be considered as a resident in Australia and therefore his income should not be assessable due to the following reasons. Residency status is the main issue in the above case as this will determine Jamil’s liability in regards to Australian income tax. Statutory definition of an Australian resident in section 995-1 of 35 Act is a person who is a resident of Australia. In subsection 6(1) of the 1936 Act‚ it is indicated that the primary test for residency status of an individual is according to the
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Now‚ let’s say I approach you on the street and demand money from you would you give it to me? What if I threatened you? Would it be right for me to insist you give me the money from your wallet? What if I only wanted one third of the money in your wallet? What if I promised you protection and other services in return for the money? Would you consider this theft? I imagine you would. Mugging‚ robbery‚ extortion. And you would be right in that assessment. What if I stopped you on the street and
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fair tax: towards a modern tax system The Smith Institute The Smith Institute is an independent think tank that has been set up to look at issues which flow from the changing relationship between social values and economic imperatives. If you would like to know more about the Smith Institute please write to: Telephone +44 (0)20 7823 4240 Fax +44 (0)20 7823 4823 Email info@smith-institute.org.uk Website www.smith-institute.org.uk fair tax: towards a modern tax system The Director
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1. Near year end‚ P‚ a cash basis‚ calendar year taxpayer‚ paid for various deductible expenses as described below. 1. The payment was dropped in the mail before year end. 2. P gave a note evidencing her promise to pay the amount in three months. 3. The amount was charged on her Master Card on December 28. The charge appeared on her bill for the period December 1 through December 31‚ which she received in January and which she paid on January 20. The bank actually paid the expense in January
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the AVI-YONAHFINAL.DOC FEBRUARY 26‚ 2002 2/26/02 5:38 PM Book Review Why Tax the Rich? Efficiency‚ Equity‚ and Progressive Taxation Reuven S. Avi-Yonah† Does Atlas Shrug? The Economic Consequences of Taxing the Rich. Edited by Joel B. Slemrod.∗ Cambridge: Harvard University Press‚ 2000. Pp. 524. $57.95. In Greek mythology‚ Atlas was a giant who carried the world on his shoulders. In Ayn Rand’s 1957 novel Atlas Shrugged‚ Atlas represents the “ prime movers” —the talented few who bear
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2010 166 Your social security number Alice Johnson 222-23-3334 CAUTION ! To take the making work pay credit‚ you must include your social security number (if filing a joint return‚ the number of either you or your spouse) on your tax return. A social security number does not include an identification number issued by the IRS. Only the Social Security Administration issues social security numbers. You cannot take the making work pay credit if you can be claimed as someone else’s
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through the tax system. The tax system is a very complicated system that many believe needs to be changed‚ by instilling a flat tax system. A flat tax system is a system in which everyone in the country is taxed at the same rate regardless of their income. Many believe that it is the best system as it is quick‚ simple and fair because no one is taxed at a higher rate solely due to the amount of money they make. The
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Question 4 (22 marks) You‚ a CGA‚ are given the following information regarding Stoiche Anders. a. Stoiche Anders is 49 years old and is married to Dimmi. Stoiche has been employed by Fasco Ltd. for a number of years as an engineer. His salary for 2011 was $168‚898 as shown on his T4. Amounts paid by Fasco Ltd. on behalf of Stoiche and not included on his T4 are as follows: • Retirement counselling fee $ 1‚800 • Employer contributions to the company’s Registered Pension Plan $ 675 •
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A tax haven is a state‚ country or territory where certain taxes are levied at a low rate or not at all.Individuals and/or corporate entities can find it attractive to establish shell subsidiaries or move themselves to areas with reduced or nil taxation levels relative to typical international taxation. This creates a situation of tax competition among governments. Different jurisdictions tend to be havens for different types of taxes‚ and for different categories of people and/or companies.States
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CHILD TAX CREDIT Individual taxpayers are permitted to take tax credit based on dependent children‚ under 17. Credit $1000 per child. AGI $110000 joint‚ 55000 separate‚ $75000 single. Phased out by $50 each $1000. * Married‚ joint‚ 2 children. AGI $118700. Child tax credit $1550 (1000x2=2000-450) {50x{(118700-110000)/1000]} DEPENDENT CARE CREDIT Under 13/ unable to care for self. If divorced child cant be living with the creditor. Divorced mother with custody may entitle to credit even
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