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Taxation Laws : Sample Assignment PDF

   

Added on  2021-06-14

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Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
Taxation Laws : Sample Assignment PDF_1

TAXATION LAW1Table of ContentsAnswer to question 1:.................................................................................................................3Answer to A:..........................................................................................................................3Answer to B:..........................................................................................................................3Answer to C:..........................................................................................................................4Answer to D:..........................................................................................................................5Answer to E:...........................................................................................................................5Answer to question 2:.................................................................................................................5Answer to A:..........................................................................................................................5Answer to B:..........................................................................................................................6Answer to C:..........................................................................................................................6Answer to D:..........................................................................................................................6Answer to E:...........................................................................................................................6Answer to question 3:.................................................................................................................7Answer to B:..........................................................................................................................7Answer to C:..........................................................................................................................8Answer to D:..........................................................................................................................8Answer to E:...........................................................................................................................9Part B:.......................................................................................................................................10Small Business Concessions:...................................................................................................10Introduction:.........................................................................................................................10
Taxation Laws : Sample Assignment PDF_2

TAXATION LAW2Types of Concessions:..........................................................................................................10Criteria of eligibility:............................................................................................................10Objectives of Small business Concessions:.........................................................................11History of tax measures for small business:.........................................................................11Recent amendments made to the small business concessions:............................................11Effectiveness of the methods:..............................................................................................13Recommendations:...............................................................................................................13Conclusion:..........................................................................................................................13References................................................................................................................................14
Taxation Laws : Sample Assignment PDF_3

TAXATION LAW3Answer to question 1: Answer to A: According to the “section 25-10 of the ITAA 1997” an individual is allowed to claimdeductions relating to the expenditure that is incurred for repair on the premises or thedepreciating assets that is entirely held for generating income (Barkoczy, 2014). However, anindividual is not allowed to claim deductions relating to expenses that are capital in nature.As evident in the situation of Bhavraj who bought a property on 30 June and undertook thedecision of repainting the entire building so that an Indian theme is reflected. Any kind of repair that is carried out following the acquisition of property is referredas initial repair. This reflects that the property is not in better order when it was purchasedand not suitable for producing income as the way planned. In the leading case of “W Thomasand Co Pty Ltd v FCT (1965)” the cost incurred by the taxpayer on repairing the roof andpainting the building during the year in which it was acquired is regarded as capitalexpenditure and not deductible (Brokelind, 2014). Similarly for Bhavraj the cost of repaintingthe building is an initial repair of capital in nature and no deductions is allowable. Answer to B: According to the “division 40-25(1)” an entity can claim deductions for an amountthat is equivalent to the decline in value for the income year of the depreciating asset that isheld throughout the year (Coleman & Sadiq, 2013). As evident in the situation of Bhavraj anew oven was installed with a cost price of $10,000 and incurs $1000 for transportation withanother $1000 for installation purpose. According to the simpler depreciation for small entityan individual is allowed to immediately write off the or deduct the full cost of the asset in theyear when it is purchased given the cost of depreciating assets is less than $20,000.Additionally the cost of assets also includes the cost that is incurred in transporting and
Taxation Laws : Sample Assignment PDF_4

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