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Taxation Law: Work Related Income, Deductions, Capital Gains, Rental Property, and Other Deductions

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Added on  2023-06-06

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This article covers work related income, deductions, capital gains, rental property, and other deductions under taxation law. It includes relevant sections of ITAA 1997 and ITAA 1936. The article also covers tax payable, offsets, and levies.

Taxation Law: Work Related Income, Deductions, Capital Gains, Rental Property, and Other Deductions

   Added on 2023-06-06

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Running head: TAXATION LAW
Taxation Law
Name of the Student
Name of the University
Authors Note
Course ID
Taxation Law: Work Related Income, Deductions, Capital Gains, Rental Property, and Other Deductions_1
1TAXATION LAW
Table of Contents
Work Papers...............................................................................................................................2
Work Related Income and Deductions..................................................................................2
Capital gains:..........................................................................................................................3
Rental Property:.....................................................................................................................3
Other deductions:...................................................................................................................4
Tax Payable, Offsets and Levies:...........................................................................................5
References:.................................................................................................................................6
Taxation Law: Work Related Income, Deductions, Capital Gains, Rental Property, and Other Deductions_2
2TAXATION LAW
Work Papers
Work Related Income and Deductions
According to the judicial concept of “section 6-5 of the ITAA 1997”, ordinary
income constitute income derived from the ordinary sources. “Section 6-1 of the ITAA
1936” explains that income from personal exertion includes the income from salary, wages,
gratuities or proceeds from the business (Blakelock and King 2017). The current work paper
comprises of the elements of work related income and deductions made during the year.
Under the work related expenditure it comprises of the gross salary, allowances
reimbursement and contributions that is made related to the superannuation contribution. The
receipt of dividend constitutes statutory income under “section 44 (1), ITAA 1997” and the
same has been included for assessment purpose.
Work Papers
Particulars Amount ($)
Work Related Income and Deductions
Employment Income
Gross Payments 120000
Less: Tax Withheld 32032
Travel Allowance 2011
Less: Superannuation Contributions 15000
Australian Sourced Dividend Income
Dividends on 29 September 1150
Dividends on 28 March 500
Total Dividends Fully Franked (Net) 1155
Franking Credits
Gross up for Franking Credits 495
Total Employment Income 74979
Work Related Deductions
Registration & Insurance 1371
Fuel & Oil 5117
Services 902
Tyres (Repairs) 869
Tolls for road and tunnels 595
Lease Payments 7331
Mobile Phone 823
Taxation Law: Work Related Income, Deductions, Capital Gains, Rental Property, and Other Deductions_3

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