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TAXATION LAW TAXATION LAW 7 7 Taxation Law Name of the University Author

   

Added on  2020-04-01

8 Pages1613 Words476 Views
Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID

TAXATION LAW1Table of ContentsAnswer to question 1:.................................................................................................................2Answer to question 2:.................................................................................................................3Answer to question A:................................................................................................................3Answer to question B:................................................................................................................4Answer to question C:................................................................................................................4Answer to question D:................................................................................................................4Answer to question E:................................................................................................................4Answer to question 3:.................................................................................................................5Answer to question A:................................................................................................................5Answer to question B:................................................................................................................5Answer to question C:................................................................................................................5Answer to question D:................................................................................................................5Reference List:...........................................................................................................................7

TAXATION LAW2Answer to question 1: a.Accrued Wages: Accrued wages should be viewed as the expense which is“incurred” in the form of either on regular basis or on the periodically basis. In thepresent context it can be stated that accrued wages is an expense that can be regardedas the allowable deductions in compliance with section 8-1 of the ITAA 1997(Coleman & Sadiq, 2013). b.Advertisement: Expenses on advertisement can be viewed as the allowable expensesthat is incurred for business in the nature of outgoing that successfully meets thecriteria of the positive limb in respect of the section 8-1 of the ITAA 1997 (Harris etal., 2014). c.Depreciation: Depreciation can be considered as the outgoing that is incurred inrespect of the section 8-1 of the ITAA 1997. A deductions can be claimed by anindividual till the extent it is related to work purpose. d.Interest: An individual tax payer paying interest on loan will be treated as theallowable deductions for expenditure in respect of the section 8-1 of the ITAA 1997.The reason for considering the interest as the deductions because it meets the criteriafor positive limbs under section 8-1 of the ITAA 1997 (Kenny, 2013). e.Insurance on plant and equipment: An individual taxpayer can claim allowabledeductions under section 8-1 of the ITAA 1997 for the expenses incurred onInsurance on plant and equipment because such expenses are incurred under thepositive parts of the section 8-1 of the ITAA 1997. f.Lease Payments: Lease payments are treated as the business operating expenditurethat is incurred by the taxpayer for the regular business functions. Hence, it can bestated that lease expenditure is regarded as the expenditure that are positively incurred

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