TAXATION LAW I. General Principles POWER OF TAXATION TAXATION – power by which the sovereign through its law-making body raises revenue to defray the necessary expenses of government from among those who in some measure are privileged to enjoy its benefits and must bear its burdens. Two Fold Nature of the Power of Taxation 1. It is an inherent attribute of sovereignty 2. It is legislative in character Extent of Taxing Power Subject to constitutional and inherent restrictions
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and a final exam. The midterm exam will consist of multiple-choice questions and short answers/definitions‚ including application problems. It will be held as scheduled and will count toward your final grade (20%). The final exam will consist of multiple choice‚ short- and long-answer questions‚ application problems‚ and figure labeling. It will be comprehensive‚ covering all required materials through the date of the final exam. It will be held at the end of the semester. The final exam
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[Name]: YuPei [TP Number]: TP024726 [Intake Number]: UC2F1303AF {FI} [Subject Code]: Introduction to Taxation [Lecturer’s name]: KHO GUAN KHAI [Assignment title]: Individual Assignment [Date of Submission]: 31st May 2013 Context Introduction…………………………………………..1 Personal Income Tax ……………………………..1 Tax rate……………………………………………......3 Tax relief ……………………………………………....4 Personal income tax relief……………………..5 Tax rebate…………………………………………….. 7 Taxable income and tax liability‘s calculated
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Commissioner err in attacking that there was a tax avoidance arrangement for the purposes of a BG1 of the Income Tax Act 2007? 2. If a tax avoidance arrangement did exist‚ was the reconstruction power exercised by the Commissioner correctly exercised? Law: (a)Section BG1 Tax avoidance (1) A tax avoidance arrangement is void as against the Commissioner for income tax purposes. Reconstruction (2) Under Part G (Avoidance and non-market transactions)‚ the Commissioner may counteract tax advantage
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Residency Sections Detail Tax on Page 6-5 (2) Resident Test Worldwide Income 4 6-5 (3) Non-Resident Test Australia sources only 4‚5 6 (1) of ITAA 1936 TR 98/17 Determining Residency Status Four Tests: i. The Resides Test (Common Law test) ii. The Domicile Test (1st Statutory test) iii. The 183 day Test (2nd Statutory test) iv. The Superannuation Fund Test (3rd Statutory test) IN OUT IN OUT 6 7-9 10-13 14 14 3.0 Derivation of income (TIMING – WHEN??) Cash Basis
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TAXATION An involuntary fee levied on corporations or individuals that is enforced by a level of government in order to finance government activities. TAXES Compulsory monetary contribution to the state’s revenue‚ assessed and imposed by a government on the activities‚ enjoyment‚ expenditure‚ income‚ occupation‚ privilege‚ property‚ etc.‚ of individuals and organizations. A fee charged ("levied") by a government on a product‚ income‚ or activity. If tax is levied directly on personal or corporate
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Subject: Taxation Law & Practice 2 Lecturer: Brendan Pigott ASSIGNMENT -1 Dipak Prasad Chaulagain Student ID: 211895 FCT vs Applegate This is the case where Applegate fight with federal court asking he don’t want pay a taxes when he was not in Australia most of time in that year saying he was not in Australia for whole year so he cant pay taxes. On 8/11/71 he surrendered a lease on his flat‚ went to Villa for an indefinite term with his wife to set up a law firm there‚ a branch
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Taxation should be equal According the definition taxes are the sum of money demanded by a government for its support or for specific facilities. The government demands money from everyone not just some one but there are some who don’t seem to go pay the fair amount as everyone else. Taxation has also been a big part with the current recession. Our government is investing in defense‚ using out money when more should go into social programs. Cuts have been made in different programs because of
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many societies and it is well-known that whatever individuals or organizations want to reduce tax payment and gain benefit by tax avoidance. The most common method for them is restructuring arrangements. Therefore‚ Inland Revenue Department (IRD) uses laws and cases to judge whether these arrangements are tax avoidance. In this case‚ tax avoidance is the main problem needs to be discussed. James Smith restructured the practice arrangement‚ which had a high probably to cause the problem of tax avoidance
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today the rate of chronic diseases have skyrocketed‚ we need to come up with a solution to make healthier food available to the population. Although junk good producers may find that the tax is unfair. The overall result of taxation is to improve the health of our nation. If taxation of fast food was a reality today it will ultimately motivate producers and sellers to improve their products and provide the consumers with better options. The increased percent of obesity amongst Americans is alarming
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