150 of ITAA 1997 the contributions made in the superannuation benefit is deductible regardless of the fact that benefit is payable to the employee or his dependants. Therefore‚ the superannuation contribution amounting to $10000 will not be included in the assessable income of Nick. b) As per the principles of Ordinary Income compensation for loss of income is also an income therefore‚ it will form part of assessable income. Nick must include $50000 as his assessable income for the year. c) The
Premium Taxation Taxation in the United States Tax
Unsolicited Good and Services Act 1. Explain the interpretive difference between ‘means’ and ‘include’‚ using the definitions in section 2. The word ‘means’ suggests that the definition that accompanies it is exhaustive and consequently cannot mean anything different. In some instances the ordinary meaning of the word can limit the intentions of the Act. For example‚ the word ‘unsolicited’ in the Act is given an absolute definition which is more restricted that the ordinary meaning of the word
Premium Contract Law Contract law
To explain whether a person can show evidence of their religious experience‚ one needs to explain the differences between a numinous experience and a mystical experience. A numinous experience is “the feeling that mortal flesh is somehow despicable in the face of eternal majesty” (Davis 171). In other words‚ a numinous experience is a feeling of the divine right in front of a person. It is describing what is happening to a person within the religious experience. A mystic experience is broken into
Premium Religion God Spirituality
Explain the difference between varṇa and jāti‚ and their place in Hinduism. As both of the Sanskrit word varna and jati are usually translated as “caste”‚ it has always misleading because they have an important differences behind them. Varna and jati are deeply rooted in Hindu’s daily life‚ therefore‚ you cannot talk about Hinduism without mention varna and jati. Commonly‚ people saying that there are four varnas – Brahmin‚ Kshatriya‚ Vaishya and Shudra. But what we find today are not only varnas
Premium Hinduism
was the Son of The Father‚ God‚ while the founder of Buddhism‚ Siddhartha Gautama was a normal human being‚ who achieved enlightenment through meditation and later on was referred to as The Buddha(The Awakened). This brings us to the first major difference‚ the existence of the supernatural. While Buddhism does not completely reject the Hinduism Gods‚ it does not see them necessary. At the same time‚ Christianity has its one and only God‚ who comes in three faces‚ The Father‚ The Son and The Holy
Premium Buddhism Christianity Gautama Buddha
What are the main similarities and differences between the sanctuaries of Olympia and Delphi? Reflecting upon Olympia and Delphi‚ it is possible to highlight both similarities and differences between the two sanctuaries. In examining the location and the main attributes of each sanctuary‚ it is clear how they differ and how they are comparable in various ways. Whilst they clearly differ in their geographical situation‚ they are similar in that they both host their own games. However it is what occurs
Premium Ancient Olympic Games Olympic Games Delphi
(i) and (ii) below: Budgeted labour hours 8500 Budgeted overheads £148 750 Actual labour hours 7928 Actual overheads £146 200 (i) Based on the data given above‚ what is the labour hour overhead absorption rate? A £17.50 per hour B £17.20 per hour C £18.44 per hour D £18.76 per hour (ii) Based on the data given above‚ what is the amount of overhead under/over-absorbed? A £2550 under-absorbed B £2529 over-absorbed C
Premium Cost Costs Variable cost
ACC501: COMPUTERISED ACCOUNTING TUTORIAL 4 DISCUSSION QUESTIONS i. ‘Why are adjusting entries necessary? Surely they cause too much delay in preparing financial statements‚ and the financial effect of any entries made is immaterial in the long run.’ Respond to this criticism. ii. The owner of a business reviews the income statement prepared by you and asks‚ “Why do you report a profit of only $30 000 when cash collections of $100 000 were received and cash payments for the period totalled only
Premium Income statement Generally Accepted Accounting Principles 1966
Explain the difference between rule‚ act and preference utilitarianism (25 marks) Utilitarianism is the ethical theory behind justifying an action for being for the greater good. This is a teleological theory because it looks at the consequences of an action. Utilitarianism is a consequentialist theory. There are three types of utilitarianism: Act‚ Rule and Preference. Jeremy Bentham began the Utilitarianism theory. Utilitarianism is a hedonistic theory because it is based on pleasure and happiness
Premium Utilitarianism
If you give the right responses‚ you will obtain 2.5 marks per one statement (i.e. this part is for 10 marks). 1. Why is adherence to ethical standards important for the smooth functioning of an advanced market economy? 2. Briefly describe what is meant by enterprise risk management. 3. Describe what is meant by a “pull” production system. 4. Describe the schedule of cost goods manufactured. How does it tie into the income statement? 5. Why are product costs sometimes called inventoriable costs? Describe
Premium Variable cost Revenue Costs