Taxation Law Assignment - Income Tax Assessment Act

Added on - 30 Oct 2019

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Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
1TAXATION LAWTable of ContentsAnswer to part A:.......................................................................................................................2Answer to Part B:.......................................................................................................................3Answer to Part C:.......................................................................................................................4Answer to question D:................................................................................................................6Reference List:...........................................................................................................................8
2TAXATION LAWAnswer to part A:In conformity with the Division 8 of the ITAA 1997 a guiding principles has been laiddown that has associations with deductions of outlay and losses (Coleman, & Sadik, 2013).The division is helpful in assisting the difference between the normal deductions withreference to discussion that is made in “Section 8-1 of the ITAA 1997”. The division furtherlay down the guidance with reference to the specific deductions that is made under “Section8-5 of the ITAA 1997” and a claim can be bought forward that deductions associated to theloss or outlay that has occurred concerning the;a.Generating any form of assessable incomeb.Outlay or expenses having associations with the business operations of the taxpayersTo claim a particular type of deductions produced from the taxable income a taxpayer isoffered with the opportunity of claiming such outlay with regard to “Section 8-5 of the ITAA1997” (Grange et al., 2014). From the current matter of Ram it has been found that the he hadincurred expenses in the form of tax agent fees and solicitor fees that possess the feature ofallowable deductions. In conformity with the Section 25-5 of the ITAA 1997 cost incurred atthe time of management of tax affairs will be accounted as the deductions that are allowable.Hence, a taxpayer while filing for the tax return can bring forward the claim of gainingassessable deductions relating to the cost that has occurred at the time of accounting and feesfrom the tax agent (James, 2015). It is observed from the situation of Ram that he hasincurred an expense on the solicitor fees for bringing forward the opposition against theassessment.With reference to the evidence that has been laid down under Para 11 of the TaxationRuling 2011/5 a person can object on the cause of not being satisfied with the assessment of
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