Taxation Project Assignment
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Added on 2020-10-22
Taxation Project Assignment
Added on 2020-10-22
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Taxation Project
Table of ContentsTable of Contents.............................................................................................................................2INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11. Analysing residential status of individual for tax purpose calculation of tax liability as perthe residency status......................................................................................................................12. Advising assessability of various incomes earned from the British publisher........................2TASK 2............................................................................................................................................3Calculating minimum taxable income and net tax payable or refundable amount for the yearended 30 June 2019.....................................................................................................................3CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONThe term taxation refers to a major source of revenue of government. It levies upon eachindividual person including individuals and entities of the country. They need to pay a certainsum to the government on the basis of profit or income generated by them. The present studyshows calculation of tax liability of the individual on the basis of residence status. It providesinformation about accessibility of various receipts as per taxation law. Further, the study alsoshows calculation of tax liability of an individual using various taxation provisions. Thecalculation of tax liability is being based on numerous provisions relating to deduction,exemption, etc.TASK 11. Analysing residential status of individual for tax purpose calculation of tax liability as per theresidency status.Residency status of individualAs per income tax rulings issued by the Australian Taxation OfficeBeforedetermining the taxation liability of any individual, it is necessary to determine the residencystatus first, as levy of tax varies as per the residential status of the individual (Eslak, 2015). TheAustralian government has provided various requirements on the basis of which residential statusof an individual can be determined. The Australian government provides some tests that needs to be fulfilled by anindividuals for considering themselves as ordinary residence of Australia. These tests can beanalysed as under:Resides test: If an individual is born in Australia or his parents are born in Australia, theindividual would be termed as Australian ordinary resident (Ngo and et.al., 2019). Any of the theindividual who does not satisfy the terms of resides test, would be needed to satisfy other tests.Domicile test: Domicile test says that if any individual has purchased any home forpermanent residential purpose, the individual will said to be an ordinary resident fortaxation purpose.183 days test: Further, as per ITAA 1997 rules relating to the 183 days tests, in case,any individual has resided at least 183 days during a specific time period, the individualwould be treated as resident of Australia for tax purposes.1
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