERSITY OF TECHNOLOGY SYDNEY

   

Taxation of Law (LAW 79017)

   Added on 2020-03-07

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Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
LAW 79017 - Small Business Taxation Law_1
1TAXATION LAWTable of ContentsAnswer to question 1:.................................................................................................................2Computation of Assessable Income of Jack...............................................................................3Answer to question 2:.................................................................................................................3Answer to question 3:.................................................................................................................4Reference List:...........................................................................................................................5
LAW 79017 - Small Business Taxation Law_2
2TAXATION LAWAnswer to question 1: Computation of Net Tax Payable from partnership businessComputation of Net Tax PayableTaxpayer: Jack and JillInclusive ofGSTGSTParticularsAmount ($)Amount($)SectionAmount($)Purchase150001500Section 6-5 of ITAA 9713500Purchase outside Australia13001301170Assessable Income:Cash receipts from sale of trading stock $5,000.00 $500.00 Section 6-5 of ITAA 97 $4,500.00 Gross Income $1,15,000.00 Section 6-5 of ITAA 97 $1,15,000.00 $1,130.00 $1,34,170.00 Total Assessable Income $ 1,33,040.00 Allowable Deduction:Wages $8,000.00 $800.00 Section 8-1 of ITAA 97 $56,112.00 Rates $ 250.00 $ 25.00 Section 8-1 of ITAA 97 $225.00 Insurance $ 750.00 $ 75.00 Section 8-1 of ITAA 97 $1,750.00 Improvements to the gift stock $900.00 $90.00 Section 8-1 of ITAA 97 $810.00 Accounting Fees $500.00 $50.00 Section 8-1 of ITAA 97 $650.00 Lease Payment on Car $2,000.00 $200.00 Section 8-1 of ITAA 97 $1,800.00 Other Expenses $120.00 $12.00 Section 8-1 of ITAA 97 $108.00 Ex-Australian Import Duties $ 100.00 Total Allowable Deduction $ $
LAW 79017 - Small Business Taxation Law_3

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