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Taxation Law Application - Assignment

Added on - 14 Jun 2021

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Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
TAXATION LAW1Table of ContentsHeadings:....................................................................................................................................2Issue:..........................................................................................................................................2Rule:...........................................................................................................................................2Application:................................................................................................................................4Conclusion:................................................................................................................................6Reference List:...........................................................................................................................7
TAXATION LAW2Headings:The present issue would be taking into the consideration the computation of the taxfor Kate during the year ended 2017/18.Issue:Will the taxpayer be entitled to claim an allowable deductions relating to thetravelling under section“section 8-1 of the ITAA 1997”? Is the taxpayer held assessable forthe income derived during the year under “section 6-5 of the ITAA 1997”?Rule:According to“section 6-1 of the ITAA 1997”income from personal exertion refers tothe income derived from the salaries, wages fees or business proceeds. The taxationcommissioner in“Scott v Commissioner of Taxation (1935)”stated that appropriateprinciples must be implemented in treating the receipts as ordinary income (Miller and Oats2016).As stated under“section 20 of the FBTAA 1986”any expenditure fringe benefit ariseswhen the employer pays the expenses for employee (Barkoczy 2016). Ordinary awards arenot regarded as income given a satisfactory relation is prevalent between the activities oftaxpayer. Referring to“Kelly v FCT”award received by footballer for being the best playerwas regarded taxable since it was related to his employment.Winning from prizes is held assessable when the prize holds sufficient associationwith the income producing actions of an individual taxpayer. The court of law in“FCT vStone”held that police women derived assessable income from her salary and also won prizemoney from sporting involvement (Bankmanet al.2017). The court held that the police
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