Tax Law Exam L. 2 Jurisdiction To Tax Basic Formula: S4-10 -Tax Payable = (Taxable Income x Tax rate) - Tax Offsets Taxable Year: 1 July – 30 June (note: s4-10 Note 1 – Commissioner may allow to adopt different period Taxable Income S4-15 – Taxable Income= Assessable Income – Deductions Assessable Income S6-1 – Assessable Income= • Ordinary Income S6-5 AND • Statutory Income s6-10 BUT NOT • Exempt Income s6-15 Deductions General Deductions -s8-1 Specific Deductions
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and people until you have exhausted your list. you may have ideas‚ images‚ attributes‚ associated with some of the associates (Example; obese teens-high healthcare cost). 1) Activists: Supporters will say the fat tax is good for people’s health‚ and support government to do the fat tax. However‚ opponent will say it is not fair to customers and beverage companies. Because‚ it means customers need to pay more for the soft drink‚ and beverage companies also need to pay
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The Proposed Soda Tax: The Poor and Middle Class Pay the Price Why must the poor and middle class suffer whenever money is needed to fund some programs or fix the deficit? People are stripped to the bone already‚ what with the Enron scandal and Bernie Madoff making off with millions of citizens savings. Now the poor and middle class people of this great nation are being called upon once again‚ to give more of the nothing that they already don’t have for a Soda Tax. A tax that health officials
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TAX REFORMS IN INDIA * About :- Tax reform is the process of changing the way taxes are collected or managed by the government. Tax reformers have different goals. Some seek to reduce the level of taxation of all people by the government. Some seek to make the tax system more progressive or less progressive. Others seek to simplify the tax system and make the system more understandable‚ or more accountable . Numerous organizations have
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1. What is a progressive tax system? How does it differ from a regressive tax system? Answer: A progressive tax system is a system that requires people with higher income to pay more of their income in taxes. And a progressive tax system is different from a regressive tax system because a regressive tax system requires everyone to pay the same price whereas the progressive requires people with more money to pay more. 2. What is gross income? What types of income are included in gross income? Answer:
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this‚ there has been speculation over whether to introduce a fat tax. This tax would specifically target foods high in fats and sugars‚ such as; soft drinks and deep fried takeaways. The logic behind such a tax is that an increase in price would lead to decrease of demand similar to that of the alcohol and cigarette taxes respectively‚ in order to improve our country’s health as a whole. The advantages and disadvantages of the fat tax can potentially help foresee the effect on the Australian economy
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of 20 years. 1. Assume that the before-tax required rate of return for Deer Valley is 14%. Compute the before-tax NPV of the new lift and advise the managers of Deer Valley about whether adding the lift will be a profitable investment. Show calculations to support your answer. 2. Assume that the after-tax required rate of return for Deer Valley is 8%‚ the income tax rate is 40%‚ and the MACRS recovery period is 10 years. Compute the after-tax NPV of the new lift and advise the managers
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CARBON TAX ON TOURISM CARBON TAX The tax levied on the carbon content of fuels is known as the carbon tax. Carbon tax is a type of carbon pricing. Fuels like coal‚ petroleum and natural gas release carbon dioxide (CO2) when they are burnt. This tax has been introduced to reduce the greenhouse gas emissions. These taxes can be regressive tax‚ in which they may affect low income groups directly or indirectly. This regressive impact on carbon taxes can be addressed by using the tax revenues to
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TAX STRUCTURE IN INDIA Introduction: India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income‚ which the State Governments can levy)‚ customs duties‚ central excise and service tax. The Tax Structure in India is quite strong and follows the financial year. The taxation under the tax structure in India is applicable for any kind of income pertaining
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government pass a law called the “Sin Tax Bill”. The President said that this law was signed because they thought it serves as an early “Christmas gift” to millions of Filipino’s who will be discouraged from smoking and drinking. But is the Sin Tax Bill on tobacco will be beneficial or unprofitable? Sin Tax Bill aims to lower the number of consumers in terms of smoking and drinking. But what is Sin tax? Sin tax is a kind of sumptuary tax. A tax specifically levied on certain generally
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