The document contains answers to 10 questions on various topics in Australian taxation law. Key points addressed include:
1) Non-cash business benefits like a holiday trip received by a client from a supplier are considered taxable income under section 21A of the ITAA 1936.
2) Interest received is considered ordinary income under section 6-5 of the ITAA 1997 and is taxable in the year it is derived based on a cash accounting method.
3) Bad debts written off are allowable deductions under section 25-35 of the ITAA 1997 if the debt is written off in the current income year.
4) Travel expenses between jobs can be deductible if considered travel in the course of work
The document provides an overview of the changes to individual and business taxation resulting from the 2017 tax reform law. For individuals, it summarizes changes such as lower tax rates, increased standard deduction, changes to certain deductions. For businesses, it discusses expanded expensing allowances, limitations on interest expense deductions, changes to meals and entertainment deductions. It also provides details on the new 20% pass-through deduction and its limitations.
View the slides from EY's December 5, 2019 webcast, Preparing for payroll year-end and 2020. This deck includes expanded resources to assist businesses with their year-end and new year employment tax activities.
Note that the moving expense exception applies only to 2018 (that is, if an expense was incurred in 2017, but paid in 2018, the rules prior to the Tax Cuts and Jobs Act continue to apply.)
This document provides an overview of International Accounting Standard IAS 12 on income taxes. It defines key terms like accounting profit, taxable profit, current tax and deferred tax. It explains how to recognize current tax liabilities and assets, and the treatment of tax losses carried back. Deferred tax arises from temporary differences between the carrying amount of assets/liabilities and their tax base. These can be taxable or deductible temporary differences. Deferred tax is measured using the balance sheet approach by comparing carrying amounts to tax bases.
Advanced Financial Acct-I Chap 1-6 .pptxYasin Abdela
This document discusses accounting for share-based payment transactions under IFRS 2. It covers the objective and scope of IFRS 2, which is to require entities to recognize share-based payments in their financial statements. It addresses equity-settled, cash-settled, and transactions where the entity has a choice of settlement. Key terms like share-based payment transaction and fair value are defined. It also discusses arguments against recognition but notes the IASB rejected these. Recognition and measurement of equity-settled and cash-settled transactions are covered at a high level.
Income tax in India is governed by the central government and applies to non-agricultural income. It consists of the Income Tax Act of 1961, rules, notifications, finance acts, and court decisions. Individuals and entities are taxed on certain income depending on residential status, with taxes administered by the Central Board of Direct Taxes. Total tax revenue collection increased substantially between 1997-1998 and 2007-2008. In 2018-2019, direct tax collections were approximately ₹11.17 trillion. Tax is also collected through tax deduction at source on various types of payments according to thresholds. Key documents needed for filing taxes include Form 16, salary slips, Form 26AS, PAN card, and Aadhaar
1. The document provides expectations and recommendations for the upcoming Union Budget 2021-22. It discusses 3 key points - amending section 234C to provide tax relief for underestimating dividend income due to its uncertain nature; clarifying that dividend income should be taxable under the 'income from other sources' head unless it is business income; and ensuring minimum alternate tax is not applied to foreign company dividend income unless earned through a permanent establishment in India. The document aims to highlight gaps in tax law for the government.
Income Tax Law of Pakistan - TAX CREDITS.pptxSaharSCC
The document discusses various tax credits available to taxpayers in Pakistan under income tax law. It summarizes the following key points:
1. Tax credits are broadly classified into rebates in tax liability and credits for tax already paid. Rebates include foreign tax credits and credits for donations and investments.
2. Provisions for foreign tax credits allow residents credit for foreign income taxes paid up to the lesser of foreign taxes paid or average Pakistan tax rate applied to foreign income. Credit is given separately for different heads of foreign income.
3. Donations to approved institutions can be deducted from total income or allowed a tax credit at the average tax rate, with different limits applying.
2023 ICPAS Tax Guide to Members of the Illinois General Assembly Luis Plascencia
This document is the Tax Guide for Tax Year 2022 exclusively for members of the Illinois General Assembly. It provides an overview of tax provisions that specifically apply to state legislators, including what compensation is included in gross income and what expenses are deductible. Key points covered include transportation reimbursements and living expense allowances not being taxable income, and various deductions available such as medical expenses, taxes paid, mortgage interest, and charitable contributions. The guide also discusses political campaigns and organizations as well as important record keeping requirements.
The document provides an overview of the changes to individual and business taxation resulting from the 2017 tax reform law. For individuals, it summarizes changes such as lower tax rates, increased standard deduction, changes to certain deductions. For businesses, it discusses expanded expensing allowances, limitations on interest expense deductions, changes to meals and entertainment deductions. It also provides details on the new 20% pass-through deduction and its limitations.
View the slides from EY's December 5, 2019 webcast, Preparing for payroll year-end and 2020. This deck includes expanded resources to assist businesses with their year-end and new year employment tax activities.
Note that the moving expense exception applies only to 2018 (that is, if an expense was incurred in 2017, but paid in 2018, the rules prior to the Tax Cuts and Jobs Act continue to apply.)
This document provides an overview of International Accounting Standard IAS 12 on income taxes. It defines key terms like accounting profit, taxable profit, current tax and deferred tax. It explains how to recognize current tax liabilities and assets, and the treatment of tax losses carried back. Deferred tax arises from temporary differences between the carrying amount of assets/liabilities and their tax base. These can be taxable or deductible temporary differences. Deferred tax is measured using the balance sheet approach by comparing carrying amounts to tax bases.
Advanced Financial Acct-I Chap 1-6 .pptxYasin Abdela
This document discusses accounting for share-based payment transactions under IFRS 2. It covers the objective and scope of IFRS 2, which is to require entities to recognize share-based payments in their financial statements. It addresses equity-settled, cash-settled, and transactions where the entity has a choice of settlement. Key terms like share-based payment transaction and fair value are defined. It also discusses arguments against recognition but notes the IASB rejected these. Recognition and measurement of equity-settled and cash-settled transactions are covered at a high level.
Income tax in India is governed by the central government and applies to non-agricultural income. It consists of the Income Tax Act of 1961, rules, notifications, finance acts, and court decisions. Individuals and entities are taxed on certain income depending on residential status, with taxes administered by the Central Board of Direct Taxes. Total tax revenue collection increased substantially between 1997-1998 and 2007-2008. In 2018-2019, direct tax collections were approximately ₹11.17 trillion. Tax is also collected through tax deduction at source on various types of payments according to thresholds. Key documents needed for filing taxes include Form 16, salary slips, Form 26AS, PAN card, and Aadhaar
1. The document provides expectations and recommendations for the upcoming Union Budget 2021-22. It discusses 3 key points - amending section 234C to provide tax relief for underestimating dividend income due to its uncertain nature; clarifying that dividend income should be taxable under the 'income from other sources' head unless it is business income; and ensuring minimum alternate tax is not applied to foreign company dividend income unless earned through a permanent establishment in India. The document aims to highlight gaps in tax law for the government.
Income Tax Law of Pakistan - TAX CREDITS.pptxSaharSCC
The document discusses various tax credits available to taxpayers in Pakistan under income tax law. It summarizes the following key points:
1. Tax credits are broadly classified into rebates in tax liability and credits for tax already paid. Rebates include foreign tax credits and credits for donations and investments.
2. Provisions for foreign tax credits allow residents credit for foreign income taxes paid up to the lesser of foreign taxes paid or average Pakistan tax rate applied to foreign income. Credit is given separately for different heads of foreign income.
3. Donations to approved institutions can be deducted from total income or allowed a tax credit at the average tax rate, with different limits applying.
2023 ICPAS Tax Guide to Members of the Illinois General Assembly Luis Plascencia
This document is the Tax Guide for Tax Year 2022 exclusively for members of the Illinois General Assembly. It provides an overview of tax provisions that specifically apply to state legislators, including what compensation is included in gross income and what expenses are deductible. Key points covered include transportation reimbursements and living expense allowances not being taxable income, and various deductions available such as medical expenses, taxes paid, mortgage interest, and charitable contributions. The guide also discusses political campaigns and organizations as well as important record keeping requirements.
Income Tax - Meaning, Implementation and Exempted IncomesRajaKrishnan M
The document provides an overview of key concepts related to income tax in India including:
1) It summarizes the Income Tax Act of 1961 which is the main law governing income tax in India and outlines some key definitions related to income tax.
2) It explains the distinction between capital and revenue receipts and expenditures as well as capital and revenue expenditures which impacts how items are treated for tax purposes.
3) It provides examples of different types of income that are exempt from income tax in India.
This document discusses three key principles of Australian taxation law:
1) The "nexus test" which determines whether a receipt constitutes ordinary income by examining its connection to the taxpayer's income-earning activities.
2) The deductibility of legal expenses under section 8-1 of the Income Tax Assessment Act 1997, if they are incurred to produce assessable income.
3) Whether an expense is considered "capital" or "revenue" in nature, which determines if it can be deducted. Capital expenditures are not deductible while revenue ones generally are if they relate to gaining or producing assessable income.
- Dividend income received by shareholders is now taxable in their hands at normal tax rates instead of being exempt as was the case earlier.
- Deduction of up to 20% of dividend income is allowed for interest expenses incurred to earn the dividend income. No other expenses are deductible.
- For companies receiving dividends, a deduction under section 80M is available if the dividend amount is distributed to shareholders one month before the income tax return filing date.
Tax management paper BBA University of PeshawarEmmaSidd
Q.1. Withholding tax is levied on the withdrawal of cash from the bank accounts by the customer. The current rate of the withholding tax is 0.3% for Tax filers and 0.6% for Non-Tax Filer. What is your opinion; is withholding tax meant to be a major source of earning for the government or helpful for documentation of the economy?
Q.3 Wealth Tax Return form used for the return of net wealth under section 14 of the Wealth Tax Act, 1963 (XV of 1963). Explain the legal importance of Wealth Tax Return proforma?
The following slides explains the Opportunity Zone investment program and Opportunity Fund requirements per The Tax Cuts and Jobs Act of 2017. Author Rocco Forino
This document summarizes various provisions of the Tax Cuts and Jobs Act (TCJA) including:
1) Individual and corporate tax rates that were reduced under the TCJA.
2) Changes to itemized deductions such as capping state and local tax deductions, mortgage interest deductions, medical expense deductions, and suspending some miscellaneous itemized deductions.
3) Strategies like "bunching" deductions, qualified charitable distributions, and investing in Qualified Opportunity Funds to maximize savings under the new tax law.
Newsletter on daily professional updates- 01/04/2020CA PRADEEP GOYAL
“True strength lies in submission which permits one to dedicate his life, through devotion, to something beyond himself."
Presenting Daily dose of professional updates dated 01.04. 2020. This is 200th edition and 1st Newsletter of Financial Year 2020-2021
Prosecution proceedings under the Income tax Act: What lies ahead for foreign...Sandeep Jhunjhunwala
The document discusses amendments made by the Finance Act of 2018 regarding prosecution proceedings for companies that fail to file income tax returns. Specifically, it was previously exempt if tax payable was under Rs. 3,000, but this exemption no longer applies to companies. This means companies could face prosecution even if tax payable is under Rs. 3,000. This may apply to foreign companies receiving income in India. While the intent was to target shell companies, the law does not clearly reflect this and prosecution could be initiated against any company not filing returns. There are concerns this may deter business and that prosecution should only apply to serious/habitual cases of tax avoidance.
This document provides an analysis of whether Nadine would be considered an Australian resident under section 6(1) of the Income Tax Assessment Act 1936 if she moves to London for three years for employment. It examines the residency tests of resides, domicile, 183-day rule, and superannuation membership. It determines that as Nadine's domicile and permanent home would be in London for three years, she would not satisfy the resides or domicile tests and would therefore not be considered an Australian resident during that time.
We are excited to share our annual Clients Circular on the amendments by Finance Act 2020.
The writeup covers important amendments that impact you directly and consciously we have avoided to mention the amendments which are procedural in nature. This writeup we believe would help you in complying with the law during the new financial year now underway.
Do get back to us if you have any questions and we would be delighted to help you out.
This document provides information about income tax laws in India. It discusses the history of income tax in India and how the current Income Tax Act was established in 1961. It also outlines the different tax slabs and rates for individuals in India based on gender and age. Additionally, it explains the process for computing total income, which includes income from five sources: salaries, house property, business/profession, capital gains, and other sources. Specific provisions for calculating income from salaries and house property are described. The document concludes with a bibliography.
2021 ICPAS Tax Guide for Members of the Illinois General AssemblyLuis Plascencia
- The document is a tax guide for members of the Illinois General Assembly for tax year 2020 that was prepared by the Illinois CPA Society.
- It provides an overview of tax provisions that specifically apply to legislators, such as exclusions from gross income for transportation and living expense reimbursements.
- The guide discusses deductions legislators can take, such as for unreimbursed employee business expenses, and requirements for political campaigns and organizations.
Wassim Zhani Chapter 15 Income Taxation of Estates and Trusts.pdfWassim Zhani
1) The document discusses the taxation of capital gains realized by estates and trusts. Generally, capital gains are allocated to trust corpus and excluded from distributable net income (DNI). However, capital gains may be included in DNI under three situations.
2) The first situation does not apply based on the trust terms allocating gains to corpus. The second situation involves a required distribution upon a specified event, as in a 1031 exchange.
3) The third situation requires that capital gains be utilized in determining distributions. Here, the trustee's practice of routinely distributing gains to a beneficiary indicates the gains would be included in DNI.
Please help me with this.
Income Statement for the period ending December 31, 2022
and delivered to NFS on about June 30, 2023. - NFS prepaid an insurance premium of $21,000 in
September. The new policy is effective October 1, 2022 through September 30, 2023. - NFS's
regular tax depreciation for the year is correctly calculated as $350,000 before considering the
current year fixed asset additions of $840,000 (see table below). NFS wants to claim the fastest
recovery method(s) possible on these asset additions without electing any $179 expensing. - NFS
acquired the following new fixed assets from unrelated parties in 2021: - NFS reports employee
compensation amounts that remained unpaid at year-end in Accrued Bonuses, Accrued Vacation
and Accrued Wages on the balance sheet, as applicable. The table below provides a summary of
the balances in these accounts for December 31, 2021 and 2022. Supplementary Details
(continued):
- NFS has never issued publicly offered debt instruments. - NFS is not required to file a Schedule
UTP, Uncertain Tax Position Statement. - NFS made several payments during the current year
that were required to be reported on Forms 1099-NEC; all required Forms 1099 were filed timely
by NFS. - NFS has never disposed of more than 65% (by value) of its assets in a taxable, non-
taxable, or tax-deferred transaction. - NFS did not receive any assets in Section 351 transfers
during the year. - NFSs average annual gross receipts have never exceeded $26 million annually.
Northern Food Services, Inc. Financial Statements (kept on a GAAP basis):
Mark Ghirardelli 160 West 57th Avenue New York City, NY 10027 SSN-448-26-4917 Shares
owned 1,500 100% of time devoted to the business, compensation of $120,000 NFS follows the
accrual method of accounting (GAAP) and is not a member of any consolidated or affiliated
group of entities. NFS is not audited by a CPA firm and has never had to restate its financial
statement information. Supplementary Details: - The dividends received by NFS during the year
were paid by Apple, Inc. (NFS owns less than 20% of Apple, Inc.'s stock). - NFS had its sole
municipal bond (New York City) redeemed (bought back) in the current year. NFS originally
purchased the New York City bonds on February 1, 2018 for $100,000 (no premium or discount
paid). The bond was redeemed by New York City on February 1, 2022 for $100,000. Both tax
basis and proceeds received on this transaction were reported to NFS on a Form 1099-B. - NFS
purchased 200 shares of Apple, Inc. on October 10, 2018 for $100,000 (including commission).
On July 10, of the current year, NFS sold the 200 shares of Apple, Inc. for $350 a share
(including commission). Both tax basis and proceeds received on this transaction were reported
to NFS on a form 1099-B. - During the year, NFS contributed $8,000 to the American Lung
Association. - On December 10, NFS paid Madison Advertising $27,500 to design a new
catering advertisement campaign for next year. This mone.
The document provides an overview and analysis of key provisions in the Indian Union Budget 2020 relating to direct and indirect taxation. Some key highlights include:
- Introduction of a new optional tax regime with lower tax slabs but without deductions for individuals and HUFs.
- Reduction of corporate tax rates for new domestic manufacturing companies.
- Tax incentives for affordable housing, startups, and investments in electricity generation plants.
- Measures to simplify tax administration such as expansion of faceless assessment proceedings and introduction of a taxpayer's charter.
- A dispute resolution scheme called "Vivaad Se Vishwas" to reduce pending direct tax litigation.
- Changes to tax rates for employer contributions to
TDS refers to tax deducted at source, which is a mechanism in India to collect income tax. It applies to various types of income such as salaries, business income, interest income, and capital gains. For salaries, the employer is responsible for deducting tax from an employee's salary and depositing it with the government. Interest income also faces TDS, where the payer of interest needs to deduct tax depending on the type of interest and exemption limits. Documents like TDS certificates and quarterly returns need to be issued to deductees and submitted to the tax department respectively.
The document discusses VAT returns and payments in the UAE. It defines output tax and input tax. It states that a taxable person's tax liability is the difference between output tax and recoverable input tax. It describes the information that must be included in tax returns, such as supplies subject to standard or zero VAT rates. It notes that the due date for submitting returns and paying tax is 28 days after the tax period ends. It also describes how to correct errors on returns.
The Simpson Family Trust had $150,000 in assessable income and $50,000 in deductions in the 2021-2022 tax year. The trust deed allocates 60% of trust income to Helen, who is 36 years old with no legal disability, and 30% to Daniel, who is 17 years old. Daniel also earned $12,000 from a part-time job. The trustee will be taxed on Daniel's $30,000 trust income and $10,000 balance at the Division 6AA rate, while Helen will be taxed on her $60,000 entitlement herself.
The document provides information on recent tax law developments in Indonesia, including:
1) The government is proposing an omnibus law to reform the tax system to boost investment and economic growth. Key reforms include gradually lowering the corporate tax rate and eliminating dividend tax.
2) Current rules impose a maximum debt-to-equity ratio of 4:1 for tax purposes. Interest expenses above this ratio are not tax deductible.
3) KIB Consulting, a tax advisory firm, summarizes these tax law changes and notes its involvement in discussions with government on investment issues and the omnibus law.
The document provides information on recent tax law developments in Indonesia, including:
1) New debt-to-equity ratio rules that limit interest deductibility for corporate taxpayers to a 4:1 ratio.
2) Proposed omnibus law that aims to simplify business regulations, reduce corporate income tax rates, exempt some dividends, and tax the digital economy.
3) KIB Consulting's involvement in tax discussions with the Indonesian tax authority and business groups on investment issues and solutions.
Speak to the idea of feminism from your perspective and.docxstirlingvwriters
The document asks students to discuss their perspectives on feminism by answering several questions: 1) What they were taught about feminism by family/culture, 2) If they identify as a feminist and how that label may change based on audience, 3) The most important issue regarding feminism/gender equality today, 4) Whether the quote about privilege and equality resonates regarding gender, and 5) What they wish another gender understood about their experiences. Students are asked to write a minimum 270-word initial post responding to the questions.
Demand/Supply Integration (DSI) aims to align demand signals with supply planning to achieve an ideal state where inventory levels and production schedules match customer demand. However, issues like data or system silos between functions can prevent the ideal DSI state. Warehouses and distribution centers create value in the supply chain by storing inventory in strategic locations to efficiently meet customer demand and support supply chain operations.
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The document provides an overview of key concepts related to income tax in India including:
1) It summarizes the Income Tax Act of 1961 which is the main law governing income tax in India and outlines some key definitions related to income tax.
2) It explains the distinction between capital and revenue receipts and expenditures as well as capital and revenue expenditures which impacts how items are treated for tax purposes.
3) It provides examples of different types of income that are exempt from income tax in India.
This document discusses three key principles of Australian taxation law:
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Tax management paper BBA University of PeshawarEmmaSidd
Q.1. Withholding tax is levied on the withdrawal of cash from the bank accounts by the customer. The current rate of the withholding tax is 0.3% for Tax filers and 0.6% for Non-Tax Filer. What is your opinion; is withholding tax meant to be a major source of earning for the government or helpful for documentation of the economy?
Q.3 Wealth Tax Return form used for the return of net wealth under section 14 of the Wealth Tax Act, 1963 (XV of 1963). Explain the legal importance of Wealth Tax Return proforma?
The following slides explains the Opportunity Zone investment program and Opportunity Fund requirements per The Tax Cuts and Jobs Act of 2017. Author Rocco Forino
This document summarizes various provisions of the Tax Cuts and Jobs Act (TCJA) including:
1) Individual and corporate tax rates that were reduced under the TCJA.
2) Changes to itemized deductions such as capping state and local tax deductions, mortgage interest deductions, medical expense deductions, and suspending some miscellaneous itemized deductions.
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Newsletter on daily professional updates- 01/04/2020CA PRADEEP GOYAL
“True strength lies in submission which permits one to dedicate his life, through devotion, to something beyond himself."
Presenting Daily dose of professional updates dated 01.04. 2020. This is 200th edition and 1st Newsletter of Financial Year 2020-2021
Prosecution proceedings under the Income tax Act: What lies ahead for foreign...Sandeep Jhunjhunwala
The document discusses amendments made by the Finance Act of 2018 regarding prosecution proceedings for companies that fail to file income tax returns. Specifically, it was previously exempt if tax payable was under Rs. 3,000, but this exemption no longer applies to companies. This means companies could face prosecution even if tax payable is under Rs. 3,000. This may apply to foreign companies receiving income in India. While the intent was to target shell companies, the law does not clearly reflect this and prosecution could be initiated against any company not filing returns. There are concerns this may deter business and that prosecution should only apply to serious/habitual cases of tax avoidance.
This document provides an analysis of whether Nadine would be considered an Australian resident under section 6(1) of the Income Tax Assessment Act 1936 if she moves to London for three years for employment. It examines the residency tests of resides, domicile, 183-day rule, and superannuation membership. It determines that as Nadine's domicile and permanent home would be in London for three years, she would not satisfy the resides or domicile tests and would therefore not be considered an Australian resident during that time.
We are excited to share our annual Clients Circular on the amendments by Finance Act 2020.
The writeup covers important amendments that impact you directly and consciously we have avoided to mention the amendments which are procedural in nature. This writeup we believe would help you in complying with the law during the new financial year now underway.
Do get back to us if you have any questions and we would be delighted to help you out.
This document provides information about income tax laws in India. It discusses the history of income tax in India and how the current Income Tax Act was established in 1961. It also outlines the different tax slabs and rates for individuals in India based on gender and age. Additionally, it explains the process for computing total income, which includes income from five sources: salaries, house property, business/profession, capital gains, and other sources. Specific provisions for calculating income from salaries and house property are described. The document concludes with a bibliography.
2021 ICPAS Tax Guide for Members of the Illinois General AssemblyLuis Plascencia
- The document is a tax guide for members of the Illinois General Assembly for tax year 2020 that was prepared by the Illinois CPA Society.
- It provides an overview of tax provisions that specifically apply to legislators, such as exclusions from gross income for transportation and living expense reimbursements.
- The guide discusses deductions legislators can take, such as for unreimbursed employee business expenses, and requirements for political campaigns and organizations.
Wassim Zhani Chapter 15 Income Taxation of Estates and Trusts.pdfWassim Zhani
1) The document discusses the taxation of capital gains realized by estates and trusts. Generally, capital gains are allocated to trust corpus and excluded from distributable net income (DNI). However, capital gains may be included in DNI under three situations.
2) The first situation does not apply based on the trust terms allocating gains to corpus. The second situation involves a required distribution upon a specified event, as in a 1031 exchange.
3) The third situation requires that capital gains be utilized in determining distributions. Here, the trustee's practice of routinely distributing gains to a beneficiary indicates the gains would be included in DNI.
Please help me with this.
Income Statement for the period ending December 31, 2022
and delivered to NFS on about June 30, 2023. - NFS prepaid an insurance premium of $21,000 in
September. The new policy is effective October 1, 2022 through September 30, 2023. - NFS's
regular tax depreciation for the year is correctly calculated as $350,000 before considering the
current year fixed asset additions of $840,000 (see table below). NFS wants to claim the fastest
recovery method(s) possible on these asset additions without electing any $179 expensing. - NFS
acquired the following new fixed assets from unrelated parties in 2021: - NFS reports employee
compensation amounts that remained unpaid at year-end in Accrued Bonuses, Accrued Vacation
and Accrued Wages on the balance sheet, as applicable. The table below provides a summary of
the balances in these accounts for December 31, 2021 and 2022. Supplementary Details
(continued):
- NFS has never issued publicly offered debt instruments. - NFS is not required to file a Schedule
UTP, Uncertain Tax Position Statement. - NFS made several payments during the current year
that were required to be reported on Forms 1099-NEC; all required Forms 1099 were filed timely
by NFS. - NFS has never disposed of more than 65% (by value) of its assets in a taxable, non-
taxable, or tax-deferred transaction. - NFS did not receive any assets in Section 351 transfers
during the year. - NFSs average annual gross receipts have never exceeded $26 million annually.
Northern Food Services, Inc. Financial Statements (kept on a GAAP basis):
Mark Ghirardelli 160 West 57th Avenue New York City, NY 10027 SSN-448-26-4917 Shares
owned 1,500 100% of time devoted to the business, compensation of $120,000 NFS follows the
accrual method of accounting (GAAP) and is not a member of any consolidated or affiliated
group of entities. NFS is not audited by a CPA firm and has never had to restate its financial
statement information. Supplementary Details: - The dividends received by NFS during the year
were paid by Apple, Inc. (NFS owns less than 20% of Apple, Inc.'s stock). - NFS had its sole
municipal bond (New York City) redeemed (bought back) in the current year. NFS originally
purchased the New York City bonds on February 1, 2018 for $100,000 (no premium or discount
paid). The bond was redeemed by New York City on February 1, 2022 for $100,000. Both tax
basis and proceeds received on this transaction were reported to NFS on a Form 1099-B. - NFS
purchased 200 shares of Apple, Inc. on October 10, 2018 for $100,000 (including commission).
On July 10, of the current year, NFS sold the 200 shares of Apple, Inc. for $350 a share
(including commission). Both tax basis and proceeds received on this transaction were reported
to NFS on a form 1099-B. - During the year, NFS contributed $8,000 to the American Lung
Association. - On December 10, NFS paid Madison Advertising $27,500 to design a new
catering advertisement campaign for next year. This mone.
The document provides an overview and analysis of key provisions in the Indian Union Budget 2020 relating to direct and indirect taxation. Some key highlights include:
- Introduction of a new optional tax regime with lower tax slabs but without deductions for individuals and HUFs.
- Reduction of corporate tax rates for new domestic manufacturing companies.
- Tax incentives for affordable housing, startups, and investments in electricity generation plants.
- Measures to simplify tax administration such as expansion of faceless assessment proceedings and introduction of a taxpayer's charter.
- A dispute resolution scheme called "Vivaad Se Vishwas" to reduce pending direct tax litigation.
- Changes to tax rates for employer contributions to
TDS refers to tax deducted at source, which is a mechanism in India to collect income tax. It applies to various types of income such as salaries, business income, interest income, and capital gains. For salaries, the employer is responsible for deducting tax from an employee's salary and depositing it with the government. Interest income also faces TDS, where the payer of interest needs to deduct tax depending on the type of interest and exemption limits. Documents like TDS certificates and quarterly returns need to be issued to deductees and submitted to the tax department respectively.
The document discusses VAT returns and payments in the UAE. It defines output tax and input tax. It states that a taxable person's tax liability is the difference between output tax and recoverable input tax. It describes the information that must be included in tax returns, such as supplies subject to standard or zero VAT rates. It notes that the due date for submitting returns and paying tax is 28 days after the tax period ends. It also describes how to correct errors on returns.
The Simpson Family Trust had $150,000 in assessable income and $50,000 in deductions in the 2021-2022 tax year. The trust deed allocates 60% of trust income to Helen, who is 36 years old with no legal disability, and 30% to Daniel, who is 17 years old. Daniel also earned $12,000 from a part-time job. The trustee will be taxed on Daniel's $30,000 trust income and $10,000 balance at the Division 6AA rate, while Helen will be taxed on her $60,000 entitlement herself.
The document provides information on recent tax law developments in Indonesia, including:
1) The government is proposing an omnibus law to reform the tax system to boost investment and economic growth. Key reforms include gradually lowering the corporate tax rate and eliminating dividend tax.
2) Current rules impose a maximum debt-to-equity ratio of 4:1 for tax purposes. Interest expenses above this ratio are not tax deductible.
3) KIB Consulting, a tax advisory firm, summarizes these tax law changes and notes its involvement in discussions with government on investment issues and the omnibus law.
The document provides information on recent tax law developments in Indonesia, including:
1) New debt-to-equity ratio rules that limit interest deductibility for corporate taxpayers to a 4:1 ratio.
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3) KIB Consulting's involvement in tax discussions with the Indonesian tax authority and business groups on investment issues and solutions.
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1. LAWS19033 Taxation Law And Practice A
Answers:
Part A
1. Income should come in and it should be money or it must be convertible in money. To
classify anything as income, it should “come in” to the taxpayer and it needs to be received
by taxpayer as money or it is received in a form which can be converted in money otherwise
it cannot be considered as gain for tax purpose. As per the “sec 21A of ITAA 1936”, it
provides that any sort of non-cash business benefits should be treated as convertible in cash
in order to determine the assessable income of taxpayer from carrying on a business
activity (Barkoczy, 2016). As defined in “sec 21A (5) of ITAA 1936” the non-cash business
benefits involve a property and services that is provided in regard to business relationship.
As per the “sec 21A of ITAA 1936” it does not consider any benefit received as property or
services to be income (Sadiq, 2020). The main effect is that the non-cash benefit is already
treated as income which is obtained from doing any business. Accordingly, “subsection 21A
(2)” states that the amount which should be taken into consideration must be the amount
that the taxpayer would have paid the provider for property or services on the basis of
arm’s length transaction.
The client in the current circumstances has received a holiday trip that involves airfares and
hotel accommodations worth $20,000 from his supplier after selling huge amount of shirts.
The holiday trip of $20,000 received by the client will be considered as a “non-cash business
benefit” which is delivered in respect of professional relationship. Therefore, in “sec 21A of
ITAA 1936”, the sum of $20,000 will be included in the client’s assessable income.
2. Interest is regarded as the return that simply runs from lending the cash and it is
considered as the reward regarding the loss of usage of that sum (Shome, 2021).
Accordingly, “Riches v Westinster Bank Ltd (1947)” receiving of interest is regarded as an
ordinary income within “sec 6-5 ITAA 1997” (Anderson et al., 2016). Interest is normally
derived when it is received.
As evident in present circumstances, David reports receiving interest of $257.50 in August
2022. The taxpayer in the current situation follows cash basis and hence the interest is
2. derived only when it is received. Therefore, the interest is not derived by him for the year
income year ended 30th June 2022. Hence, he must include the sum of $257.50 for the
income year ended 30th June 2022 because it was derived by him in that year only and he is
not required to pay income tax for 30th June 2022.
3. As mentioned under the “sec 25-35 of ITAA 1997” a debt is “written off” as a bad
assuming that the official accounts provide a suggestion that the amount will not be any
more recovered (Kenny & Devos, 2018). Provisions for doubtful debts that might be
recoverable cannot be considered as an allowable deduction. The debt ought to be “written
off” as a “bad debt” in the current “income year” and the amount is contained within in the
assessable earnings. The taxpayers are only permitted to claim deductions for bad debt
when an accrual method is followed by them.
Similarly, in case of Fincorp Ltd, the doubtful debts and estimated bad debts are not
permitted for deductions. While under “sec 25-35 ITAA 1997”, the bad debts amounting of
$17,000 that is written off by Fincorp Ltd in the financial year ended 30th June 2022 will be
allowable for tax deduction within “sec 25-35 ITAA 1997”.
4.
Calculation of Tax Liability
In the books of Andrew
For the year ended 30th June 2022
Particulars
Amount ($)
4. Total Taxable Income
8030
Net Tax Payable
2609.75
As per the ATO, a person that is living out of Australia with income from Australian sources
may not be required to make application for TFN (Barkoczy, 2022). In other words, an
individual does not need to have TFN, if he or she is a foreign resident of Australia for tax
purpose and they only get interest, dividends or royalty payments from sources within
Australia.
In the current case of Andrew, he is a non-resident or foreign resident living outside
Australia. It is recommended to Andrew that he is not required to apply for TFN for tax
purpose since he has only received interest. While the rent cannot be considered as the
subject of withholding tax and the taxpayer is needed to have TFN and should pay income
tax on the basis non-resident rates.
5. As per the “sec 40-295 of ITAA 1997” the taxable income of taxpayer gets adjusted where
a balancing adjustment event takes place (Phillips, 2016). When the termination value is
greater than the adjustable cost, the difference gets contained within in the “assessable
income”. Whereas, when the termination worth is less than the “adjustable worth”, the
variance is allowed as deductions.
Calculation of Balancing Adjustment
5. In the Books of Theo
For the year ended 30th June 2022
Particulars
Amount ($)
Amount ($)
Decline in Value - Year 1
Base Value of Photocopier
6. 8700
Less: Decline in Value
4350
Closing Adjustable Value
4350
Decline in Value- Year 2
8. Termination Value (30th June 2022)
3750
Adjustable Value
2175
Assessable Income
1575
As evident from the calculations done above, Theo reports purchasing photocopier for
$8,700 om 1st July 2020 and sold it for $3,750 on 30th June 2022. A balancing event
adjustment needs to be made by Theo under “sec 40-295”. The termination value of
photocopier ($3,750) is much greater than closing adjustable value ($2,175). Therefore, the
difference in amount of $1,575 must be included in his assessable income.
9. 6. Travel expense that is incurred throughout the course of work is allowable as deduction.
As noted in the case of “FCT v Wiener (1978)” the taxpayer in this case was teacher that was
employed by Education Department (Robin, 2021). The taxpayer was needed to teach amid
five different schools all through the week. The law court noted that the taxpayer’s
employment was itinerant in nature and the taxpayer was travelling to perform her
employment duties starting from the time when she left home till the moment she came
back (Hildreth & Richardson, 2019). The tax commissioner permitted deductions for travel
expenses incurred by taxpayer between schools and also for travel expense that is incurred
between home, first and last school that she attended every day.
In the current case Mary is employed as an accountant during day time and at night she
works as a part-time teacher in accounting studies. She reports incurring travel expense for
travel between her jobs by car and does not stops on the way. The travel made by Mary
should be classified as travel in the course of work. Referring to “FCT v Wiener (1978)” in
the current circumstances of Mary, the travel expense that is incurred by her for travelling
between her accounting job during and her part-time employment at night (Wollner et al.,
2020). The expense incurred by car is a permissible deduction within “sec 8-1 ITAA 1997”.
7.
Calculation of Balancing Adjustment
In the Books of Theo
For the year ended 30th June 2022
Particulars
Amount ($)
11. Days in Year - 365 days
Diminishing value rate (200%)
Estimated Life - 8 years
Less: Decline in Value
12. 19250
Closing Adjustable Value
57750
8. Self-assessment cannot be considered as a tax, in fact it is considered as the way of paying
tax. The idea concerning self-assessment is that an individual is considered accountable for
completing the tax return every year if they are needed to and for paying any amount of tax
that is due for that year (Payne, 2018). If an individual completes the self-assessment tax
return, he or she is needed to include all in their taxable income and also any amount of
capital gains. The taxpayer is permitted to claim tax allowance or deductions to which they
are considered entitled to while preparing their tax return. The information furnished by
taxpayer in tax return is used in calculating the tax return.
The income tax system of Australia works on self-assessment. This implies that ATO accepts
the information that an individual give is complete and accurate. This means that ATO will
review the information that is provided by taxpayers if it has reason to consider it
otherwise (Sadiq et al., 2018). The self-assessment system simply assigns responsibility on
taxpayers to make sure that their tax return and other types of tax forms adhere with tax
laws. The taxpayers should report all their assessable income and they can only claim
deductions and offsets to which they are considered entitled.
9. A progressive tax system is one where the average burden of tax increases with income.
Families that earn higher income are found paying uneven burden of tax share whereas
people that have low and mid income have small burden of tax. A progressive system of tax
can be referred as a “tax system” which increases rates as the chargeable income goes up
(Sawyer et al., 2021). The instances of “progressive tax system” comprise of “investment
13. income taxes”, tax on credit earned, income from “rental property” and “tax credits”. The
actual philosophy concerning the progressive tax system is that people that have higher
income can simply afford and must be anticipated to provide much greater share of public
services than those people that are able to pay less tax.
The income tax system of Australia is considered progressive in nature. It means that
people that have higher income are required to pay more amount of tax. An individual can
earn up to $18,200 in a financial year and are not required to pay tax. This is regarded as a
tax-free threshold and any income beyond this threshold attracts tax liability (Sadiq et al.,
2021). The lowest amount of tax rate is 19% and the highest amount of tax rate is 45%,
which is imposed only when income surpasses more than $180,000. A large number of
Australians are found to be placed under middle tax bracket.
10. A person that is considered as an Australian resident are considered subject to income
tax in Australia on worldwide basis. In other words, an individual tax resident of Australia is
considered taxable on income derived from both sources in Australia and from foreign as
well. As it is mentioned under “sec 6-5 (2) of ITAA 1997”, the assessable income of
Australian resident includes the “ordinary income” which is obtained from every sources
(Saad & Ariffin, 2019). Accordingly, under “sec 6-10 (4)” it states that the “assessable
income” of an Australian inhabitant involves the statutory income from all the sources.
A person that is an Australian occupant is held liable to pay tax on income and is
irrespective of sources. There are numerous exemptions as well such as income tax offsets
and specific rules relating to foreign income which might be available for income that are
sourced in foreign nation (Kiprotich, 2016). As quoted in “Nathan v FCT (1918)”, the source
relating to income is something that a practical person would take into account as the actual
source of income. It means that sources of income are dependent on individual facts.
Part B
Calculation of Tax Liability
In the books of Sam
For the year ended 30th June 2022
22. 318091.35
References:
Anderson, C., Dickfos, J., & Brown, C. (2016). The Australian Taxation Office-what role does
it play in anti-phoenix activity?. Insolvency Law Journal, 24(2), 127-140.
Barkoczy, S. (2016). Foundations of Taxation Law 2016. OUP Catalogue.
Barkoczy, S. (2022). Foundations of Taxation Law 2022. Cambridge University Press.
Hildreth, W. B., & Richardson, J. A. (2019). Economic principles of taxation. Taylor and
Francis.
Kenny, P., & Devos, K. (2018). Australian Small Business Taxation. LexisNexis.
Kiprotich, B. A. (2016). Principles of taxation. governance, 5(7), 341-352.
Payne, K. (2018). Taxation: Fix it up or trade up?. Company Director, 34(6), 52-53.
Phillips, B. (2016). Distributional modelling of proposed negative gearing and capital gains
taxation reform.
Robin, H. (2021). Australian Taxation Law 2021. OXFORD University Press.
Saad, N., & Ariffin, Z. Z. (2019). Principles of Taxation (UUM Press). UUM Press.
Sadiq, K. (2020). Australian Taxation Law Cases 2020. Thomson Lawbook Co.
Sadiq, K., Black, C., Hanegbi, R., Krever, R. E., Jogarajan, S., Obst, W., & Ting, A. K. F.
(2021). Principles of Taxation Law 2021 (No. 14th). Thomson Lawbook Co.
Sadiq, K., Coleman, C., Hanegbi, R., Jogarajan, S., Krever, R., Obst, W., ... & Ting, A.
(2018). Principles of taxation law 2018. Thomson Reuters (Professional) Australia Limited.
Sawyer, A., Oats, L., & Massey, D. (2021). Contemporary Issues in Taxation Research Volume
4.
Shome, P. (2021). Principles of Taxation. In Taxation History, Theory, Law and
23. Administration (pp. 53-61). Springer, Cham.
Wollner, R., Barkoczy, S., & Murphy, S. (2020). Australian Taxation Law 2020 30e Ebook.
Oxford University Press Australia & New Zealand.