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LAW 79017 - The Taxation Law : Assignment

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UNIVERSITY OF TECHNOLOGY SYDNEY

   

Taxation of Law (LAW 79017)

   

Added on  2020-02-24

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LAW 79017 - The Taxation Law Assignment is the provision that is related to the flight rewards that are offered to the loyal consumers by the airline service providers.  As per the ruling flight reward that is provided to the consumers by the airline companies are generally not considered for taxation purpose as income though Fringe Benefits Tax can be imposed on the rewards given that the below-stated creation is satisfied.

LAW 79017 - The Taxation Law : Assignment

   

UNIVERSITY OF TECHNOLOGY SYDNEY

   

Taxation of Law (LAW 79017)

   Added on 2020-02-24

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Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
LAW 79017 - The Taxation Law : Assignment_1
1TAXATION LAWTable of ContentsAnswer to Question 1:................................................................................................................2Answer to Issue (I).....................................................................................................................2Answer to Issue (II)....................................................................................................................3Answer to Issue (III)..................................................................................................................3Answer to Issue (IV):.................................................................................................................4Answer to Issue (V)...................................................................................................................4Answer to Issue (VI):.................................................................................................................4Answer to Issue (VII):................................................................................................................5Answer to Issue (VIII):..............................................................................................................5Answer to Issue (IX):.................................................................................................................6Answer to Issue (X):..................................................................................................................6Answer to question 2:.................................................................................................................7Reference List:.........................................................................................................................11
LAW 79017 - The Taxation Law : Assignment_2
2TAXATION LAWAnswer to Question 1:Answer to Issue (I)According to the taxation ruling of TR 1999/6 it lay down the provision that is related tothe flight rewards that are offered to the loyal consumers by the airline service providers(Pinto, 2013). As per the ruling flight reward that are provided to the consumers by the airlinecompanies are generally not considered for taxation purpose as income though Fringe BenefitTax can be imposed on the rewards given that the below stated creation are satisfied; a.There is a form of family connection amid the employer and the employee and rewardfor flight travel by the employees in regard to the employment. b.The flight reward are provided to the employee under the precise arrangement As defined under the taxation ruling TR 1999/6 when habitual fliers are given with theflight rewards by the airline companies it shall be considered for the purpose of taxation(Barkoczy, 2016). However, if a person has received reward depending upon the fact thatflight reward entitlement will accrue with the services and the flight reward will be viewed asbusiness expenditure for the employer. On considering the nature of the above stated expiation it can be viewed that Webjetreceived a frequent flier point that is received by the business analysis employed under thelarge business consultancy concerning the work related travel will be considered neither forthe purpose of taxation nor any form of FBT shall be applied on such kinds of rewards.
LAW 79017 - The Taxation Law : Assignment_3
3TAXATION LAWAnswer to Issue (II)Compensation received by a person from the customers for causing damage to the capitalasset in rendering service then those receipts will not be considered for assessment by therecipients. Below stated are the necessary considerations that must be followed; a.The asset should be in the nature of the capital and must be actively employed for thepurpose of business by the recipientb.The amount should be received by the customers to whom such kind of services mustbe rendered for the users of the asset and damaged during the usec.The amount received was used for repairing the damaged portion of the assetd.The asset should be of depreciable type and stable depreciation should be recorded inthe books of accounts concerning the asset (Snape & Souza, 2016).The receipt of sum by the Crane Hire Company for the crane that is damaged by thecustomers must not be considered for the purpose of taxation by the Crane hire companyprovided that the above discussed criterion are fulfilled. Answer to Issue (III)As per the Australian taxation gifts that are received by the person will not beregarded as exempted income nor any kind of non-assessable non-exempt income. Gifts thatare of small amount should not be included in determining the taxable income of the taxpayer(Braithwaite, 2017). In respect of large amount of receipt of cash gift or gifts that areconvertible in cash or kind that are given to the employee then such kind of gifts shall beconsidered in determining the assessable income of the recipient. Therefore, abroad holidaypackage received by manager of the night club from the alcohol dealer will be included incalculating the chargeable income of the night club manager.
LAW 79017 - The Taxation Law : Assignment_4

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