Case studies of fringe benefits tax and capital gain tax

Assignment Help Other Subject
Reference no: EM132608979 , Length: word count:2000

HI6028 Taxation Theory, Practice & Law - Holmes Institute

Assessment - Case Studies of Fringe Benefits Tax and Capital Gain Tax

Learning outcome 1: Demonstrate an understanding of the Australian income tax system, the concept of FBT, Ordinary Income, general anti-avoidance provisions and income tax administration.

Learning outcome 2: Identify and critically analyse taxation issues.

Learning outcome 3: Interpret the relevant taxation legislations and case law.

Learning outcome 4: Apply taxation principles to real life problems.

Question 1:

Perisher Pty Ltd (Perisher) is a Ski equipment manufacturer that operates around Mt Hotham in Victoria. On 1 May 2019, Perisher provided Nikita (one of its employees) with a car as Nikita does a lot of travelling for work purposes. However, Nikita's usage of the car is not restricted to work only. Perisher purchased the car on that date for $44,000 (including GST) plus $2,000 (including GST) dealer delivery charges.

For the period of 1 May 2019 to 31 March 2020, Nikita travelled 12,000 kilometers in the car and incurred expenses of $770 on minor repairs that have been reimbursed by Perisher. The car was not used for 10 days when Nikita was interstate and was parked at the airport and for another five days when the car was scheduled for annual repairs.

Calculate the Fringe Benefits Tax Liability for Perisher, please have a look at the matrix below on how to answer the question

Question 2:

Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets:

1. Antique Painting that was given to Taryn by her father 5 years ago. Taryn's father bought it on 20 August 1984 for $2,500. Taryn sold it on 1'st June 2020 for $25,000

2. Taryn sold her car (Toyota Corolla) for the amount of $12,000 on 20'th May 2020, she bought on 1'st January 2015 for the amount of $20,000

3. Taryn sold her Harry Potter's collection for the amount of $1,500 on 4'th January 2020, she bought it second hand on 10'th October 2018 for $350.

4. Taryn sold her gold necklace for $2,000 on 20'th March 2020, she bought it for $1,200 on 8'th August 2018

5. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994

Advise the Capital Gain Tax Consequences for the above transactions, please have a look at the matrix below on how to answer the question

Attachment:- Case Studies of Fringe Benefits Tax.rar

Reference no: EM132608979

Previous Q& A

  Prepare journal entries to record first two interest payment

Question - Straight-Line: Amortization of bond discount. Prepare the journal entries to record the first two interest payments

  Define e-training method

Define e-training method. Discuss its utility and application in present context of COVID 19.

  How does your worldview influence understanding of ethics

How does your worldview influence your understanding of ethics? Why is ethics important for health care? (Reference at least two ethical theories discussed in.

  Critically evaluate the training and development program

Critically evaluate the training and development program of any telecom organization of your choice.

  Examine erp implementation case studies

Examine ERP implementation case studies from leading ERP vendors, identify key use cases such as the following

  Discuss the purpose of the legislative action

Healthcare policy has been a critical aspect of political administrations over the past 100 years. Understanding the political process and how healthcare.

  Competitive advantage-vendor relationship management overall

Determine at least three challenges associated with using vendors. Analyze relationship between competitive advantage and vendor relationship management overall

  What is the company contribution margin ratio

Bord Corporation has no beginning or ending inventories, and produced and sold 5,000 units during the year. What is the company contribution margin ratio

  Design a socio-ecological model

Design a socio-ecological model that effectively demonstrates the links between health, planning and sustainability along with references.

  Write out a role-play conversation between the partners

Write out a role-play conversation between the partners in which they make use of effective verbal and nonverbal communication strategies.

Reviews

Write a Review

 

Similar Q& A

  Identifying the purpose of the study

Writing Research Reports: Each report (worth 1 unit of research credit) will be based on a scientific article in a psychology journal that is pre-approved.

  Is it the immediate pleasure that each activity provides

What is the motivation for eating, drinking, and sex? Is it the immediate pleasure that each activity provides, or that it ensures the survival of the individual and species? Explain.

  Briefly describe each of the three styles of parenting

Briefly describe each of the three styles of parenting.Analyze the likely effect of each style of parenting on the lives of the children.

  Determine first and higher order derivatives of functions

T/506/9254-Advanced Mathematics for Civil Engineering-Level 5 Advanced Technician Diploma in Civil Engineering- determine first and higher order derivatives.

  What implications the dystopian visions of future offered

In the second part of your essay, discuss what implications the dystopian visions of the future offered by Gibson and Bacigalupi have for our understandings.

  Summarize - Intensive and Critical Care Nursing

Please summarize this article and why it was chosen. Article - Intensive care nurses' experiences and perceptions of delirium and delirium care

  Security interest

What steps are necessary in order to ATTACH a security interest? Differentiate between a PURCHASE MONEY security interest and a NON-PURCHASE MONEY security interest. Differentiate between ATTACHMENT of a security interest and PERFECTION of a security..

  Describe your understanding of relaxation therapy

Describe your understanding of the 2 forms of relaxation therapy (RT) noted in the study. Compare and contrast RT with the other approach examined in the study: cognitive therapy, or cognitive-behavioral therapy (CT, CBT)

  Could the civil war have been avoided

Support your opinion: could the Civil War have been avoided? After reading this unit's materials, be sure to include the influence of at least one cultural.

  Explain why your memory may not retain all the information

Using what we have learned in chapter 7, explain why your memory may not retain all the information learned in the cram session the night before the big exam.

  Provide sufficient evidence of incorporating feedback

Examine professional organizations related to the specialization you have chosen and identify at least one to focus on for this assignment.

  Discuss why is the united states a common law country

What is common law, Why is the United States a common law country, What is the primary distinction between common law and civil law legal systems

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd