Sample Assignment on Taxation Law (docs)
Added on 2021-06-17
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Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
TAXATION LAW1Table of ContentsAnswer to question 1:.................................................................................................................2Issue:..........................................................................................................................................2Laws:..........................................................................................................................................2Application:................................................................................................................................2Conclusion:................................................................................................................................5Answer to question 2:.................................................................................................................5Answer to question 3:.................................................................................................................6Issue:..........................................................................................................................................6Laws:..........................................................................................................................................6Applications:..............................................................................................................................6Conclusion:................................................................................................................................7Answer to question 4:.................................................................................................................7Answer to A:..............................................................................................................................7Answer to B:..............................................................................................................................8Answer to C:..............................................................................................................................9Reference List:.........................................................................................................................10
TAXATION LAW2Answer to question 1:Issue: Is the amount received by the taxpayer for the selling the interest of book written byher to the newspaper would be taxable under “section 6-5 of the ITAA 1997”?Laws: a.“Brent v Federal Commissioner of Taxation ATC 4195 (1971)”b.“Housden (Inspector of Taxes) v Marshall (1958)” c.“Hobbs v Hussey (1942) 24 TC 153”d.“Scott v Commissioner of Taxation (1935)”e.“Section 6-5 of the ITAA 1997”f.“Section 6-1 of the ITAA 1997”g.“section 15-2 of the ITAA 1997”Application: According to the “section 6-1 of the ITAA 1997” income that is derived from thepersonal exertion includes the income derived from wages, salaries, fees, gratuities orproceeds from the business that are carried on by the taxpayer either alone or in partnership1.As defined under the “section 6-5 of the ITAA 1997” commonly maximum of the income thatis derived by the taxpayer is held as ordinary income. The court of in “Scott v Commissionerof Taxation (1935)” stated that the receipts are ought to be considered as income inagreement with the ordinary concept2. 1Woellner, Robin, et al. "Australian Taxation Law 2016."OUP Catalogue(2016).2Barkoczy, Stephen. "Foundations of taxation law 2016."OUP Catalogue(2016).
TAXATION LAW3As stated under “section 6-1 of the ITAA 1936” an individual deriving amount fromthe personal exertion would be required include those income in the taxable return either asthe ordinary income or in the form of ordinary income3. According to the “section 15-2 of theITAA 1997” an individual taxpayers taxable income comprises of the worth to the individualrelating to gratuities, bonus, fees or benefits that is provided to the person in relation to anyservices or employment performed. In the present situation of Hilary, it was known that she is well known mountainclimber however on being approached by a local newspaper she agreed to write the book andsell all the title and interest to the newspaper for publication. The deal fetch Hilary with asum of $10,000. An individual taxpayer obtaining money for media appearance to tell thestory of life or selling publication rights to the media shall be held taxable under “section 6-5of the ITAA 1997”4. Payments that is received from the media rights depends on thecircumstances of being held for assessment given that the taxpayers is required to perform theservice so that they can get the payment. As held in “Brent v Federal Commissioner ofTaxation ATC 4195 (1971)” the court of law held that the amount that was received by thewife of train robber for narrating the story of her life in a publication was regarded as taxableincome according to ordinary concepts under “section 6-5 of the ITAA 1997”. As evident in the circumstances of Hilary the receipt of $10,000 by the Daily TerrorNewspaper is regarded as the benefit for the services performed and constitute income frompersonal exertion. The sum of $10,000 would be considered for assessment under “section 6-3Basu, Subhajit.Global perspectives on e-commerce taxation law. Routledge, 2016.4Long, Brendan, Jon Campbell, and Carolyn Kelshaw. "The justice lens on taxation policy inAustralia."St Mark's Review235 (2016): 94.
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