Taxation Law and Practice Group Project ZHAO ZHAO：430064847 YUN ZHOU：430401835 YULING YAN：430048777 HAOHAN：420049283 Stream: 2 (3:00pm-6:pam Tuesday) Lecturer: Antony Ting Introduction Bigshoes Ltd‚ as a company that incorporated in Australia‚ meets the requirement of a resident in Australia based on s6 (1) of ITAA 1936. The company incorporated in Australia would become a resident of Australia automatically. Moreover‚ according to s6-5 and s6-10 of ITAA 1997‚ a resident of Australia should
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Any offshore company previously formed prior to July 1‚ 1998 still enjoys such an exemption‚ but companies formed after this date are liable for a 15% tax liability. While such a tax liability is certainly more favorable that European or other taxation rates‚ it does mark a change from the previous full tax exemption. . There are NO Estate or Inheritance tax
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The Buffett Rule and Tax Reform As the tax cuts enacted by George W Bush during his presidency come to a close‚ the importance of reconciling spending and taxation has produced a spirited debate as to the best manner in which to solve the debt crisis. One voice in the debate is that of Warren Buffett‚ Chairman and CEO of the holding company Berkshire Hathaway and one of the richest men in the world. He has come out against the status quo tax policies‚ stating “My friends and I have been coddled
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Session #1 – International Business - Review Part 1: Main topics covered and their explanation - 1) Foreign Direct Investment – a) What is Foreign Direct Investment (FDI)? FDI is “investment for control” in a foreign country – foreign investment where control is acquire‚ vs. Portfolio Investment which includes purchasing securities or bonds of a firm without exercising control over the firm. Most Intl’ units (MFI‚ UNCTAD) classify an FDI if the foreign investor holds at least 10% of the
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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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economic implications of the various ways of raising government revenue 32 5.2 Taxation and Development 33 5.3 Impact of taxation on economic and social development 33 5.4 Role of taxes in economic development 33 Chapter 6: Recommendations on other possible sources of revenue for Government. 35 6.1
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Direct taxes are taxes imposed on income‚ wealth and company profits‚ for example income tax‚ national insurance contributions and corporation tax. By using the revenue direct taxation this would allow the governments to estimate how much income tax revenue can be expected with reasonable confidence. By increasing direct taxation‚ if it’s progressive the income distribution becomes less uneven and it can reduce inflationary pressure when spending is high. However‚ it unfortunately creates many disincentives
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income and expenses. Taxation in the United States began when it was composed of colonies. During this time taxes were imposed on commodities through legislative such as the Stamp Act‚ the Sugar Act‚ Townshend Revenue Act‚ and Tea Act. Later‚ in 1913‚ the states ratified the sixteenth amendment‚ which gave congress power to tax incomes. Taxes were imposed on individuals according to their wealth. This was a way in which revenues were raised for public expenditure. But recently‚ taxation has been a way
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wealth. The burden of a direct tax cannot be shifted onto another entity. Indirect taxes include taxes on goods and on expenditures. The burden of an indirect tax can be shifted onto a different entity. Progressive‚ proportional and regressive taxation The marginal tax rate is the percentage taken by the government on the last pound earned. It is the
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Faculty of Business‚ Economics and Law taxation/acc3tax Subject Learning Guide Semester 1 2013 Bundoora Campus Subject Coordinator: Leslie Nethercott ENQUIRIES Leslie Nethercott Associate Professor 104 Social Sciences Building La Trobe University Victoria 3083 T 03 9479 5178 F 03 9479 2356 E l.nethercott@latrobe.edu.au latrobe.edu.au/fbel Subject Details GENERAL DETAILS Subject Code: ACC3TAX Subject Title: TAXATION Teaching Period: SEMESTER 1/2013 Location(s):
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