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Taxation Law & Practice : Assignment

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Added on  2020-07-23

Taxation Law & Practice : Assignment

   Added on 2020-07-23

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TAXATION LAW &PRACTICE
Taxation Law & Practice : Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1PART A...........................................................................................................................................11. Primary sources of Commonwealth parliament’s taxation.....................................................12. Primary sources of tax law......................................................................................................13. Taxation ruling TR 98/17........................................................................................................14. Medical levy calculation.........................................................................................................25. Division of ITAA 1997...........................................................................................................26. Section 25-45 ITAA 97 specific deductions...........................................................................27. Significance of high court case law........................................................................................28. Three ways to value items.......................................................................................................39. Applicable rates for 45000 taxable income.............................................................................310. PAYG tax collection.............................................................................................................3PART B 350.....................................................................................................................................3PART C 350.....................................................................................................................................3PART D 750....................................................................................................................................3PART E 750.....................................................................................................................................3CONCLUSION................................................................................................................................3
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INTRODUCTIONFair taxation and better ruling of the laws in a country is essential to maintain the regularpractice of the legislation imposed by the taxation office. Australia has the better taxationstrength so as to maintain the standard there must be better to know the fair taxation policies andtax rates levied on the income slab or profit earnings by a person. Government can earn theirfunds and make reserves for the expected future expenses so in context with that they imposelaws or taxation over citizens. In this, present report will provide deeper insight about ATO,ITAA 36, ITAA 97, CCA and many related legislatives that are associated Australian taxation.The acts and laws are developed and imposed by the federal legislative in Australia there areseveral acts and laws regarding every issue in country. These helps in providing the fairjudgement regarding any case and every taxation benefits like deductions, allowance andexemptions.PART A1. Primary sources of Commonwealth parliament’s taxationThe common wealth taxation is constituted in section 51 of constitution which describesthe power and legislation of this law except residual powers. It has originally starts from grantingthe powers to states by federation in 1901. The commonwealth law has 39 subsections to 51sections which describes the Head of power under which parliament has power and rights tomake the laws and regulations (James, Wallschutzky & Alley, 2013). There are several parts ofthe commonwealth legislations which identifies the powers of this laws are Interest trade andcommerce power (ITCP) S51(i) which facilitates the trade and commerce between states andother countries, section 51(xx), 51(xxix), and 51(ii).2. Primary sources of tax lawThe primary sources of federal law are the various codes like internal revenue, publiclaws and income tax treaties etc. these sources acquires the highest authority (Gurran, Gilbert &Phibbs, 2015). On the other side, IRS made the rules and regulation in writing these laws whichare known as treasury regulations. In context with supporting the code the IRS includes varioustreasury decisions, revenue ruling (Parkinson, 2014). Technical advices, private latter, revenueprocedures etc. Which will facilitates the details in its published notices regarding the specifictaxpayers, court decisions and taxation related news.1
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3. Taxation ruling TR 98/17The ruling defines the resides in Australia which can be understand under subsection 6(1)of ITAA1 1936 and 1997. The ITAA2 1997 act is consists of the 1936 act which defines theAustralian residents which is in context with the previous act (Hayward, 2014). The rulings arebased on the various individuals who enters in Australia such as:Tourists like during vacations of holidaysEmployees or workers on contractStudents come to study and academic teaching in AustraliaMigrants from country4. Medical levy calculationMedicare levy can be measured as per the income gain by an individual which is 2 % oftheir assessable income (Hattingh, Low & Forrester, 2013). For the person, who is benefitedwith the private hospital medical and health insurance then concerned individual would not beliable to make any surcharge over his income. These are the rebates which are collected andcontributed by government of Australia in context with providing the health and care premiumsecurity to its citizens (Parkinson, 2014).5. Division of ITAA 1997Legislation such as ITAA 1997 can be applicable for the company who has found undermisleading and conducting deception about deducting cost of fine under various parts of theCCA3 are mainly part IV4, IVB5, VIIA6 and XI7.6. Section 25-45 ITAA 97 specific deductionsThis section facilitates an individual in recovering the losses occurred due to theft, whichhas provided deductions from the taxable income of person (Munshifwa & et. al., 2016). Thelosses can be exempted regarding with money such as there is loss in the income year or if the1INCOME TAX ASSESSMENT ACT 19362Income tax assessment act 19973Competition and consumer act 20104Anti-competitive practices5Industry code of conduct6Price monitoring and surveillance relating to industries or businesses7Application of ACL as commonwealth law2
Taxation Law & Practice : Assignment_4

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