TLAW 303 Taxation Law Assignment Help

TLAW 303 Taxation Laws Assignment Help

TLAW 303 Taxation Law Assignment Help

Question A

The total net weekly wages of $78000 earned by Nick can be taken into included in the assessable income for the year 2016-17. The entire PAYG tax, which was withdrawn from weekly wages of Nick, can be excluded from final tax claim (Dootson & Suzor, 2015).

Question B

Section 6-5(2) of the ITAA 1997 can be referred for the calculation of additional wage paid to Nick.

Question C

Section 51AG of the Income Tax Assessment Act 1936 covers the reimbursement of out-of-pocket travelling expense incurred by the employees. It is considered as a fringe benefit.  

TLAW 303 Taxation Laws Assignment Help

Question D

The provisions  of  Section 8(1) and Taxation Ruling TR 97/7 of the Income Tax Act states that the travelling expense incurred for travelling to work, which is borne by the employee can be reduced from his taxable income to reduce the liability of tax. (Portsea.austlii.edu.au).

Question E

The provisions for the health insurance premium amount paid by the employer for his employee are mentioned in the Fringe Benefits Tax Assessment Act (FBTAA) 1986. Section 48 and 22A(2) should be applicable for the calculation (www.ato.gov.au).

Question F

Under the Superannuation Guarantee (Administration) Act 1992, Section 19(1), states about the Employer’s contribution to the superannuation fund made on for his employees.

Under Section 61-205(1) of the Private Health Insurance Act 2007, the provision states about the health insurance premium paid by the individuals, where, for the purpose of tax deduction, the amount can be claimed by the individual for the respective fiscal year (Apps, 2008).   

Question G

The Section 61-205(1), Under the Private Health Insurance Act 2007, states the provision where the individual can claim the tax offset if the individual has paid the insurance policy premium for the accident and sickness loss (Australian income tax legislation 2013, n.d.).

Question H

For the estimation of taxable income, the sum received by him will not be taken into account and it would not be taken as income protection according to the taxation policy.

Question I

In this case also, For the estimation of taxable income, the sum received by him will not be taken into account and it would not be taken as income protection according to the taxation policy

Question J

$5400 should be considered as taxable income.

Question K

As per Section 6-85(1), the assessable income is referred to the sum total received as fees from the patients and Medicare proceeds (Apps, 2008).

Question L.

According to Section 6-5(1), the assessable income should be taken as $1600 as the section states provisions for amount received as compensation in case stock trading loss.

Question M

The sum received as compensation in account of loss of income should be considered as taxable income instead of the medical expense. 

Question N

To claim $25000 as the assessable income, Troy should pay his debt liability fully.

Question O

For the assessment of taxable income, the constructive receipt sum should be considered (Boxer, 2008).

Question P

According to Section 21A, the full amount will be considered as taxable income as the the provisions of the sections states about the non-cash benefits received by an individual.

Question Q

It cannot be considered as assessable income as the amount should be greater than $300.

Question R

The frequent flyer points do not have any economic value and they cannot be traded. Hence, it cannot be included in the assessable income.

Question S

For calculating the assessable income, the amount of subsidy received for the purpose of business will be considered.  

Question T

The amount spend on the umbrella cannot be take into consideration as Shelly has to return it. Instead, Shelly can claim the non-cash benefit as deduction (LAFFER, 2008).

Reference List

Apps, P. (2008). Comment:‘Taxation reform and income Distribution in Australia’. Australian Economic Review, 19(3), 57-59. http://dx.doi.org/10.1111/j.1467-8462.1986.tb00633.x

Australian income tax legislation 2013 (1st ed.).
Boxer, A. (2008). TAXATION IN AUSTRALIA*. Economic Record, 41(96), 639-649. http://dx.doi.org/10.1111/j.1475-4932.1965.tb03112.x
LAFFER, K. (2008). TAXATION REFORM IN AUSTRALIA. Economic Record, 18(2), 168-179. http://dx.doi.org/10.1111/j.1475-4932.1942.tb02666.x