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Taxation Law Assignment - HI3042

   

Added on  2019-10-30

9 Pages844 Words175 Views
Running head: TAXTaxName of the Student:Name of the University:Authors Note:
Taxation Law Assignment - HI3042_1
TAX1Table of ContentsAnswer to question 1:.................................................................................................................2Answer to Question 2:................................................................................................................2Answer to Question 3.................................................................................................................4Answer to Question 4.................................................................................................................6
Taxation Law Assignment - HI3042_2
TAX2Answer to question 1:Under section 8-1(1) of the Income Tax Assessment Act 1997 a taxpayer is allowed toclaim deduction for those expenditures that are spent on:i.Any income which the individual earned;ii.Any income which is earned through the business.Thus,1.Expenses spent in order to move a machinery will not be taken as deduction only ifthe same is utilized to earn an income that is taxable as stated under section 8-1.2.As per section 8-1 of the Income Tax Assessment Act 1997, the revaluation cost of anasset is not taken as an expense that is deductible.3.According to Section 8-1 of the ITAA 1997, an expense will be taken as deductibleexpense if the same has been spent relating to legal proceedings in order to opposewinding up of the company (Gitman et al. 2014).4.As required by section 8-1 of the ITAA 1997, to earn business income, an expenseexperienced by solicitor shall be considered as deduction that is permissible.Answer to Question 2:GST input on purchase made by an organization will be allowable if the necessarydocumentation that is related to such transaction are preserved properly. According to theGST Act 1999, a business that is functioning in order to earn income have the right to claiminput credit for payment made inclusive of GST that consists purchase of assets or materials.
Taxation Law Assignment - HI3042_3

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