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Taxation Law Assignment Help

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Taxation Law Assignment Help


 Taxation Law

Question 1
The act of ITAA 1997 U/S 8-1 authorizes the cost of moving the machinery as it is considered as a subtraction or deduction in order to move the primary assets of the particular firm. Some of the expenses of the firm are willingly categorized under the final expenditures of the firm for the long term income of the particular company, which are further subtracted from the final revenue amount. According to ArAs (2016), This act is followed mostly in any business strategy as it helps in the revenue deposition and acts as an investment rather than expenditure for the continuation of business and acts as a tactic for a stable profit margin in near future.
Henceforth , the cost moving the machinery is not considered as an external expenditure. It is listed under the internal spending, similar to the any other expenses of the firm that is required in order to run the business. It is rather entitled as and considered in the form of investment for the betterment of remuneration in the firm. Thus, as told in the former paragraph Act ITAA 1997 U/S 8-1, the final revenue acts as the primary amount. The miscellaneous expenses along with the usage or damage expenses are deducted from it and same goes with the cost of moving of the machinery. Thus, under ITAA 1997, the expense of moving the machinery is permitted and deducted from the full and final amount, as explained earlier.
In this act, the expenditure for assets is treated as a valid part of the business process and is not subcategorized as a separate entity. In the opinion of Cane & Atiyah (2013), it is basically done in order to keep record of the value of its assets in near future. Therefore, the cost of assets is finally taken out from the assessable profit of the firm for ensuring a better and stable business revenue further.
Unlike the expense of moving the machinery and company assets, this particular expense is treated as an external entity. Any amount charged for going against or opposing the clearance petition, in a particular firm is not treated as a part of the business process expenditures. Henceforth, under the act, 8-1 ITAA, 1997, this particular cost acts as an external expenditure in regard to the entire profit chain.
Some of the specific expenditures are categorized under firm expenses and lies under a single firm head/principal. These type of expenditures vary. For example, the solicitor fees for the clearance of the mortgages of the firm, expenditures for earning legal suggestions and advices from the ideal resource. As stated by DeCicca, Kenkel & Liu (2013), these expenditures also involves, convincing the client, other  parties and more. All of the mentioned expenditure types are considered under one main domestic category as mentioned earlier in the paragraph. Therefore, the following costs are finally eligible for the deduction or subtraction from the main revenue under the act 8-1 ITAA, 1997. The reason being that,  these mainly aid in decreasing the accountability/liability from the firm head in many ways.
Question 2
In respect of the terms and conditions of the government, it is mandatory for all institutions or bank to legally maintain taxation that is finally possessed by the government. The process involves a basic method of calculation that is performed by subtracting the input tax from the output tax amount of the institution or bank or the trading body, as per the trade policy.
According to Picciotto (2015), the regulation also involves specific conditions, that is, a few service taxes are charged by the Big bank LTD. The bank charges a minimal percentage of tax to its consumers in return of the services provided to them. This kind of tax, involving the charges made by the bank is called the input tax.
In contrary, the output tax is paid by the bank that involves some other conditions. For example, in case of a loan or sustaining any kind of indirect expenditure increases. In case of output tax, an institution can calculate its amount of tax for its expenses of services. 
According to the GST policy, the calculated amount of input tax is deducted from the final amount of output tax. The output tax can also be stated as the type of local sale or called the CST payable.
The Big bank LTD is capable of including the several types of expenses in the final expense that is 1,650,000 of general advertising amount up to 1,100,000, such as the GST, television expenses, advertisements for organizing campaigns, including print media advertisements as well as radio via wireless advertisement. 
Henceforth, an appropriate estimation of the total amount sums up to $2,650,000 ($1,650,000+$1,100,000). As opined by Saad (2014), As per the rules and regulation of Tax practitioner Board, it is compulsory for the Big bank to conceal the input tax amount that shall include the rate of the levied tax equivalent to 10% in purpose of advertisement and other important services.
Thus, the tax amount for the important service along with the amount for advertisement is calculated and charged all together in order to expand the business in the long run.
The amount of output tax levied for the institution totals up to 165,000, that is (165,000*10%). The bank has also issued the amount for advertising expense, in the present year, as an invoice which is suggested by the advertising consultant and the total amount for which is $1,650,000. In brief, the amount total amount of credit input tax in the present year sums up to 1,650,000. Here the sum of prepaid tax is deducted from the final amount which leads to a figure of $1,485,000. Thus the calculation stands as ($1,650,000- $1,485,000).
As stated by Piketty, Saez & Stantcheva (2014), a set of advanced product had been introduced or launched by both big bank home as well as Big bank LTD in respect to the firm insurance. It can be defined more like a partnership which shall be inclusive of approximately 2% of the net income and loss; that shall be later settled or counted under the Big bank home book.
The input tax leading to approximately  ($1,485,000-2% = $1,455,300). Hence, this particular amount shall be included to the Big bank account. Since the whole amount has been remunerated by the bank in the form of pre paid form, it will be considered as developing  asset for the firm.
Question 3
There are several profits made by Angelo in the current year and expenditures along with the amount of tax paid by him. In this particular scenario, the breakage of the gross profit he made is displayed. The employment income from Australia is, $44,000. Similarly the employment profit from the country United States is $12,000 and from UK being $8,000. It also includes, the profit he made from the rental property income amount from the UK, being, $2,000.
The dividend income of Angelo from UK stands up to a$1,200 and the interest income from UK, again, being, $800.
Therefore, total profit or gross income all together leads up to around $68000.
Angelo also also had expenditures. The different expenses he made are as follows;
The medical expenses of Angelo for his cosmetic surgery, that has been included along with his final expenditure amount, leads up to $5000. As per the knowledge of Zucman (2014), based on the policy of the nation Australia and the act IITA based on the income tax to be paid by the person, the expenses are included in the procuring employment profit; which leads to the amount, $4000.
Similarly, the expenses are included in the deriving employment profit, as per the conditions of United States policy and IITA, that is resulting in the amount, $900.
$500 is the Angelo’s total expense amount that is listed under the deriving rental profit from  UK, as per the nation and IITA policy based on the person’s income tax payment. Angelo spent an amount of $400 on gifts. The gift will be considered as a deductible gift recipient. As explained earlier, if the expenditure exceeds the maximum amount of the gift slab that is, 97.22, it can be subtracted from the yearly profit of the person, as stated under the act of IITA.
According to Simkovic & McIntyre (2014), the interest amount is not collected by the Australian government body, therefore, it can be incurred in the procuring dividend profit and can finally be taken out from the individual’s assessable income The amount for this scenario, is $140. A figure of $60 is calculated for the debt deduction expenses included in the deriving interest income. The total expense being, $11000 and the in hand amount after the removal of the expenses being, $57000 approximately.
Angelo also paid a number of foreign taxes. According to the IFA and USA tax slabs, the profit made from abroad is payable and the employment income is up to $3600. If the profit is made from any international enterprise, the less foreign tax paid is $120.
In respect of few terms and conditions, the individual is not chargeable. For example, any amount gained from some place outside, must be categorized under the capital revenue. Thus in this scenario, Angelo is free of any charges of interest from the government’s end. 
As opined by Citrin, Green & Levy (2014), the government also does not charge any extra amount to the person incase of any interest profit made from UK, as these kind of charges are often based on double tax amount and the amount being $80 in this case.
Corresponding to the taxation board of Australia, any earning from abroad made while the foreign offset is to be withdrawn from the assessable amount of the income of the individual.
And is further included to the amount of the person’s rental property resource of the debt collection. For which the amount being approx, $600. The final foreign tax paid is 4,400 and the net amount being $52,800. Additionally, Angelo’s medical expenditure is not be considered within his surgery expense, rather it should be included under his health fitness spending.
It also states that, the interest income earned from UK by Angelo, has been paid within the same place.
Question 4
In this scenario, the net income for the year of the two business partners will be calculated based on their partnership and sales of their sport products. The receipt amount for the sales of sports goods are $397000. The interest of deposits of the bank stands up to $10000. The liability income sums up to 500000 and the recovery of bad debt amount and the dividend collected from the Australian resident company being $10000 and $13125 respectively. Whereas, $15000 from the capital profit from the share discard obtained in the year 2009. The total amount of receipts standing up to $495125.
According to Harris (2015), The different types of payments are the remuneration of Johny and Leon that is $10000 and 15000 respectively. The amount of interests on the capital being $4000 and $2000. The sum of the amount of fringe benefits is 16000, while the lease renewal wage and amount spent for the arrangement of the partnership agreement is $12000.
Additionally, the expenditure list also includes the aggregate of arrangement of the new lease and debt collection expenses being $700 and $500 respectively. It further includes the staff salary($25000), the rent of retail store($20000), business meals($1000), doubtful debt provision($30000) and the purchase of sports products($30000). The final remittance is $166,900 and the undistributed income amount is 164,112.5(Johny(½) 164,112.5 and Leon(½) 164,113).
In conclusion, it is to notify that, the dividend has exceeded up to 60% over the definite share, the contribution of both parties are not considered in the net amount. Thus only the former interest amount is received and considered as (21000*(100/160). The remaining aggregate of the year 2009 is to be displayed on the balance sheet and should be subtracted from the capital profit. It also shows that, addition of any personal expenses cannot be included. As stated by Lugard   (2013), if so is done, the amount of personal spending shall be removed from the gross income. As done in Johnny’s scenario for his travelling expenses. Moreover, the car wash expense by Johnny's son is included in the firm expenditure as staff salary.

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