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question1

do you agree or disagree with these statements and explained business should be entitled to take advantage of the weakness in the law and should not be penalized for any form of tax minimization

question 2

do you agree or disagree in Australia is flawed because it relies of self-assessment and is not properly enforced

question 3

in what circumstances are individuals and companies are treated as residents of Australia?

question 5

discuss the differences between " tax evasion", " tax avoidance" and " tax planning"

question 6

Robert purchased his home on 1 July 2000. he lived in the home for two years and then was posted overseas for eight years, during which time home until it was sold on 30 June 2013.

requirement: advise Robert as to whether he will be able to use the main residence exemption.

question 7

Rachel and bill share the profits in the ration of 3:1 stock on hand at the beginning of the year were $3000 and at the end of the year was $3400. both cars were used for business purposes.

but the bill uses his 40% for private purposes as well. Bill also works part-time as a trainer and generated a gross income of 12000. he subscribes magazines that update his knowledge on the industry and training to be provided to his own clients and it costs him $800 in annual subscription fees. he also received fully franked dividends from ABC company of f$1125 in the current income year.

requirements:

a) calculate the net income of the partnership and the assessable income of the partners.

b) calculate the final tax liability of the bill.

question 8

Errol provides his employees with the use of a car for 183 days during the FBT year. during this period the traveled 16000 km. Errol purchased the car last yer for $50000. the employee contributed $1000 towards the cost of running the car and has provided Errol with relevant documentation.

requirement

calculate the taxable value of the car fringe benefit using the statutory formula.

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