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Taxation Law, Theory and Practice Name of the University Authors

   

Added on  2019-11-20

14 Pages1880 Words392 Views
Running head: TAXATION LAW THEORY AND PRACTICETaxation Law, Theory and PracticeName of the StudentName of the UniversityAuthors NoteCourse ID
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1TAXATION LAW THEORY AND PRACTICETable of ContentsAnswer to question 1:.................................................................................................................3Answer to Issue I:.......................................................................................................................3Issue:..........................................................................................................................................3Laws:..........................................................................................................................................3Applications:..............................................................................................................................3Conclusion:................................................................................................................................4Answer to Issue II:.....................................................................................................................4Issue:..........................................................................................................................................4Laws:..........................................................................................................................................4Applications:..............................................................................................................................4Conclusion:................................................................................................................................5Answer to Issue III:....................................................................................................................5Issue:..........................................................................................................................................5Laws:..........................................................................................................................................5Applications:..............................................................................................................................5Conclusion:................................................................................................................................6Answer to Issue IV:....................................................................................................................6Issue:..........................................................................................................................................6Laws:..........................................................................................................................................6Applications:..............................................................................................................................6
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2TAXATION LAW THEORY AND PRACTICEConclusion:................................................................................................................................7Answer to question 2:.................................................................................................................7Issue:..........................................................................................................................................7Laws:..........................................................................................................................................7Application:................................................................................................................................7Conclusion:................................................................................................................................8Answer to question 3:.................................................................................................................8Answer to question 4................................................................................................................10Reference List:.........................................................................................................................12
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3TAXATION LAW THEORY AND PRACTICEAnswer to question 1: Answer to Issue I:Issue: From the existing scenario of moving the machinery from one site to another site itcan be said that the cost that is incurred can be considered for non-allowable deductions withreference to “Section 8-1 of the ITAA 1997”. Laws: i.“Section 8-1 of the ITAA 1997” ii.“British Insulated & Helsby Cables”Applications: As it has been evident from the existing situation that moving of machinery to newsite involves cost and it can be said that no permissible subtractions or deductions will bepermitted under section “8-1 of the ITAA 1997”. For the purpose of depreciation, movingthe machine to the new site can be said that it involves cost that ultimate results in increase inthe cost of machine. As held in “British Insulated & Helsby Cables” any form of costincurred at the time of transportation symbolizes a recurring advantage for the business byshifting the machinery to new site (Barkoczy, 2016). According to the “Taxation ruling TD93/126” installing the machine and starting the business functions results in cost involved inmoving the machine to new site and simultaneously forms the part of revenue. It must benoted that cost involved in moving the machine to new site cannot be accounted as allowabledeductions.
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