Income from Property

Requirement-

Don't use plagiarized sources. Get Your Custom Essay on
Income from Property
For as low as $13/Page
Order Essay

Required on Tuesday in the morning because it is due on the same day

Harvard referencing style

All answers in 300 words, not less then that

 

13138Week 2 Residence and Sourcehttps://holmes.blackboard.com/images/ci/icons/cmlink_generic.gif

Week 2 Residence and Source

Nick Stannos arrives in Australia from a European country on 26 January. He rents a small apartment and accepts two jobs. By 30 June he has saved $10,000 and decided to return to Europe permanently.

1.       For the relevant income year, will Stannos be regarded as a resident or non-resident? In any event, what difference does it make?

2.       If Stannos had remained in Australia indefinitely and was regarded as a resident of Australia from 26 January, how would his European salary income of A$20,000 (derived in the period 1 July to 24 January) be taxed? Assume ex-Australia tax of A$3,000 has been paid in respect of this income.

111Income from Property https://holmes.blackboard.com/images/ci/icons/cmlink_generic.gif

Income from Property

1.      George owns a large cattle firm, parts of which are heavily timbered. He agrees to allow Mr Smith to enter his land for the purpose of felling timber in return for a payment of $20 per tree removed. During the first tax year of his agreement, George receives $10,000 from Smith. What are the tax consequences of this transaction? Would your answer differ if Smith had promised to remove the timber?

2.      The following year, George contracts to sell Smith 9,000 trees for $90,000. Smith is to enter George’s land for the purpose of felling and removing the trees, and is to pay the money by monthly instalments regardless of whether the timber is removed or not. The agreement provides that if 9,000 suitable trees are not found upon the land, then there shall be a pro rata decrease in contract price.

3.      In the following year, George decides to sell his farm to Brown for the sum of $200,000 plus “royalty” of $10 for every tree removed from the land for the next 10 years.

Advise George in each of the above situations as to his tax liabilities. Also advise him as to whether his receipts are income or capital on general principles. (Note that these cases are governed by CGT event DI)  

000Week 4 Income Classificationhttps://holmes.blackboard.com/images/ci/icons/cmlink_generic.gif

Week 4 Income Classification

Briefly discuss the income tax implications of the following, stating which sections of the ITAA 1997 or ITAA 1936, if any, are most relevant.

1.      A $10,000 bonus paid by the Australian Cricket Control Board to the captain of the Australian cricket team for outstanding leadership during a successful tour of England.

2.      A boat valued at $35,000 given to an amateur footballer to turn professional.

3.      Profit of $25,000 made by a trucking company on the disposal of one of the 30 trucks it has leased to carry on its business.

4.      An exchange gain of $500,000 made by a manufacturer in respect of money borrowed in 1997 and used to finance construction of a new building.

5.      Gift and payments made by a football club and its supporters to a star professional player, largely in their delighted response to his being selected to play for Australia. The club gave him a car valued at $25,000; supporters, through a collection at one game, gave him $2,425.

000Week 5 Capital Gains Tax https://holmes.blackboard.com/images/ci/icons/cmlink_generic.gif

Week 5 Capital Gains Tax

Because of his wife’s ill-health, Brain sold his gift shop and family home in Victoria and moved to WA on 20 June this year. Brain had acquired the vacant premises 10 years ago for $750,000 and established the business on that date. He sold the business on 20 May this year for a net consideration of $1,880,000. This was made up as follows:

 

Items

AUD $

1

Goodwill

440,000

2

Trading Stock

60,000

3

Fittings

120,000

4

Shop and Land

1,360,000

5

Less debt taken over secured over stock and fittings

(100,000)

In addition, Brain received a further $20,000 for signing a contract not to open another business within a 10 Km radius for the next five years.

The turnover of the shop for the previous financial year was $540,000.

Brain’s home is valued at $1.8m. He also has a 45% interest in a property development company which has assets of $5.4m. His wife also has a 5% interest in that company. The turnover of the property development company last year was $1.2m.

Advise Brain of the tax consequences arising from the sale.

000

The taxable value of fringe benefits provided by XYZ Ltd to its employees for the current FBT year is:

&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ; Cars – $32,000; input tax credits are available for GST purposes

&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ; Loans – $6000; no GST has been paid

&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ; External expense payments – $4,000 inclusive of GST. An input tax credit is available.

Calculate FBT payable for the year.

1

1

1

Week 7 Capital Allowancehttps://holmes.blackboard.com/images/ci/icons/cmlink_generic.gif

Explain tax consequences for following term:

&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ; Pooling of Assets

&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ; Low – value pool assets

&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ; Software development pool

&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ;&νβσπ; Small business concessions

   

 

 

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
error: Content is protected !!
Live Chat 1 763 309 4299EmailWhatsApp

Order your essay today and save 20% with the discount code WELCOME