Tutorial 4 Bullet Point Summary Question 1-Income Derived from a Business Is the $10 000 cash rebate income under CB1 of the ITA 2007? CB1: * Income of a business is taxable unless it is of capital in nature * Capital Revenue Distinction Relevant Cases: * Wattie v CIR * Birkdale Service Station Ltd v CIR Facts to Consider: * No obligation to spend the rebate on anything in particular * Gas n Go already bound to an exclusive agreement with Caltex * Used to repaint
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The Law of Trusts Consultation Times: Tuesday (9.30-10.30) WEEK 1: INTRODUCTION TO TRUSTS What is a Trust? Where one person is legally obligated to hold an asset for the benefit of another person Incomplete description; trusts can arise where one person is legally obligated to hold an asset for a specified purpose and not for an individual person…e.g. trusts for charitable purposes (don’t raise obligations to benefit any one person as such‚ but raise benefits for a specific purpose)
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Question 1 Four main types of grant provided to the State Government are Capitation Grant‚ State Road Grant‚ State Reserve Grant and Revenue Growth Grant. First is Capitation Grant. It’s under of Article 109 (1) (a) of the Federal Constitution. The aim of the grant is to help the state in their operating expenditure. Capitation grant is based on the population of the states. The highest population in the state‚ the highest grant they get for their operating expenditure. Section 1 part 1 of the
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a. The Re-Denley Principle and Beneficiary Principle. A trust is created by a settlor or a grantor‚ transferring property to a trustee to hold in trust for stipulated purposes and may be created inter vivos or on death by will[1]. This implies that a trust is formed when a person transfers a property or rights to another person who holds it for a third party. There are many reasons why trusts are created. The most common reason is where the intended beneficiary of a right is not capable of
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Tutorial Questions Topic 1 1.1 Mary and Margaret have the same preferences and incomes. Just as Mary arrived at the cinema to watch a 3D movie‚ she discovered that she had lost the $100 ticket she had purchased earlier. Margaret also just arrived at the cinema planning to buy a ticket to watch the same movie when she discovered that she had lost a $100 note from her wallet. If both Mary and Margaret are rational (who make decisions to maximize economic surplus) and both still have enough money to
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MANAGING PEOPLE & ORGANISATIONS SESSION 1 – MANAGEMENT & ORGANISATIONS A – Multiple-Choice Questions 1. The term “management” involves all of the following EXCEPT _____. a. belonging to a collective bargaining unit b. assembling and using sets of resources c. acting in a goal-directed manner to accomplish tasks d. carrying out activities carried out in an organizational setting 2. The term “resources” in management does NOT refer to _____. a. leisure time b. information c. people d. raw materials
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PRINCIPLES OF MANAGEMENT MGMT 1001 PRACTICE QUESTIONS TUTORIAL 1 (a)What are the main levels of management or planning associated with organizations? (b)Name the major schools of thought in management and from each school‚ discuss the contribution of two theorists. (c)Define Management and state the major associated functions. (d)What are some of the satellite problems that are manifest when the root cause is i)culture based ii) production based? TUTORIAL 2 (a)Define the term Paradigm and explain
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Principles of Taxation Law 2013 Answers to Questions CHAPTER 7 – FRINGE BENEFITS TAX Question 7.1 Determine whether the following benefits are fringe benefits or exempt fringe benefits and‚ where applicable‚ the relevant category of fringe benefit. Provide reasons for your answer: (a) Payment to employee for the estimated cost of the employee’s home phone bill as the employee sometimes has to use the home phone for work purposes. (b) Provision of accommodation at the family home
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Equity and Trusts * Equity is a particular body of law‚ consisting of rights and remedies‚ which evolved historically through the Courts of Chancery to mitigate the severity of the common law. * The trust has been characterised as the greatest and most distinctive achievement in equity although an exact definition of the trust has proven difficult. * Equity would recognise and enforce rights and duties that were not known to the common law. * E.g. the common law protects the
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SOCIAL SCIENCES LAW‚ GOVERNANCE‚ ECONOMY AND SOCIETY (FOUN 1301) SEMESTER I‚ 2013/14 Lecturers Aieka Smith (Monday 2:00pm -4:00 pm GLT3 McIntyre Building & Monday 5-7 pm Pre Clinical Lecture Theatre) Lorraine Patterson (Monday 11:00 am-1:00 pm Interfaculty Lecture Theatre) Hazelle Jones (Wednesday 2:00 pm-4:00 pm C5Chemistry Lecture Theatre) Course Coordinator Aieka Smith Office: I209 McIntyre Building‚ Email:aieka_smith@yahoo.com TUTORIAL WORKSHEET
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