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taxation law assignment

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taxation law assignment

 taxation law assignment

 

Introduction

The report basically aims to provide the insight into various types of the income taxes which are been paid by the residents of Australia. In order to compute the accurate taxable income of the individuals the latest laws and provision has been taken into the consideration this in turn will enable to maintain the transparency as well as effectiveness in the taxation system of individuals. All the four questions have been answered by taking the latest income tax slab rates so that the uniformity as well as accuracy in the computation can be determined. Furthermore, the report has also covered various aspects which will help in determining that whether the income is taxable or not

Question 1

Calculate the income tax payable, ignoring the Medicare levy, for the following taxpayers for the year ended 30 June 2018:

(a)   An Australian individual who is a resident with a taxable income of $15,000.

From the following situation it has been determined that the income which is of $15000 will not be treated as the taxable income according to the Australian Taxation Office as the determined income which is of individual is not exceeding the income which is prescribed in the provisions of laws that is $18200 (Austill, 2018).

(b)   An Australian company with a taxable income of $15,000.

From the scenario it has been determined that the generally income tax is charged at the rate of 30% but according to the Australian Taxation Office the benefit which is provided to corporate and firms is lower than the actual rate that is the rate at which the taxation at which it is paid is 27.5%. Therefore, it can be said that he organizations does not have to pay the taxes at the rate of 30%. These entities are also defines as the entities which are business based (Australian taxation office, 2018).

Therefore, it can be said that the organization has complied with all the provisions and the laws which are applicable for the business entity so in this case the taxes will be charged at the rate of 27.5% (Austill, 2018).

So, the taxable income will be evaluated as follows:

$4125 ($1500*27.5%)

(c)    An Australian individual who is a resident with a taxable income of $155,000.

In this case the person income will be taxable according to the provisions of taxation and the individual will lie in the income tax slab of $87001- $180000 (Austill, 2018). Hence, the resident of Australia will be liable to pay the specific amount which will be evaluated as follows:

($ 19822 + [155000 – 87000] * 0.37)

=$ 44982

(d)An Australian company with a taxable income of $155,000.

It can be believed that the income which is assessable will be determined as the income of bottom speed unit and the taxable proceeds of it will also be less than that of the actual taxable income which is charged at the rate of 30% therefore the limit which is prescribed that is $25 million (Austill, 2018). Therefore the amount which has to be paid by the Australian Company as the taxable income will be determined as follows:

= $ 155000 * 27.5%

= $42625

(e)    An Australian individual who is a resident with a taxable income of $255,000.

The Australian body that is living in Australia resolve also be treated as an assessable income due to the fact that the income of the individual is more than that of the $18200 which is prescribed in the law (Austill, 2018). Therefore, the income of the individual will be computed through the following formula:

= $ 54232 + (255,000 –180,000) * 0.45

= $ 87982

Therefore, the amount of $ 87982 will be treated as the taxable income and this amount will be provided to the taxation collection office by the Australian individual so that the accurate income can be determined and the transparency within it can be computed (Australian taxation office, 2018).

(f)    An Australian individual who is a non-resident with a taxable income of $255,000.

In the given circumstances the human being who is earning the income in Australia but is the non resident of Australia so the treatment of its income tax will be treated in the different way as compared to that of the individuals who are residing in Australia and earning the income also in the national boundaries (Carl & Fedor, 2016). The Australia taxation has the different types of provisions for computing the taxable income of the non residents. The tax rate which will be applicable in this case will be $62685 and the amount of the 45 cent for each of the $1 which will be over $180000 (Carl & Fedor, 2016). Therefore, the required non-resident is also required to pay the income tax and the taxable income for it will be evaluated as follows:

= [$ 62685 + ($ 255,000 - $ 180,000) * 0.45]

= $96435

Hence, this is the amount which will be paid by the non-resident as the taxable income so that the effectiveness and well as the reliability in the computation of the taxation within the Australia can be made.   

(g) An Australian individual who has working holiday visa with a taxable income of $255,000.

In this case it has been determined that the individual who is working as a working holiday visa and earning the taxable income of amount $255000. Therefore, as per the Australian Taxation laws it can be determined that the first income which is of $37000 will be charged at the rate of 15% and then the remaining amount of the income will be taxable at the normal rate which is determined in the provisions (Carl & Fedor, 2016). Therefore, in the income of the $37000 the taxable income will be $5550 and the remaining income which is of the $ 218,000 will be computed accordingly such as:

= 33750 + 16250 + 34410

= $ 84410

Hence, the total taxable income of this amount will be considered as follows:

= ($ 84410 + $5550)

= $89960



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