HI3042 Taxation Law | Australian Taxation Law
Added on 2019-10-31
15 Pages1841 Words150 Views
Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
1TAXATION LAWTable of ContentsAnswer to question 1:.................................................................................................................2Answer to Issue I:.......................................................................................................................2Issue............................................................................................................................................2Laws:..........................................................................................................................................2Applications:..............................................................................................................................2Conclusion:................................................................................................................................3Answer to Issue II:.....................................................................................................................3Issue............................................................................................................................................3Laws:..........................................................................................................................................3Applications:..............................................................................................................................3Conclusion:................................................................................................................................4Answer to Issue III:....................................................................................................................4Issue:..........................................................................................................................................4Laws:..........................................................................................................................................4Applications:..............................................................................................................................4Conclusion:................................................................................................................................5Answer to Issue IV:....................................................................................................................5Issue:..........................................................................................................................................5Laws:..........................................................................................................................................5Applications:..............................................................................................................................5
2TAXATION LAWConclusion:................................................................................................................................6Answer to question 2:.................................................................................................................6Issue:..........................................................................................................................................6Laws:..........................................................................................................................................6Application:................................................................................................................................7Conclusion:................................................................................................................................9Answer to question 3:.................................................................................................................9Answer to question 4:...............................................................................................................10Reference List:.........................................................................................................................12
3TAXATION LAWAnswer to question 1: Answer to Issue I: IssueThis issue determines whether an individual tax payer will be liable to claimallowable deductions for the cost of moving the machine to the new site. Laws: I.Section 8-1 of the ITAA 1997II.Taxation ruling TD 93/126Applications: As it is evident from the current situation that tax payer has occurred cost for movingthe machine to the new site and it can rightly bought forward in respect of section 8-1 of theITAA 1997, deductions will not be allowable in this context1. As defined in the TaxationRuling of 93/126 cost that is occurred in the process of transportation will be regarded asconstant advantage for the business premises by locating the depreciable asset to the new site.Therefore, the taxation ruling is states that installation of machine and starting the productionprocess results in cost that are regarded as the part of revenue2. So it can be said that cost1Coleman, Cynthia, and Kerrie Sadiq.Principles Of Taxation Law 2013.2Kenny, Paul.Australian Tax 2013. Chatswood, N.S.W., Lexisnexis Butterworths, 2013,.
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