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Australian Taxation Laws and Practices

University: Holmes Institute

  • Unit No: 14
  • Level: High school
  • Pages: 8 / Words 2096
  • Paper Type: Assignment
  • Course Code: HI6028
  • Downloads: 320
Question :

This sample will let you know about:

  • Discuss taxation laws and practices.
  • Explain Australian Taxation Law.
Answer :
Organization Selected : N/A

In accordance to Australian Taxation, Assessable income of an individual refers to an income that could be taxed, provided that an individual has earned enough for exceeding its tax deduction or tax free limit (Chardon,  Freudenberg and Brimble,  2016). The assessable income are said as follows-

  • Income earned by way of salary and the wages
  • Gratuities, tips & the other types of the payment for the services provided
  • Allowances for certain things such as car, laundry, travel and clothing
  • Interest earned from the bank accounts
  • Dividend received and the other income generated from an investment
  • Overtime and the bonuses that is received by an employee
  • Amount of commission that is received by the sales person
  • Pensions
  • Rent

If in case an individual is being paid by way of cash including the cash cheques then he or she could declare cash as an income at the time they lodge for tax return.

Tips from the customers is counted as an assessable income with respect to the Australian taxation and ITAA 1977 (Freudenberg and et.al., 2017). This means that tips received from customers of the value $335 for each is exempted from the tax as it is counted as an income on person services. Get Assignment Examples.Talk to our Experts!

Income received by Emmi with respect to her working in the restaurant is counted as an employment income which tends to seen as an assessable income of the value $ 25000. As per the Australian taxation and ITAA 1977, assessable income of $25000 is considered as exempted because it is below the taxable income limit.

In accordance to the Australian taxation, gifts and the grants are not stated as an assessable income and are see as tax deductible if the value of the gift equates to $ 2 and more.

As Emmi was gifted with an expensive perfume of the worth as $250 from the customer which is not resulted as an assessable income for her as followed by the provision under Australian taxation (Kraal,  2017). However, she had received the gift as the part of his business that is from customers so it could be taxable.

The drinks and the foods provided to an employees is considered as exempt from the FBT as it is facilitated and is consumed on the working days within the premises of the business. This provision is presented in the Australian taxation laws.

As per the case, Emmi is receiving all the entertainment and food benefits from the restaurant where she works of $380 as a motivation (Assessable income, 2018). This is not an assessable income as it is tax deductible referring to the provision of Australian taxation.

The provision in relation to providing gift to an employee at the Christmas party might be counted as the minor benefit which is seen  as exempt benefit where a value of gift amounting to less than $300 (Bayliss,  2019). Such gift attract the Fringe benefit tax but only when its is of the value less than $300 and other conditions of a minor benefit must be met.

In case as Emmi is receiving the gift of value $15000 not from her employer or organization but from her father so it would not be considered as her assessable income. It does not involve any kind of the tax deduction or not associate with any type of the Fringe benefit taxes.Order assignment help from our experts!

As per Australian taxation it has been seen that main residence is considered to be exempt from the capital gain tax. For getting an exemption, it is important that an individual must have dwelling on the main residence and he or she must be living in it. A person is not been entitled for the vacant block (Minas Lim and Evans,  2018). In case an individual is not seen as resident of an Australia for the tax purposes at the time he or she is been living in a property, then they cannot availed requirements for an exemption of the main residence. Moreover if an individual is a foreign resident at the time when the CGT happens to the residential property in the Australia then they cannot claim for an exemption of the main residence (Barrett,  2018). Moreover, exemption regarding main residence is applied when a resident follows all the rules that are a

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