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Taxation Law in Australia - Assignment

   

Added on  2021-01-01

7 Pages1443 Words382 Views
Taxation law

Table of ContentsINTRODUCTION...........................................................................................................................1PART A...........................................................................................................................................1Advising Jack about his residential status in Australia for tax purpose for the year ended 30June 2018.....................................................................................................................................1PART B............................................................................................................................................3Calculation of net income of the partnership...............................................................................3CONCLUSIONS..............................................................................................................................4REFERENCES................................................................................................................................5

INTRODUCTIONTaxation law can be defined as rules provided by government in order to monitor andcontrol the assessment of tax amount to be paid on the amount earned, expend, property held,transactions made, license granted, etc. by an individual or a business corporation or by any otherperson of Australia. The present study shows various rules relating to the residential status of anindividual for taxation purpose. Further it also shows a calculation of taxable amount to be paidby a partnership firm.PART AAdvising Jack about his residential status in Australia for tax purpose for the year ended 30 June2018For the purpose of determining the amount of tax to be paid by an individual orcorporation or any other person, to the Australian Government, checking the residential status ofthe person is the most important and basic element. IT 2650 of Income tax Assessment Act 1997, all those person who passes the criteriadecided by the income tax authority of the country, would be termed as the Australian residentand would be taxed as per the taxation laws of country (Mangioni, 2015). The Government ofAustralia has provided some tests such resides test, domicile tests, 183 day test andcommonwealth superannuation test, that is needed to be fulfilled by an individual for the purposeof declaring himself as an Australian resident for Taxation purpose. These tests can be analysedas under:Resides testThe term “Resides” is used by the income tax authority of Australia for deciding theresident of a person for income tax purpose. As per the resides test, a person can enter intoAustralia for any of the following purposes:for migrating purpose,or teaching or studying purposefor tourism purpose,for the purpose of pre-arranged employment contract (McGee, Devos and Benk, 2016)Further, for the purpose of testing the residential status, various factors are alsoconsidered such as:intention of presence in the Australia 1

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