As per the given taxation law case study, majority of the transactions indeed have a tax effect. For anticipation of the same and reducing an individual’s taxation costs is an element of competent business.
In the given case scenario of taxation law assignment, it has been observed that William won a prize, valued of $5000 from the supplier because of selling of significant quantity of goods.
In the present case scenario of taxation law assignment, the issue is related to the ascertainment of the residential status of a person named as Mr Nguyen.
In the given case scenario of taxation law assignment, Taryn would like to start a new business as an interior designer and to finance her requirement, and she entered into selling several assets.
The taxation law assignment calculates Suman’s income and the amount of all deductions that would be allowed for the year ending 30 June 2021.
The taxation law assignment discussesin what circumstances are individuals and companies treated as residents of Australia for tax purpose.
The present taxation law assignment demonstrates the ability to analyze and synthesize complex tax law issues.
As per the tax provisions with regards to Fringe Benefits Tax (FBT) reviewed in this taxation law assignment, in every financial year, the employer must pay FBT based on the taxation value of Fringe benefits, Ato.gov.au(2020).
According to the research on taxation law assignment, it is stated that the Australian tax law is a vast area to be explored as it covers around 125 types of tax regimes such as Income Tax, Fringe Benefits Tax, GST, tax on Capital Gains, etc.
The current taxation law assignment demonstrate an understanding of the Australian income tax system, the concepts of income and deductions, CGT, FBT, GST general anti?avoidance provisions and income tax administration
Subsection 6(1) ITAA 1936 mentioned in this taxation law assignment deals with the subject of tax residency for individuals and outlines test which can be used to determine the tax residency.
The taxation law assignment demonstrates an understanding of the Australian income tax system, the concept of FBT, Ordinary Income, general anti-avoidance provisions and income tax administration.
Another function of taxation is that it allows for wealth redistribution which is enabled by the progressive tax system that Australia follows.
This essay on taxation law assignment will reflect all the details of GAAR provisions, importance, role, purpose etc. and will also explain in detail analysis about the provisions of the United Kingdom.