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Taxation law - Assignment

   

Added on  2021-01-02

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Taxation Law
Taxation law - Assignment_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Question 1........................................................................................................................................1Discussing whether three payments are covered under personal exertion. Would answer bedifferent if story is written by her and decide to sell off later?..............................................1Question 2........................................................................................................................................2Compute taxable value of car fringe benefit by implementing statutory formula.................2QUESTION 3...................................................................................................................................4QUESTION 4...................................................................................................................................5A Analysing the net capital gain and losses in current tax year.............................................5B. Sale of property to daughter...............................................................................................6C. Owner of property is corporation instead of an individual................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
Taxation law - Assignment_2

INTRODUCTIONAustralian Taxation law governs computation of tax on income earned throughprofession or business. Present report deals with treatment of various kinds of taxes on theincome made from capital gains and related incomes. The scenario of Hilary is given in whichpayments are evaluated as personal exertion or not. Calculation of taxable value is done withregards to car fringe benefits. Moreover, effect on taxable income on the parent is made indifferent scenario. Furthermore, net capital gain or loss is determined of Scott on the transactionsmade. Thus, Taxation law of Australia provides effective way of ascertaining correct income oftaxpayers. Question 1Discussing whether three payments are covered under personal exertion. Would answer bedifferent if story is written by her and decide to sell off later?Australian taxation law is one of the complex to treat and carry out income in the bestpossible manner. It can be said that tax related laws are different and are of much complexitytowards computing tax in effective way. In relation to the case of Hilary, ITAA (Income TaxAssessment Act) 1997 can be relevant to judge whether three payments are required to becovered under personal exertion or not. Section 393-10 of ITAA Act 1997 is related to incomeattained from salaries, commission and bonus as well. Moreover, income garnered from pensions, fees and similar benefits attained byemployees after their retirement are also treated under the said Act. On the other hand, incomefrom organisation and subsidy received, income garnered from selling off property which formssome part of service or emoluments of the workers are regarded as elements or income coveredfrom personal exertion (Lai and et.al, 2018). Moreover, income earned by disposing of propertyis also treated within range of above listed exertion in the best possible manner. The main reasonbehind such exertion is that these payments are received in lieu of payers of taxes with respect totime and services provided to organisation. On the other hand, Section 6 of ITAA Act prohibits interest income received. However,such exclusion is not in the business of rents and lending and dividends of the same reasonprovided in the Act. In relation to this, there are three payments namely payment made for thecopyright of story to the Daily Terror and story is published and amount is paid to her in1
Taxation law - Assignment_3

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