ACC708 Taxation Law Assignment Help

ACC708 Taxation Law

FBT Revision Questions

Question 1:

Aussie (P) Ltd. provided a facility of the gymnasium to its worker Julie without charge|for complimentary|for gratis} and therefore the cost of that gymnasium package is $ 1950 to the corporate. As Julie is receiving this profit without charge and no quantity is paid by her as a contribution, it’ll be assumed because the Fringe edges Tax (PBT) and can be dutiable within the hands of the corporate (FBT Act, 1936). it’s conjointly thought that Aussie is entitled to induce the input reduction of GST therefore it’ll be grossed through the upper rate.

ParticularsAmounts $
Value of benefit1950
Gross up2.0647
Taxable value4026
Tax rate46.5
Tax obligation1872

In this case, $ 1950 could be an internet price that needs gross-up with higher rates (2.0647 in 2013), and taxes on such gross prices are going to be paid by the corporate.

Question 2:

This case is expounded to associate expense payment benefit that refers that if associate leader reimburses the expenditure of associate worker that was spent to his personal use, are going to be assumed as FBT and dutiable within the hands of the leader. in keeping with this regulation of the FBT Act 1936, the dutiable price of a benefit is going to be the number that’s reimbursed by the leader to its worker. within the gift case, the dutiable price is going to be 4200. Grossed up dutiable price is going to be as below:

ParticularsAmounts $
Value of benefit4200
Gross up factor2.0802
Gross Taxable value8737
Tax rate47
Tax obligation4106

As the company is eligible to require the deduction of GST, a gross-up is going to be created with a better price to balance the tax payment. within the current case, the dutiable price of the profit is going to be the particular quantity that is paid by the leader to Julie.

Question 3:

Reimbursement of private expenses sort of an account, servant salaries, etc. square measure assumed as FBT below the perimeter edges act is paid by the leader to its worker. The existence of the employer-employee relationship is critical to spot the FBT. Gross-up of profit is subjected to the GST provisions associated with a leader, United Nations agency isn’t entitled to induce the GST credit, can gross up the profit with a lower rate of gross-up.

ParticularsAmounts $
Value of benefit6000
Gross-up factor in 20142.0647
Gross Taxable value12388

The current case is expounded to private expense compensation {in that|during which|within which} the dutiable price of the profit are going to be capable the number which is paid by the leader to associate worker in compensation. As Aussie (P) Ltd is allowable to require the input credit, the gross-up can is formed with a better gross-up issue that is two.0647 for the year 2014.

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Taxation Law

Taxation Law

As per the taxation Laws to Australia, a visitor visiting Australia is liable to pay tax. However, there are certain aspects of that are being checked to ensure the fact that the tax liability being imposed is at par the guidelines of Australian taxation laws.

About the Book
Taxation Law

Case Study 1

As per the taxation Laws to Australia, a visitor visiting Australia is liable to pay tax. However, there are certain aspects of that are being checked to ensure the fact that the tax liability being imposed is at par the guidelines of Australian taxation laws. As stated by Subedi (2016) one of the major aspects of the taxation laws for the visitors is the fact that the visitor needs to live in the country for more than six months. While a visitor lives for more than six months in Australia he is liable to pay taxes. As stated by Parker (2013) another important aspect is the fact that the visitors needs to stay in the same place for more than six months. While the person is changing his resident to different regions of Australia within this span of six months he is not liable to pay taxes. Another important fact is that a visitor in Australia needs to develop a local tie with the business in the place where he is residing. This is one of the most important aspects that is being considered while evaluation of tax.

Taxation Law

In the given case Kit has to visit Australia and has to stay there for four years with his wife and children. Kit is a resident of Chile but for the purpose of business, Kit needs to stay in Australia. While staying in Australia Kit buys a home. In the given case it is also mentioned that Kit had his wife has a joint account in the Westpac Bank. During the stay in Australia Kit has also made some investment in the share market receiving a dividend for the same. As stated by Deeming (2014) one of the main points that need to be evaluated for the resident status of Australia is the duration of his stay. While he spent three months in Australia he gets a break of a month after every third month. Which is being spent by him for meeting the family members. This is one of the most important parts that needs to be evaluated.
Details
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Series: Taxation Law
Genre: Taxation Law
Tag: Taxation Law
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