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Answers to Questions i, ii, v, vii, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI,

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UNIVERSITY OF TASMANIA

   

Taxation (BFA391)

   

Added on  2020-02-24

About This Document

This assignment is based on taxation which will discuss the questions related to this topic such are the loyalty of customers of the airlines and the Australian taxation office. As well as this assignment will also discuss the purpose of buying the additional canoes. 

Answers to Questions i, ii, v, vii, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI,

   

UNIVERSITY OF TASMANIA

   

Taxation (BFA391)

   Added on 2020-02-24

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Running head: TAXATIONTaxationName of the University:Name of the Student:Authors Note:
Answers to Questions i, ii, v, vii, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI,_1
1TAXATIONTable of ContentsAnswer to Question 1.................................................................................................................1Answer of Question i:................................................................................................................1Answer of Question ii................................................................................................................1Answer of Question iii...............................................................................................................2Answer to Question iv................................................................................................................3Answer of Question V................................................................................................................3Answer of Question vi...............................................................................................................4Answer of Question Vii.............................................................................................................4Answer of Question viii.............................................................................................................5Answer of Question ix...............................................................................................................5Answer of Question x.................................................................................................................6Answer to Question 2.................................................................................................................6Reference....................................................................................................................................9
Answers to Questions i, ii, v, vii, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI, VI,_2
2TAXATIONAnswer to Question 1Answer of Question i:The loyal customer of the airlines is rewarded with the Flight point or Reward by thecompanies in aviation that is covered under the Taxation Ruling of TR 1999/6. TheTaxation Ruling of TR 1999/6 clearly state that the points or rewards that are received bycustomers from the companies in airline business are commonly not treated under taxation astype of income1. However, Fringe Benefit Taxes might be implemented on points or rewardsif the following scenarios occur are:There is a relationship of family between the employees and employer. The points orrewards from the flight are received by employee’s in context to his or heremployment. The flight points or rewards are provided to the employee for a particulararrangement. The Webjet’s repeated flier rewards received by the employee from the large businessorganization for the purpose of work related travel paid by a firm shall be taxed neither underFringe Benefit Tax nor as taxable income2. Answer of Question iiThe person from its customer receives a compensation for damages to the capital assetat the period of providing of the service to customers then the received amount ofcompensation for damages are not assessed under taxation. This is taxable under hands of thereceiver. The important points that to be considered are:1Gitman, Lawrence J., Roger Juchau, and Jack Flanagan.Principles of managerial finance. Pearson HigherEducation AU, 2015.2Braithwaite, Valerie, ed.Taxing democracy: Understanding tax avoidance and evasion. Routledge, 2017.
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3TAXATIONThe assets should be in the form of capital and must be dynamically be utilized in theprocess of business of the receiver3. The asset must be an asset that is depreciable asset and expected depreciation hasbeen gauged for the asset in the records. The amount of compensation received was utilized to use for revamping the assetspart that are damaged. The amount of money that is received by the Crane Hire Company for the damages to thecapital asset from the customer. This is not to be considered under taxation that is not ataxable income of the company that provided that above mentioned must be fulfilled4. Answer of Question iiiAs per the Australian Taxation Office, the gifts in kind or in cash received by anindividual are not treated as a component of the income that are exempted neither they formthe part of non-exempted income or non-assessable income. In general, the small gift is typeof a gift that are excluded at period of computation of income tax of the person5. However, inthe context to receipt of big quantity of gifts that can change into money or cash gifts or inkind or any amount in cash that are facilitated to the employee then that sum will beconsidered in the assessment of the income by the receiver. 3Lal, Anita, Ana Maria Mantilla-Herrera, Lennert Veerman, Kathryn Backholer, Gary Sacks, Marjory Moodie,Mohammad Siahpush, Rob Carter, and Anna Peeters. "Modelled health benefits of a sugar-sweetened beveragetax across different socioeconomic groups in Australia: A cost-effectiveness and equity analysis."PLoSmedicine14, no. 6 (2017): e1002326.4Davis, Angela K., David A. Guenther, Linda K. Krull, and Brian M. Williams. "Do socially responsible firmspay more taxes?."The Accounting Review91, no. 1 (2015): 47-68.5Cheshire, Lynda, Jo-Anne Everingham, and Geoffrey Lawrence. "Governing the impacts of mining and theimpacts of mining governance: Challenges for rural and regional local governments in Australia."Journal ofRural Studies36 (2014): 330-339.
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