Essays on Tax Assessment

Introduction:

Pensions are an essential part of a civilized welfare state that rewards hardworking and taxpaying citizens with security in old age. The rationale behind pensions is that citizens who have worked for a living for almost 40 years of their young lives and have paid taxes deserve to have a regular source of passive income after retirement in old age. This is to ensure their basic needs are taken care of and they do not become a burden on society and private individuals. It also ensures higher spending in the market as opposed to a greater part of earnings ...

Law

The issue in this case is whether the reward ticket is part of the assessable income of the taxpayer. The Court ruled that the decision- reward tickets did not constitute assessable income under either: Section 25(1) of the Income Tax Assessment Act of 1936 and cannot be convertible into money. Thus, the monetary value of the ticket cannot not be considered as income within the definition of Section 25(1); or Section 26(e) since the reward ticket was a result of a personal contractual privilege of Payne, it cannot be included as benefit that is “allowed, given or ...

The taxation of the capital gains made during the disposal of the property by James will be considered under the Income Tax Assessment Act of 1997, section 104-105 which deals with capital gains for individuals. This is wholly embedded in the Goods and services Tax act of 1999 (div 9-11). Using this act, considerations will be made on each tax event under the capital gains tax and analysis made on how each will be treated under the act. In the disposal of the property, either a capital gain or a capital loss is made, and such a gain or loss will have to ...

1. Methods to calculate taxable value of fringe benefits: Australian Taxation law allows some benefits to the employees by their employers in the form of different services, benefits, privileges or rights. Under fringe benefits tax act, 1986 the fringe benefit may include cheaper loans to employees by the employer, to allow employees of the company to use Employer’s car, look after medical or legal problems etc. if a person works somewhere for anybody or in a company, the general concept is that the worker will get remuneration in cash but a new concept recognized by Australian taxation law is an agreement ...