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(Solution) Taxation Law Assignment

   

Added on  2021-02-20

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TAXATION LAW
(Solution) Taxation Law Assignment_1

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(Solution) Taxation Law Assignment_2

INTRODUCTIONTaxation is the law which covers number of rules regulation through which whole of taxprocedure is conducted. It clarifies that tax is being charged on everything whether it is directlyor indirectly. Whether it is on estates, transactions, income or any other commercial activity (TaxLaw - Guide to Taxation Law, 2019). It is necessary for any of nation because it helps togenerate revenue for country through which all of the necessary activities are conductedthroughout the year. In context of the file, there will be brief discussion about black economyand sharing economy. Also, there will be discussion that how taxation does affect differentbusiness organisation which is conducting business activities in Australia.MAIN BODY1. What is meant by the terms ‘the black economy’; and ‘the sharing economy’.Black Economy: It is defined as commercial activities where organisation or persondoesn't follow rules and regulations do there best just to save tax on the money which they haveearned. It is also known as shadow or underground economy. It is not necessary that every timethe person who involves themselves in black economy are wrong or illegal but sometimes itmight be legal but person or organisation is not willing to pay the amount of tax which they needto pay to government. The situation of black economy does arises whenever government createsany of those law which might impact on there business entity. In context of Australia, it has beenfound that after 2012, they have suffering from the problem of taxation as there are number ofpeople who have been not paying the tax amount which they must pay and it is the main reasonthat development work is reducing day by day. It has been reducing the faith of public fromgovernment as they are unable to reduce this particular crime (Henderson and et.al., 2015). It isnecessary for Australian government that they must bring some of the changes in this particularlaw so that faith can be regained among the local public. The biggest example of black economyin context of Australia is Bitcoin where number of people have invested there money just to earnprofit unethically by not giving any tax.Sharing Economy: It is defined as principle which do changes according to evolutions. Itis simply a technology which facilitate exchanged access of goods and service that takes placebetween two or more then two parties. It is different from traditional model of corporationshiring employees for the purpose of selling products to their customers. It is one of the most1
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