User Account

All Pages

Define assessable income and loss or outgoing

Assignment Help Taxation
Reference no: EM13510137

The following section 8-1 as listed below is described as the cornerstone if the Income Tax Assessment Act (1997).

"S8-1(1) you can deduct from your assessable income any loss or outgoing to The extent that:

(a) it is incurred in gaining or producing your assessable income; or

(b) it is necessarily incurred in carrying on a business for the purpose of gaining or producing your assessable income.

However, you cannot deduct a loss or outgoing under this section to the extent that:

(a) it is a loss or outgoing of capital or of a capital nature; or

(b) it is a loss or outgoing of a private or domestic nature; or

(c) it is incurred in relation to gaining or producing your exempt income; or

(d) a provision of this Act prevents you from deducting it.

S8-1(3) A loss or outgoing that you can deduct under this section is called a general deduction."

REQUIRED:

EXPLAIN and VALIDATESection 8-1 of ITAA97 by reference to Case Law, Taxation Office Rulingsand other sections of the ITAA97 and ITAA36. You are required to address under separate headings the underlined words in the course of your explanation. 

Reference no: EM13510137

Questions Cloud

Determine how far does each ball travel horizontally : Two balls are rolled off the tabletop that is 0.75m above the floor. how far does each ball travel horizontally before hitting the floor
Calculate the minimum amount of net capital gain : CALCULATE the minimum amount of net capital gain which is to be included in his assessable income for the year ended 30 June 2014.
This trigger includes distinctive accents-speech patterns : This trigger includes distinctive accents, speech patterns, inflections, and slang: This describes beliefs that racism no longer exists and that blacks or other racial groups have attained excessive, unfair gains:
Determine the net present value for the two machines : Determine the net present value for the two machines. Use the table of present values of an annuity of $1 above. Round to the nearest dollar.
Define assessable income and loss or outgoing : Case Law, Taxation Office Rulingsand other sections of the ITAA97 and ITAA36. You are required to address under separate headings the underlined words in the course of your explanation.
Determine the distance between the two aircraft : An air-traffic controller observes two aircraft on his radar screen. The first is at altitude 800 m, horizontal distance 19.4 km, and 22.5° south of west. What is the distance between the two aircraft
Would net income have been overstated or understate : Compute the amount of net income using (a) the preliminary (unadjusted) numbers, and (b) the final (adjusted) numbers. Has the adjusting entries not been recorded, Would net income have been overstated or understate, and be what amount?
How far is the boy from the dock : A boy of mass 58.1 kg is about to disembark from a canoe of mass 36.3 kg, How far is the boy from the dock when he reaches the bow
Calculate the taxable income and tax payable : CALCULATE the TAXABLE INCOME and TAX PAYABLE of John for the year ended 30 June 2014.

Reviews

Write a Review

Taxation Questions & Answers

  Updike and patterson investments inc upi hold equity

updike and patterson investments inc. upi hold equity investments with a cost basis of 250000. upi accounts for these

  Income tax project

osalyn uses the Cash Method Of Accounting for Federal Income Tax purposes for her business, ROSALYN'S BOOKSTORE, and the business code for the business for Federal Income Tax purposes

  Cost of the property acquired by the new corporation

Specify the cost and ACB of the consideration received by Sidney, specify the PUC of the shares received by Sidney and indicate the cost of the property acquired by the new corporation.

  Problem - volunteer income tax assistance

Estimated the refunds of those to be about $20,000 in total. Why do you think the IRS goes to the trouble to provide this free service when most lower income individuals receive a refund?

  Interpreting tax regulations

There is a significant amount of gray area when interpreting tax regulations. There are several resources available to assist tax preparers in addressing these issues, such as the AICPA's "Statements on Standards for Tax Services."

  Advise leighton for income tax purposes

Fees related to the lodgment of Leighton's income tax return ($300) and the advice regarding the sale ($400). Advise Leighton as to whether the $700 paid to his accountant is deductible for income tax purposes.

  Calculate tax liability

Calculate tax liability.

  A texas attorney contemplates entering into an employment

A Texas attorney contemplates entering into an employment contract regarding child support arrearage lawsuits with the client based on a (contingency fee) percentage of the amount of arrearage recovered for the client.

  Prepare a memo to stacey explaining the tax consequences

Prepare a memo to Stacey explaining the tax consequences of the incorporation. As part of your memo examine the possibility of having the corporation issue preferred and common stock and debt for the shareholders' property and money.

  Unemployment compensation taxes

the employer's payroll taxes on the payroll to be paid on December 31. Of the total payroll for the last week of the year, $35,000 is subject to unemployment compensation taxes

  Question juan luan social security number 454-11-7000 is a

question juan luan social security number 454-11-7000 is a single taxpayer and is employed as an administrative help at

  Taxation problem

Wu has carried on a business of manufacturing toys in Hong Kong for many years. The business closes its accounts to 31 December each year. The tax written down values of plant and machinery - hong kong taxation

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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