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Question
1- Write a note on Australia Taxation Law with references to APA.
Answer
Letter of Advice
To: Architjain,
From: Tax Consultants,
Date: 28th January 2019,
Dear Architjain,
This is the letter of advice, where the issues that are related to the taxation are being addressed. In this letter, an information is being provided regarding the gross salary which has amounted about $140000 where the tax that was withheld was about $42232. According to the section 6-5, of the ITA Act 1997, under the ordinary concept, the reported gross salary is required to be granted as the ordinary income. Moreover, the tax offset is being claimed w2hich is performed from the gross salary regarding the withheld tax due to the reduction in the liability of the income tax.
Personal superannuation contribution is also being included within this information where the value is regarded as allowable deduction for the delivery of the true income. The BHP share sales has reported some capital gains. The notification of the BHP shares is being treated as the pre-CGT shares before the purchasing of share within 20th Sep 1985 which is not to be regarded within the assessment. The MYR shares has proceeded some sales that has the production of the capital losses which is to be carried on till the attainment of capital gains from share disposal for set-off.
Recommendation is provided in this letter regarding the balancing of the income against the expenses for the enhancement of the financial position. This is performed with better liabilities in the savings. The car utilisation is also being reported regarding the business trips. According to the section 8-1, ITAA 1997, deduction is to be claimed regarding the 80% of the expenses of car that is being incurred by you. This has taken place during the generation of the assemble income.
The rental property is also being rented by you with the trail of construction to your daughter. The rent is required to be charged during when an individual makes the rent within the general commercial rate. Thus, grounded on the general commercial rent, your daughter is required to be charged.
It is being anticipated that the generated information has served the purpose. Waiting for your response.
Thank You
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Income or Deductions:
The work paper that is linked with the work-related income or deduction has included the employer made gross salary, superannuation contributions and allowances. Gross salary has created the assessment part under section 6-5, ITAA 1997. According to section 44 (1), ITAA 1997, the received dividend is regarded as taxable income. According to section 8-1, ITAA 1997, deduction is allowed for the work purposes expenditure (Breunig and Carter 2018).
Refer to Appendix 1
Capital Gains and Rental Property
The BHP share sales has formed some capital gains that is excluded from assessment. The reason behind this about the shares which is Pre-CGT assets. These are the share that are purchased before 20th Sep 1985. Again, MYR shares has experienced some capital loss which are continued for capital gains.
The rent is charged along the general commercial rates during when a property is rented by a taxpayer to one of the family members. Deduction are allowed from the incurred expenses, during the let-out period of property. Here, general commercial rates is charged as the client has rented his property to his daughter.
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Refer to Appendix 2
Income from other Sources
Additional compensation receipt is included within the income from other sources. Expenses happened work suits laundry and regarding donations is comprised within deductions. The work paper is comprised of the expenses and income (Martin and Todd 2018).Refer to Appendix 3
References:
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Breunig, R.V. & Carter, A.(2018). Do Earned Income Tax Credits for Older Workers Prolong Labor Market Participation and Boost Earned Income? Evidence from Australia's Mature Age Worker Tax Offset.
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Martin, F. & Todd, T.M.(2018), August. The income tax exemption of charities and the tax deductibility of charitable donations: the United States and Australia compared. In Australian Tax Forum (Vol. 33, No. 4).
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