Research Project Starbucks Assignment

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Part 1



· Briefly discuss the differences while calculating income tax that would be based on PAYG system and income assessment act.

PAYG system

PAYG system is installation process that makes regular payments towards expected annual income of tax liability at end of the year. For PAYG systems throughout the year assess have to pay though out the year and finalise the account before income tax return of the company. Generally while calculating the PAYG system, there are two options that help to calculate income tax return of the companies act. First of all amount required to be estimated over the income. On the other hand, calculate the annual project tax liability that required following the earning in weekly basis. In this regards the rate of income tax rate would vary over the business operation in different state. As mentioned by Berk et al. (2013), merger of the associated corporation would raise the capital and production of the organisation. In this regards, the rate of return and the taxation policies would vary to some extent. PAYG installation system would install the rate and resist the taxation policies under GST. It would automatically remove from PAYG instalment system and no longer applicable in thresholds according.   

Income tax assessment Act

Income taxes have been calculated on basis of the amount of taxpayers and deduct the specific and general documentation from the overall tax. This type of taxable income would operate the total assessable for year ended. This type of calculation would regulate the provisions for relevant provision associated with activates during ITAA 97. The taxable amount can be calculated with specific and general deduction on total income assessment polices.

Therefore, the main differences while calculating the PAYG system there are changes in rate and it can be calculated by instalment basis. On the other hand, income tax assessments have no option like PAYG system. There are different sections under withholding payment like section 12-36 and various provisions to manage the rate of return of an organisation. PAYG system is taxation system that can paid on instalment on basis that can be monthly or weekly basis, whereas in income tax assessment there is no instalment payment of tax process. Therefore, there are some specific deduction and provisions under the act that can be done on the income tax assessment only.    

· Discuss over constitute taxation transaction and what would be the legislation for governing this?

Good and service tax

In Australia, goods and service would levy the digital and physical transactions of product and service within the country. Outside business service would remit GST service and operate the amount of taxation in better way. Therefore, for commercial transaction of good and service collect and idea required to manage the Australian transaction for managing the return of tax for managing goods and service. Hence, it would provide all the detail service to generate impose the tax of return to develop and manage the transaction in a systematic way.

Excise duty

There are different benefits that required managing the excise product and granting them including fuel and other product schemes to manage the luxury an item of the taxation polices. Therefore, it required to pay the relevant provisions to taxpayer in related to specific schemes of taxation polices. These constituent legislation also includes superannuate benefits and other factors that required to manage the application plan in systematic way.

For governing this legislative in managing the application and set up the shareholders provision to manage polices in better way. This would manage the applications that are significant to manage the rate of GST and selling the digital to register to make the register to operate the business plan in managing the tax of the firm. As mentioned by Albarea et al. (2015), this would be common Acts to link up the federal register legislation the database required to manage the service tax legislation database. This type of information makes the owners, creditors, investors and other investors to evaluate the decisions over economic resources of the firm. Payment on income tax for companies’ legislation and capital gain tax rule that would paid under different benefits in federal taxation policies and plan.

Australian federal taxation report would enable to manage the rules and regulation that would provide different provisions to manage the taxation policies of the companies. As stated by Austin, Gurran & Whitehead (2014), this policy mainly depends on the revenue and administrative website policies to manage the taxes and legislation policies to manage the legislation of the stamp duty. Thus, it would help to manage the legislation to register the rate of taxation policies and manage the federal legislation to manage the payment goods and service tax according to the rate of return. It also helps to identify and promote globally the consistency of using the accounting standards and cover all the areas to prepare an accurate report. 



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