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Taxation Law Name of the Student Name of the University Authors

   

Added on  2020-04-01

14 Pages2488 Words60 Views
Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
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1TAXATION LAWTable of ContentsAnswer to Question 1.1:.............................................................................................................3Issue:..........................................................................................................................................3Rule:...........................................................................................................................................3Application:................................................................................................................................3Conclusion:................................................................................................................................3Answer to question 1.2:..............................................................................................................4Issue:..........................................................................................................................................4Rule:...........................................................................................................................................4Application:................................................................................................................................4Answer to question 1.3:..............................................................................................................4Issue:..........................................................................................................................................4Rule:...........................................................................................................................................5Application:................................................................................................................................5Rule:...........................................................................................................................................5Applications:..............................................................................................................................6Conclusion:................................................................................................................................6Answer to question 2:.................................................................................................................6Issue:..........................................................................................................................................6Rule:...........................................................................................................................................6Applications:..............................................................................................................................6
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2TAXATION LAWConclusion:................................................................................................................................8Answer to question 3:.................................................................................................................9Answer to question 4:...............................................................................................................10References................................................................................................................................13
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3TAXATION LAWAnswer to Question 1.1:Issue:With reference to “Section 8-1 of the ITAA”, is allowable deduction applicable forplacing machinery from one location to another.Rule:I.“Section 8-1 of the ITAA 1997”II.“British Insulated & Helsby Cables”III.“Taxation ruling of TD 92/126”Application:On applying the rulings of “Section 8-1 of the ITAA”, it has been discerned thatmoving of machinery involves inflated asset value. As the activity of shifting the machineryhas taken place based on the assessable income it cannot be held liable for deductions as thishas led to increased cost of asset.As per the findings of the case “British Insulated & Helsby Cables”, ithas beendiscerned that previously companies have taken advantage of moving a depreciable asset. Asper the rulings of “Taxation ruling of TD 92/126” the cost of assembling a new machinerycan be considered as a part of the revenue under cost of capital which cannot be held forallowable deductions (Barkoczy 2016).Conclusion:It can be rightly said that the cost of moving the depreciable asset/machinery cannotbe taken into account for the purpose of deductions which are allowable as they are a divisionof the capital.
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