Contents TAX LEG: ITAA1936 [eg. S6(1)]‚ ITAA1997 [eg. S6-5]‚ FBTAA 1986‚ GST Act 1999. Topic 2 – Jurisdiction to Tax taxable payable Tax Payable (s4-10 ITAA1997)= (Taxable income * Tax Rate) – Tax Offsets (Tax/Financial Year = I July – 30 June) – Income tax payable on a year-by-year basis s3-5 ITAA97. Taxable income (s 4-15 ITAA) = Assessable Income less Deductions Assessable Income (s6-1) = Ordinary income (s6-5) and Statutory income (s6-10) but not Exempt income (s6-15). Assessable
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from John Allen 7‚200 Annual gifts from parents 26‚000 Settlement from Roadrunner Touring Company 90‚000 Lottery winnings 600 Federal income tax refund (for tax year 2011) 400 Wanda previously was married to John Allen. When they divorced several years ago‚ Wanda was awarded custody of their two children‚ Penny and Kyle. (Note: Wanda has never issued a Form 8332 waiver.) Under the divorce decree‚ John was obligated to pay alimony and child support—the alimony payments were to terminate if Wanda remarried
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Tax Shelter I. Definition Any method of decreasing taxable income in a payments to tax collecting entities‚ including state and federal government. The most common type of tax shelter is an employer-sponsored 401(k)plan. a. Types of tax shelters Some tax shelters are questionable or even illegal: Offshore companies. A company which is incorporated outside the jurisdiction of its primary operations regardless of whether that jurisdiction is an offshore financial centre. Due to differing tax
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the alcopops tax is to correct for the negative externalities which abusers of alcopops impose on society. Using diagram(s) discuss how a tax on alcopops can correct for negative externalities associated with excessive consumption of alcopops. In a publication by University of Southern Queensland (2008)‚ it defines that ‘excise taxes are taxes imposed on sellers of certain goods and services‚ and they are usually substantially higher tan sales tax on regular goods’. Moreover‚ ‘tax incidence is
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Tax Credits [Name of the Writer] [Name of the Institution] Tax Credits Purpose of Tax Credits A Tax Credit is a specific amount that is subtracted from the accumulated amount of tax paid by a tax payer to the State. The tax credits can be settled in terms of income tax‚ property tax and VAT. It can also be settled for the purpose of recognizing the taxes that are already settled in form of subsidies or are paid for the purpose of encouraging investment in economy
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The article “My Mother’s English” by Amy Tan is mainly about the author’s thoughts and judgments on her mother broken English in comparison to “Standard English”. Tan is a fictional writer who is “fascinated by language in daily life” (Tan 1) and uses language as everyday part of her work as a writer. Tan’s point in this article is to prove that even if her mother is speaking English! Others should not use that to judge your intelligence. Tan’s mother did not speak perfect English‚ but the points
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Castro � PAGE * MERGEFORMAT �3� Geneva Castro Professor Allison English 101/Essay 3 19 March‚ 2013 Peter Singer’s Essay It is an irrefutable fact that we should help each other. However sometimes help to others poses some danger to either us or others. In Peter Singer’s essay "Famine Affluence‚ and Morality" Peter Singer argues that we ought‚ morally‚ to prevent starvation due to famine. Singer begins by saying that assistance has been inadequate as richer countries prioritize development
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The first thing to note when it comes to self-employed tax‚ SE tax‚ is that it only refers to Medicare taxes and Social Security benefits. Self-employed persons may be required to file other federal taxes based on the area they work in. Below you will find information into what is self-employed tax‚ who is required to pay it and how to go about paying this tax. The information below may not include everything you need to know; therefore‚ it should not be taken as all-inclusive because your specific
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Anna Nicole Smith (born Vickie Lynn Hogan) (November 28‚ 1967 – February 8‚ 2007)‚ was an American model‚ actress‚ and television personality. Smith first gained popularity in Playboy‚ becoming the 1993 Playmate of the Year. She modeled for clothing companies‚ including Guess jeans and Lane Bryant. Smith dropped out of high school at age 15 and was married in 1985. Her highly publicized second marriage to oil business mogul‚ J. Howard Marshall‚ 62 years her senior‚ resulted in speculation that
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Ordinary income Tennant v Smith‚ (money or convertible into money) An employee was given accommodation rent free by his employer. Was this ordinary income? • The employee could not sublet the accommodation to anyone else‚ therefore could not turn this accommodation into cash. • The Court said it was not ordinary income under s. 25(1) (now s.6-5) since the accommodation was not convertible into money. • Not ordinary income under s.6-5. FCT v Cooke & Sherden. (money or convertible into money) Soft
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