Taxation Law and Practice Assignment
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Added on 2020-07-22
Taxation Law and Practice Assignment
Added on 2020-07-22
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TAXATION LAW AND PRACTICE
TABLE OF CONTENTSPART A.........................................................................................................................................................3Primary sources of commonwealth parliament.......................................................................................3Tax law primary source............................................................................................................................3Taxation ruling TR 98/17..........................................................................................................................3Measurements of Medicare levy.............................................................................................................4Commonwealth and legislations..............................................................................................................4Specific deductions by ITAA 97 25-45......................................................................................................4Case law and the significance of high court.............................................................................................5Stock on hand and their valuation...........................................................................................................5Tax to be paid for $45000 earning...........................................................................................................6PAYG collections......................................................................................................................................6PART B.........................................................................................................................................................6PART C.........................................................................................................................................................8PART D.......................................................................................................................................................11REFERENCES..............................................................................................................................................14
PART APrimary sources of commonwealth parliamentThe constitution of the commonwealth taxation is under section 51 ofthe parliament ATO. It includes all the power and legislation of these law butwithout residual powers of commonwealth. Federation from 1901 the lawshave began to granting the powers to various states of Australia (Porter,Allen & Thompson, 2014). The power to make laws and rules had beendescribed in the section 39-51 which facilitates the laws with all the legalrules and regulations to be followed. The financial power and interest tradelaws are described in various sections of commonwealth law and ATO is inunder ITCP (s51(1)) that provide necessary information regarding trade andcommerce in states and several foreign nations.Tax law primary sourcePublic laws, internal revenue and income tax treaties are the variouscodes of federal laws which are highly authorised and the primary sources oftaxation. The treasury regulation can be known by the IRS which madevarious rules and regulation. This facilitate the support to codes and includesvarious taxation or revenue rulings, treasury decisions made by the taxationauthority (Tran-Nam, Evans & Lignier, 2014). The taxation related rule anddecisions are to be made with the help of technical advices, revenueprocedures and private latter.Internal revenue service: this is the primary source of implicatingthe taxes over the revenue retain by an individual. This authority is consistsof all the rules and regulation which are being mentioned as in Tax rulings,various sections and acts.Taxation ruling TR 98/17Taxation rulings helps the ATO in deciding the various laws, rules andregulations imposed over several acts and they provide rights and authorityto such taxation acts. Rulings fixed by federal legislation can be describedunder s6(i) of income tax assessment act 1936 and ITAA 1997. TR98/17 of3
the acts provides information about the taxation policies to be followed forresidential in Australia which can be described as several differentindividuals who residence in Australia such as Migrants from this nation,people come from different country for work and employment purpose,students residents in Australia come from different nation for gaining theeducation or enrolled in any college or university (Magnusson, 2014). It alsoincludes tourists who came in Australia for temporary visit or stay.Measurements of Medicare levyMedicare levy is a rebate that has been charged by the Australiangovernment over assessable income gain by the individuals which in contextwith facilitating or providing the benefits health and care security to suchindividuals (Apps, Long & Rees, 2014). It can be calculated by adding 2% ofthe taxable earning by persons. If an individual has gain the insurance coverfrom the medical unit of registered hospital of Australia than he will not beliable add any surcharge over his income. Medicare levy can be assign tothose who are residents in Australia, non residents are not facilitated with it.Commonwealth and legislationsAs per the Competition and consumer act 2010 of ITAA 1997 hasfacilitates many rules and regulation to deal with the case in which acompany is misleading or deducting cost of the fine charged by thegovernment which can be described under various parts of the section suchas XI Application of ACL as commonwealth law, IV Anti-competitive practiceetc. are the parts which provides the necessary informations regarding thiscontext.However, in accordance with the division 26 of ITAA 1997 it describesthat there will be allowances were facilitated over such specific amounts andsome of them will never be deductible (26 (5-100)).Specific deductions by ITAA 97 25-45ITAA 97 has many laws and rules that will facilitate the individual inclaiming the exemption or deductions over the income and expendituresmade by him. As per section 25-45 the laws has facilitated the deduction for4
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