Taxation Law Assignment Help

Taxation Law

QUESTION 1

Is the money received from Lottery an annual payment income? Give reasons for your decision.

Money won in the lottery is regarded as annual income and is subject to taxation. As per Heavy’s statement (1978), if a person wins a considerable amount of prize money, he can or she can collect it in any of the two ways- lump sum or annual installments. Suppose the winner goes for the second option. Both methods of payment have their own advantages when it comes to paying taxes. According to a statement by Morgan (2002), the option of lump-sum payment can help winners circumvent long-term tax involvement. If the prize money is substantial, they can invest in lucrative options like stocks and real estate to expand their income.

Choosing the second method of payment has other major tax benefits (Brown et al., 1999). According to Matheson (2001), taxation is a major influence on the winner’s decision to settle for either of the methods. Both methods come with their own benefits. Lumpsum ensures total payment of the sum in one go.

An annual payment, on the other hand, does not have the certainty of complete payment. However, they always have the option of switching over to the other method of payment.
Payment policies of lottery companies vary. For instance, Powerball offers winners options of lump-sum payout or 30 installments over 29 years. Companies like Mega Million also offer the same options and in the case of an annuity, each installment exceeds the previous one by 5 percent. However, it’s not free from disadvantages.

As per federal law, lottery winnings are subject to taxes just as personal income is subject to income tax. Haisley et al. (2008) stated that declaring lottery losses as itemized subtractions can improve tax refunds or reduce the tax amount owed.

What name should be displayed with your review?
What title should be displayed with your review?:
Review for Business Law
4/5
Business Law

Dear sir madam, Thank you and appreciated your good output. I was really worried about this assignment because the deadline was already passed however you gave me the final document with experts assistance that was really great and I’m satisfied with the final solution. Thanks again

Review for Assignment
4/5
Assignment

highly satisfied to give assessments when we are too busy and cannot summit our task on time.

Review for Database
4/5
Database

Great service… Quick response… Nicely judge the requirements of the assignment… It seems like exert has gone through the specifications very carefully… I would prefer same expert again when I will have database assignment again in future… Thanks very much…

Review for Management
5/5
Management

5 starts for following the requirements in the first go, extensively researched, to the point discussion in the research paper. Referencing seems to be on point. Excellent writer Good work, Cheers!!

Review for Thesis
5/5
Thesis

This assignment i go r23.5/30 I’m happy your high quality work Thanks for helping

Review for Tax
5/5
Tax

I recommend all my friends . They always get work done in emergency . Experts are too good . Provide them wid notes as well

Review for Networking
5/5
Networking

good writers i love your assignment a lot. lot of value for your assignment. good website. lots of helpful to students.

Review for HRM
4/5
HRM

Definitely gave me the help that I needed for this course. I would recommend my assignment help to anyone.

Review for Electrical Engineering
5/5
Electrical Engineering

On time and great work. Simulation and paragraphs. You made it according to template. Thank you.

Review for Finance
4/5
Finance

Good work done by MAH team. Very good understanding of the topic and hit it right.

Review for It Write Up
4/5
It Write Up

I want u to do my next assignments..i will talk with the management i hope they can figure it out..our presentation n some contents are really good…G …

Review for Electronics
5/5
Electronics

thank you very much for your help good assignment on time delivery and good work..

Review for Civil Law
5/5
Civil Law

great assignment, was very excellent and passed it with no problems, really appreciate thanks

Review for Original work
5/5
Original work

Original work and affordability are the biggest reasons for me to hire them over and over again. I like their professionalism and services. Keep up the good work.

Review for Best writing support
4/5
Best writing support

The topic was too tricky for me to understand and that’s why I sought writing support from them. They met all my requirements and did justice to my order. Wonderful service!

Review for Quick Assistance
4/5
Quick Assistance

I was expecting to receive the document in Harvard referencing style, but I actually got it in Oxford. I immediately approached them, and they got my work done according to me in a day. They didn’t ask for money on the changes made. Thanks guys!

Review for Professional writing services
4/5
Professional writing service

I found them very professional as they quickly respond to the urgent requests. I wanted them to work on a few things in my final order, and they did it exactly as per my specifications without charging any extra money. Good services!

Review for Got my assignment on time
5/5
Got my assignment on time

I found it hard to place an order with them as the line was constantly busy. But through their mobile App, it has become simple to approach them. I got my assignment on time, and it was nicely written. Highly recommended.

Review for Good Work
5/5
Good Work

It takes a lot of time to research on an assignment topic given by the professor. I as I wanted to save my time, I simply contacted them via email and got their respond then and there. They followed all the specifications given. Thanks guys!

Review for Excellent Writers
5/5
Excellent Writers

I wanted them to do certain changes in my document as I wasn’t satisfied at first. But, the writer assigned to me did the rework and sent me the order just in a day. Thanks guys! Good services. Marsha Marshall ,USA

Review for Best Services
4/5
Best Services

Stacey Lyons

Review for Satisfied with their services
4/5
Satisfied with their services

live in London, and most of the time I travel owing to my work responsibilities. I got to know about them from a friend, and it’s been quite a while that their expert team of writers is supporting me with the college projects. I’m highly satisfied with their services. Keep doing a good job!

Review for Scored good grades
4/5
Scored good grades

Scored good grades Due to time constraints, I hired them, and they handled the entire task amazingly. I submitted my order within the deadlines. I scored good grades, thanks guys!

Review for Great support
4/5
Great support

I never knew they could be of such a great support. My order was written excellently and the format used was correct as well. Keep up the good work!

Review for Best Work
5/5
Best Work

I needed help with my order from someone whom I can rely on completely. A buddy suggested me to hire them. They are really best at their work. I got my order on time.

Review for Thanks for the help
5/5
Thanks for the help

Big thanks to the team of Instant Assignment Help as they delivered me the order just in time. Their customer support executives were available even at odd hours to resolve my urgent queries.

Review for Professional Sevices
5/5
Professional Sevices

Good services! I found them very professional as they always keep in mind the requirements shared by their clients. Keep up the good work.

Review for Exact Format
4/5
Exact Format

The format used was just like the way I wanted. I never thought they could write my document so well. I will surely recommend them to my friends.

Review for Kristopher Thompson
5/5
Kristopher Thompson

While writing my assignment, I got confused about the referencing style that I had to use, and that is why I thought to seek help from their experts. To my surprise, I got exactly what my college professor wanted.

Review for Free rework
4/5
Free rework

I wanted my writer to draft my order according to the specifications made and owing to some miscommunication; he forgot to mention some of the important points. But when I told him to do the changes, he did the rework patiently. I’m happy with their services.

Review for Affordable prices
4/5
Affordable prices

Online writing companies charge high prices for their services, and this was the reason why I never thought to take writing support online. But Instant Assignment Help is different from others. They deliver a good quality document at affordable prices. Highly recommended!

Review for Fine service
5/5
Fine service

Their services are fine as I can see there’s still room for improvement. I told them to use Vancouver referencing style, but mistakenly they used Oxford. The changes were made instantly when I asked them to.

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
Author:
Series: Taxation Law
Genre: Taxation Law
Tag: Taxation Law
Book Club Resources
Disclosure of Material Connection: Some of the links in the page above are "affiliate links." This means if you click on the link and purchase the item, I will receive an affiliate commission. I am disclosing this in accordance with the Federal Trade Commission's 16 CFR, Part 255: "Guides Concerning the Use of Endorsements and Testimonials in Advertising."

Maddox Smith

Hey,
Greetings for the day !
Hope that you’re well !

We want to introduce ourselves as a team of professionals who are into academic writing for the last 10+ years. We can provide assignment assistance in all subjects. Our experts can provide solutions across all the topics right from Management, HR, Marketing, Finance & Accounts, Statistics, IT, childcare, nursing, law, and general writing. We provide plagiarism free work and also send a ‘Turnitin’ report along with completed work. Our services are available at reasonable cost; we entertain amendment requests from clients without any extra charges.

Our Feature Included

Ø Every assignment includes graphical representation like pie chart, bar graph, smart art and all.
Ø Free 0% plagiarism report
Ø Expert team for technical work as well.
Ø On time delivery
Ø Multiple rework facility
Ø Huge team of expert in each subject
Ø Referencing like: Harvard, APA, MLA, Oscola, automatic referencing all are familiar to our experts.

Subject we cover: Math , finance, economics, accounts, civil engineering, mechanical engineering, IT, Computer science, electrical and electronics engineering, history, geography, political science, sociology, physiology, philosophy, biology, microbiology, biotechnology, biotechnology, B-school assignments, project report, psychology, nursing assignments, medical assignments, Tourists and travelling assignments all kinds of dissertation and so on

Best Regards:
Oz Paper Help
WhatsApp:+1 585-666-2225
Email:ozpaperhelp@gmail.com
www.ozpaperhelp.com
www.cheapassignmenthelp.co.uk
www.freeassignmenthelp.com

https://www.ozpaperhelp.com/
1 Step 1
GET INSTANT ASSIGNMENT HELP BY PHD EXPERTS FROM UNITED KINGDOM
keyboard_arrow_leftPrevious
Nextkeyboard_arrow_right