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LAWS20060, Specific Rules Regarding the Organisational Benefits to the Staffs

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LAWS20060 - Taxation Law of Australia (LAWS20060)

   

Added on  2020-02-18

LAWS20060, Specific Rules Regarding the Organisational Benefits to the Staffs

   

LAWS20060 - Taxation Law of Australia (LAWS20060)

   Added on 2020-02-18

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Running head: TAXATION LAWTaxation LawName of the Student:Name of the University:Author’s Note:Course ID:
LAWS20060, Specific Rules Regarding the Organisational Benefits to the Staffs_1
1TAXATION LAWTable of ContentsAnswer to Question 1:.....................................................................................................................2Answer to Part i:..........................................................................................................................2Answer to Part ii:.........................................................................................................................2Answer to Part iii:........................................................................................................................3Answer to Part iv:........................................................................................................................3Answer to Part v:.........................................................................................................................4Answer to Part vi:........................................................................................................................4Answer to Part vii:.......................................................................................................................5Answer to Part viii:......................................................................................................................5Answer to Part ix:........................................................................................................................6Answer to Part x:.........................................................................................................................6Answer to Question 2:.....................................................................................................................7References:......................................................................................................................................9
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2TAXATION LAWAnswer to Question 1:Answer to Part i: The pertinent point provided on the part of the airline organisation does not fall undertaxation ruling. This is a direct indication that this kind of income could not be adjudged asincome. However, there is absence of specific rules regarding the organisational benefits to thestaffs, which fall under the fringe benefit tax directly. Various scenarios are inherent, in whichthe reward points could be taken into account under fringe benefit tax. For example, if a staffreceives a reward point that the employer has offered as benefits, it could be adjudged as taxableamount falling under the fringe benefit tax. The second example is primarily at the time thereward points are offered to the staffs in a specific arrangement with the organisation. However,in this specific case, there is absence of any identified circumstance that signifies directly theabsence of taxation on the reward points provided on the part of the airline organisation(Barkoczy, 2016).Answer to Part ii:The provided case primarily signifies that damage payment has been carried out on thepart of the service receiver. This signifies directly that the service receiver is required to carry theburden of the overall tax amount. The conducted damage to the capital asset does not fall underthe taxable amount related to the receiver of payment. This has direct indication that the servicereceiver is required to incur the entire tax amount for the capital damage, which is carried out.However, some assets need to be taken into consideration before the identification of the taxableasset. This need to be taken into account as capital and the organisation could make thoroughutilisation of the same. Along with this, the asset needs to be depreciated as well under the clause
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3TAXATION LAWof depreciation, which needs to be depicted in the annual report. Hence, the payment ofcompensation related to crane is not taken into account under taxable income (Braithwaite,2017).Answer to Part iii:The provided case study primarily depicts the presence of pertinent gift, which thesupplier has provided to the owner of the nightclub. However, in accordance with the taxationlaw of Australia for the individuals, small kind gifts are not taken into account pertinently.Conversely, the big-sized gifts and expensive gifts are considered as well for the overall taxableincome. Moreover, the big-sized gifts, which could be converted into amounts of greater cashvalue or cash, could be taken into account under the receiver’s taxable income. Hence, based onthe case scenario, it has been observed that the nightclub manager has obtained the entirepackage for the overseas holidays having pertinent monetary benefits received on the part of themanager. This primarily denotes that the individual taxation of the manager would comprise ofthe entire overseas packages provided on the part of the supplier (Cao et al., 2015).Answer to Part iv:The whole scenario primarily denotes that the additional funds have been accumulatedfrom the members of the club in order to buy canoe. This has primarily enabled in obtaining anoverview that the individuals utilising the donated funds to the canoe club is not deductible underthe taxation rule. Hence, any return provided from the club could not be adjudged as excessincome. The entire income for the individual members has induced the entire funds, which arepaid to the club. Hence, the total income of the individual members would have no influence onthe monetary returns provided on the part of the club as excess income and the depiction wouldbe made in the form of taxable income (Davis et al., 2015).
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