HI 6028 TAXATION LAW
Introduction
The following project will critically discuss about taxation laws relating to fringe benefits which a employee receives under the employment of the following under a registered company. This paper will critically evaluate the fringe benefits that are to be received by a employee under this employment. For this purpose the project will compute fringe benefits that are to be received by employee under prescribed case study and situation. Fringe benefits are benefits which are received by a employee under his employment period as the employee are entitled to receive these benefits under the taxation law. Like other business organizations, the business organizations and individuals of Australia are required to pay taxes on their annual incomes at different levels of the government. The regulatory authority which determines the amount of payable taxes and collects the amount for government findings is the Australian Taxation Office. The collected taxes are utilized in the development of public services which as a result provides the contribution to the society along with the economic wealth distribution of the government. The assignment consists of the case study of the Charlie and shiny homes pvt ltd to extract the available outcomes of receiving fringe benefits along with the advices of taxation for Allan and Betty on the activities of taxation which includes income and expenditure. The last part of the assignment consists of the consequences of income tax along with the citation of relevant case law. Moreover, the assignment consists of the income tax implications along with the participant advice in the barter scheme of tax implications.
taxable of the benefit is $2,270 and this may be the fixed amount which the company would need to pay and work effectively.
Income tax consequences
The basic rate of taxation which may be generated in this type of provision would be a total of 20% through which if the fees structure goes beyond £11,500 then the person would need to pay a part of its payment to the government of the UK. In this case Allan would not need to pay the taxes as it is below than the amount decided as per the government. Allan and Betty live in Victoria and Betty works as the accountant and Alan is the local doctor in Victoria so it can be said that their occupation is part time accountant and local doctor. There various gifts that Alan receives from their patients and usually gets cakes and scones for the service which Alan gives to the local people of Victoria. Alan once saved a dog of the local wine maker from a venomous snake and saved the life of the dog. The winemaker offered wine bottles valuing from $360. According to the income tax assessment act 1997 of Australia the gifts which Alan has received from his local practice as well as the other things are always deductible in the entire process of taxes. The gifts which Alan has received for being a good doctor are not productive and it is not an assessable income which has the ability to Alan for misusing the amount of gifts which he has received. However the tax office of Australia asserts non taxable incomes for the ones mentioned in the income statement. Moreover the aspects of deduction which is in section 51B of Income Tax Assessment Act 1997 of Australia. The Australian Government has pictured these gifts as expensive or has tagged it the income chart. The financial statement has not enlisted these as gifts. The case of FCT vs. Salmon (1999) in Australia described the gifts which are being gained as the taxpayers in the entire situation as the purpose for bribery which has to be considered as the material for deduction in the income assemble. In the entire scenario the wine bottles are not being considered as the spectrum of income earning for Allan as all the items were gifted to him along with the wine bottles. Allan will not be facing any kind of income taxes consequences because of this reason and also faced deduction process of this amount in the entire taxation process.
However, when it comes to the income tax results it calculates the entire amount of the individual incomes annually. After the calculation of the income of the individual there is a certain amount is being charged to that individual. Whereas, on the other had if the taxable amount is exceeded from the initial amount then it makes huge impacts for the persons who are paying the tax. For example; if Alan yearly income is $ 24000 and he pay an amount of $2400 in the entire year. The amount can be exceeded if the there is a change in his income. Then the rate will differ from the last amount and he will have to pay more in compared to the amount which he uses to pay. Similarly, while calculating the entire tax amount the employee those who calculate the amount have a segregated place where all the charges are being counted in terms of the individual taxes. Hence these are the consequence that is being faced when it comes to the income tax law.
Citing relevant case law
As Allan and Betty did not made any plan of selling their products, it happened to be down unexpectedly and in this way under the section 13-356 it had been decided that the works which the couple had been doing it may not be necessary for the them to work effectively and to the point (Ehrlich & Radulescu, 2017). In addition to that, the couple is now enjoying the process of gardening as they are harvesting grape vines and some vegetables in the backyard. There is a huge productivity of cultivation of their processes which they have attended in the form of course works and seminars on the organic process farming. Betty started the process of plantation of marmalade plant which made her to open a stall of vegetables in the Growers market of Newtown. Alan also sold his productions in the supermarket and now they supply vegetables daily to various retailers. They mainly supplies pumpkins and potatoes. The practices are the hobbies of them and they never recorded the profit after selling their products in the market. They received a gross monthly receipt of $600. Moreover, there was no intention from Allan or Betty to make profits which they can save by paying taxes on the monthly income of $500 or $600. The section 15 of the income tax assessment Act 1997 has provided to reduce income or expenses for pursuing hobby. The livelihood of Allan and Belly is not dependent on their hobby due to the income tax Act of 1997. As per Australian taxation house, the hobbies are the activities that are required to spend the leisure time as those activities are not structured in a business manner. In the other hand, the FCT vs Sophia case (1962) has extracted the information that the process of revenue income cannot be implemented or generation of profits for pursuing hobbies of an individual. The activities related to hobby cannot be taken as commercial reasons otherwise it is termed as business for entitling the purpose of taxation. In this case, the activities are not utilized in commercial purposes initially. Instead, the processes are commercially utilized for market stalls.
Income tax implications
If the couple would have been doing the business from beforehand and may had informed the government then there may have been a case under which the couple would have had to pay the taxes more than it is doing now (James, 2016). Relating to the previous case under which Allan got the fees which may not be under the taxation law of the UK government and this may be effective for the person in various ways through which it may need to be done as per the needs of the person in various ways possible.
When taken the hobbies and businesses into account, it can be inferred that the hobbies are generally tax deductible items which are specifically used for taxation purpose. On the other hand, gardening became an effective business for involving regular and systematic practices for earning money. In accordance with the given case between Adrien and Simon vs. FCT(1974), Simon seemed to have generated huge amount of money based on his hobby thereby fulfilling a perfect business purpose. Allan and Betty were liable to pay taxes at normal rates based on Australian income tax rate based on the income tax Assessment Act of 1997.Thus money that was collected using joining system fee by the couple by members of barter system having an easy income access thereby fulfilling income tax purpose.
Advising the participants in the barter scheme of any income tax implications
Barter system provides an example of the exchange of the goods which are being provided to the other party in return of some other goods and in this way the system runs. Relating to the case under which it had been said that Allan swaps citrus in return of the oranges which the couple produces and in this way it can be said that there may be a tax implication in the system (Ferry et al. 2015) There may be no taxation under this as there is no monetary related things are taking place and this may not be take place in the work. According to the Income Tax Assessment Act of 1997, under Section 52, stated that the entire transaction of the barter system that matters to a taxable income in addition to the tax which are suggested including the GST amount in Australia. Similarly, it beneficial for the business owners to take the advice of the barter scheme in terms of the income tax as the expenses in the business can be less in comparison to the amount which they used to pay before applying taxation law. However, the other candidates who avail the barter scheme have the facility to proclaim the financial statement which will help to have good and healthy business in the future.
Similarly, Alan did not indulge himself in terms of the exchange products which include the tax that can be return after items are purchased. On the other hand, if Alan could have followed the barter scheme of the taxation then he could have easily got back the amount that he has paid while purchasing the products in the market. In other words, it can be said that the barter scheme of the taxation can help the participant any many ways such as; the tax return amount which they can avail through the taxation law in the end, along with that they can also avail the GST amount for every products. When it comes to the GST rates of the products and services it removes the extra taxes of the products and the participants just have to pay a certain percentage of the GST rate. This barter scheme helps the participants to invest their saved money in other products. Hence, these are some of the factors that help the participants to take the advice of applying the barter scheme in terms of the income tax in the business organisation.
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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.
