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Assignment on the Taxation Law

   

Added on  2020-04-07

17 Pages2660 Words32 Views
Running head: TAXATION LAWTaxation LawName of the UniversityName of the StudentAuthors NoteCourse ID
Assignment on the Taxation Law_1
1TAXATION LAWTable of ContentsAnswer to question 1:.................................................................................................................3Answer to Scenario I:.................................................................................................................3Issue............................................................................................................................................3Laws:..........................................................................................................................................3Applications:..............................................................................................................................3Conclusion:................................................................................................................................4Answer to Scenario II:...............................................................................................................4Laws:..........................................................................................................................................4Applications:..............................................................................................................................4Conclusion:................................................................................................................................5Answer to Issue III:....................................................................................................................5Issue:..........................................................................................................................................5Laws:..........................................................................................................................................5Applications:..............................................................................................................................5Conclusion:................................................................................................................................6Answer to Issue IV:....................................................................................................................7Issue:..........................................................................................................................................7Laws:..........................................................................................................................................7Applications:..............................................................................................................................7
Assignment on the Taxation Law_2
2TAXATION LAWConclusion:................................................................................................................................8Answer to question 2:.................................................................................................................8Issue:..........................................................................................................................................8Laws:..........................................................................................................................................8Application:................................................................................................................................8Conclusion:..............................................................................................................................10Answer to question 3:...............................................................................................................11Answer to question 4:...............................................................................................................13References................................................................................................................................15
Assignment on the Taxation Law_3
3TAXATION LAWAnswer to question 1: Answer to Scenario I: Issueas per the given question which is based on determination of shifting a machineryfrom one site to another and whether to consider the same under allowable deductions as percompliance with “Section 8-1 of the ITAA 1997”.Laws: I.“Section 8-1 of the ITAA 1997”II.“British Insulated & Helsby Cables”Applications: As per the inference made from the case, it has been discerned that there has been acost incurred from shifting machinery. It is to be duly understood that no allowabledeductions can be charged under the application of “section 8-1 of the ITAA 1997”. The shiftin the site for the machinery has been carried out with an objective of depreciation which hasled to an increased cost of the asset. As per the statement made in “Section 8-1 of theITAA”, it can be to be stated that the cost for moving the machinery is very minimal innature. In normal course the allowable deductions are taken as to constitute some portion ofthe business expenditure incurred from the day-to-day business activities (Australian TradeCommission 2015).As per the findings in the case of “British Insulated & Helsby Cables”, it has beenseen that the main transgression has been seen with business has been benefiting from the
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