Taxation Assignment

🕓 01.08.2019
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 Essay regarding Taxation Task


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Rex Marshall

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Guide the Reverend Goodfellow with the tax outcomes of the invoices, events and transactions pertaining to the year concluded 30 Summer 2015.

Twelve-monthly Salary

Reverend Lloyd Goodfellow can be an Australian resident and received a salary of $55, 500 from his church from which he serves as the ressortchef (umgangssprachlich). Under s 6-5 ITAA97 " income according to ordinary concepts” (ordinary income) is included in a taxpayer's assessable income and supplies that a resident is required to use in assessable profits ordinary salary derived directly or indirectly from almost all sources, if in our away of Quotes, during the profits year. one particular Reverend Goodfellow was utilized by the Church where he received a salary of $55, 500 this can be classified as income from personal exertion which can be defined below s 6(1) of ITAA 1936 as income consisting of earnings, salaries, wages, commissions, fees, additional bonuses, pensions, superannuation allowances, retiring allowances and retiring gratuities, allowances and gratuities received in the potential of employee or regarding any companies rendered. 2 As such his salary can be assessable cash flow for the entire year ended thirtieth of June 2015.

Totally free Use of Home

Reverend Goodfellow is supplied the cost-free use of a home for the entire period coming from 1st July 2014 for the 30th 06 2015 with a market leasing value of $550 per week by a part of his chapel. It must be identified if the make use of the house comprises income under s 6-5 of the ITAA97.

The common law rule that originated in Tennant versus Smith (192) AC a hundred and fifty is that pertaining to something to become income it must " arrive in” to a taxpayer and become received as money or in a form that may be convertible in to money – otherwise you cannot find any " gain” that can be taxed. This basic principle was analyzed in the case of FC of Capital t v Cooke and Sherden where Cooke and Sherden were supplied a holiday with a soft drink company, at a...

Author: jamiestevens
Taxation Assignment
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