Taxation Law – Unit 7_Question 2 2. Crowbar Ltd has the following items of stock on hand at 30 June 2010. Its opening value for stock for items A‚ B‚ C on 1 July 2009 was: Units of stock A B C Valued at cost 18‚000 19‚000 11‚000 Its closing values for stock for items A‚ B‚ C on 30 June 2010 were: Units of stock A B C Cost $10‚000 $10‚000 $15‚000 Replacement cost $11‚000 $3‚000 $7‚000 Market selling value $14‚000 $2‚000 $18‚000 Part
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` DEDUCTIONS GENERAL DEDUCTIONS s.8-1 -incurred in gaining or producing assessable income -necessarily incurred in carrying on a business Exclusions: - capital expense - private or domestic expenses - expenses incurred in producing exempt income - expenses which are specifically disallowed under the Act Others 1. Clothing and uniforms - protective‚ occupation specific uniforms‚ compulsory uniforms and embossed uniform 2. Home office
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[pic] THE CHINESE UNIVERSITY OF HONG KONG School of Accountancy ACCT 5160 – Taxation (3rd Term‚ 2010-2011) Assignment 3 Solution Only the “Assessable income in Hong Kong” is required‚ others are for your reference. Question 1 According to Inland Revenue Departmental Interpretation and Practice Note No. 10‚ the Commissioner accepts that an employment is located outside Hong Kong if all of the following three conditions are satisfied. a. The contract of employment is negotiated
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PUBLIC FINANCE AND TAXATION BY CHILESHE M. PATRICK INTRODUCTION There are varying definitions of what public sector economics is and what topics it covers. In a layman’s language Public economics is the application of economics to the activities undertaken by the state. Black et al. defines public sector economics as “the field of economics which studies the nature‚ principles‚ and economic consequences of government expenditure‚ taxation‚ financing and the regulatory actions undertaken in
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TRANSFER AND BUSINESS TAXATION Ballada & Ballada Presented by ATTY DON ADA DUPIO 1. INTRODUCTION MODES OF ACQUIRING OWNERSHIP 1. Occupation – the property seized is without a known owner. 2. Intellectual Creation – the composer owns his musical creation while the author owns his literary‚ legal‚ historical‚ scientific or other works. 3. Donation – an act of liberality whereby a person disposes gratuitously of a thing or right in favor of another‚ who accepts it. 4. Succession – the property
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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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the revolutionary slogan ‘no taxation without representation’. How did that express the core values of the new American political culture? Under American Revolution we understand politic developments in British colonies in North America in 1775-1783‚ which ended up creating the United States. They were caused by the unwillingness of the colonies to obey to the interests of the metropolis. The slogan that best expressed the cause of the revolution was ‘No taxation without representation’. It was
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and British had about taxation and representation. First‚ I will explain what specific rights belong to the colonists. Second‚ I will discuss the relationship the colonies had with Great Britain. Third‚ I will talk about the rights and authority that Great Britain had over the colonies and describe how the Americans viewed the relationship between the colonies and Great Britain. I will discuss the similarities and differences the Americans and British had regarding taxation and representation.
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Termination and Retirement 1. Superannuation (LUMP 2. Superannuation (INCOME STREAM 3. Employment Termination Payments Unused sick leave‚ excess over tax-free redundancy‚ “golden hand shakes”‚ severance pay Cn’t be rolled over to a super fund 4. Unused Leave Payments 5. Redundancy Tax free amount=$8806+[$4404x year of completed service] [s83-175] Excess amount taxed as ETP Small Business Concessions & Depreciating Assets N.B. 1.Identical materials or substantially
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Week 2 – Residence and Source Residents: * Section 6-5(2) ITAA97 states that assessable income includes ordinary income derived directly/indirectly from all sources‚ in and out of Australia‚ during the income year. * Section 6-10(4) ITAA97 states that assessable income includes statutory income from all sources in and out of Australia. Non-residents: * Section 6-5(3) ITAA97 states that assessable income includes ordinary income derived directly/indirectly from all Australian sources
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