HI6028 TAXATION THEORY, PRACTICE AND LAW FINAL ASSESSMENT TRIMESTER 1, 2021 Holmes Institute
For tax purpose, in what circumstances are individuals and companies treated as residents of Australia? Explain based on the the Income Tax Assessment Act 1936 (Cth) and relevant case law.
Referring to relevant statutory provisions and common law, discuss whether the following amounts would be as an allowable deduction against assessable income.
Required: With reference to relevant legislation and case law, discuss and calculate what amount is allowed as a deduction for the decline in value of the machinery and the car discussed above, using both prime cost and diminishing value methods.
Andrew and Piter are paterners, carrying on a business as a partnership. The partnership agreement provides that Andrew is to be paid an annual salary of $40,000. The balance is to be distributed equally between Andrew and Piter. The partnership agreement also provides that the partners are to share the losses equally in the case of losses. The partnership’s assessable income for the income year is $100,000. Deductible expenses are $120,000.
What are the tax consequences for the partnership and each partner?
Benjamin is an artist. He sold some assets last week. He requests you to calculate the Capital Gain Tax (CGT) consequences of the following transactions:
He purchased the following items last eight months ago.
Last week he sold these assets as follows:
Based on the legal provisions, discuss capital gain tax assets and calculate his net capital gain or net capital loss for the current tax year
What is meant by two terms, ‘tax evasion’ and ‘tax avoidance’? Give your answer with examples of each.
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