Discuss whether kit is a resident of australia

Assignment Help Taxation
Reference no: EM131043374

Case study 1: Residence and source

Kit is a permanent resident of Australia. He was born in Chile and retains his Chilean citizenship. Kit spends most of the year working of the coast of Indonesia on an oil rig for a United States company, He was recruited for this job in Australia and signed a contract with the company here, For the 'last four years, Kit's wife has lived in Australia with their two children, 'They purchased a home in Australia three years ago, Kit and his wife have a joint bank account with Westpac bank. Kit's salary is paid 'directly into his account. All of the family's other investments including a share portfolio that generates dividend income, remain in Chile. Kit gets one month off from work every third month and, on these occasions, he meets with his family either in Australia or on holidays around South America (usually in chile where his parents reside).

Discuss whether kit is a resident of Australia and how his salary and investment income would be taxed.

Case study 2: ordinary income

Explanations of the respective outcomes reached by the courts in the following cases which all involving sales of land:

I. Californian Copper Syndicate Ltd v Harris (Surveyor of Taxes) (1904) 5 TC 159

II. Scottish Australian Mining Co Ltd v FC of T (1950) 81 CLR 188

II. FC of Tv Whitfords Beach Pty Ltd (1982) 150 CLR

IV. Statham & Anor v FC of T 89 ATC 4070

V. Casimaty vFC of T 97 ATC 5135

VI. Manna sand pty ltd v FC of T 88 ATC 4897

VII. Crow v FC of T 88 ATC 4620

VIII. Mccurry & Anor v FC of T 98 ATC 4487

Reference no: EM131043374

Questions Cloud

Problems and limitations of the rule-set developed : What do you think are the main problems and limitations of the rule-set developed for above question 1? What additional knowledge might be useful to deal with more complex or subtle diagnoses?
Solve for the level of aggregate demand : Consumption is $6 trillion, investiment is $2 trilion and government purchases are 2.5 trillion. The country exports $1 trillion and imports 1.5 trillion. Find the net exports and solve for the level of aggregate demand.
Question regarding the federal tax bill : They paid $55,750 in common stock dividendsand $10,000 in preferred stock dividends. What was their Federal tax bill? Find the taxable income, and show your work.
Which does the promotional mix not control : The marketing mix consists of which of the following four major elements? Which of the following does the promotional mix not control?
Discuss whether kit is a resident of australia : Discuss whether kit is a resident of Australia and how his salary and investment income would be taxed - Explanations of the respective outcomes reached by the courts in the following cases which all involving sales of land
The canadian and u.s. inflation rates : Assume that the Canadian dollar's spot rate is $.85 and that the Canadian and U.S. inflation rates are similar.
Implementing fiscal and monetary policies : Some believe that the federal government has much influence on the country's economy when implementing fiscal and monetary policies. Do you agree that this is true? Why?
Equilibrium quantity for each firm : Suppose two firms are competing in prices (Bertrand) in an industry where demand is p=200-4Q. (a) If both firms have MC=120, what is the equilibrium quantity for each firm? Profits?
Running a budget balance : Consider the following economy with Ta = 500 and YA = 10,000. 1) If G = 3500, Derive the equation of the BDA as a function of t (tax rate). 2) Find the tax rate at which the country will be running a budget balance.

Reviews

Write a Review

 

Taxation Questions & Answers

  Compute the amount of bears capital loss carryover to 2012

Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2011. The following expenses were incurred during the first tax year (July 1 through December 31, 2011) of operations.

  What tax issues are present in the given situation

The child, a son, comes to live with them a week after his birth on December 12. The adoption is not finalized until February of 2015. What tax issues are present in this situation?

  She uses the cash to purchase roberts shares

Robert and Lori (Robert’s sister) own all of the stock in Swan Corporation (E & P of $1 million). Each owns 500 shares and has a basis of $85,000 in the shares.

  How much income will anne recognize over the term of annuity

How much of the first $20,000 payment should Anne include in gross income? How much income will Anne recognize over the term of the annuity?

  How dot exting- cell phones and internet make world bigger

How do social media, texting, cell phones, and the Internet make the world bigger? Smaller? Have texting and social media damaged this generation's ability to communicate in person?

  Why one taxpayer was assessable and the other was not

Explain why the payment to the taxpayer in FCT v Dixon (1952) 86 CLR 540 was assessable income but the payment in Scott v FCT (1966) 117 CLR 514 was not.

  Show the effect of the price

What will be the effect of the price increase on the firm's FCF for the year and what is Capital's after-tax WACC? Assume that the firm's marginal tax rate is 40 percent.

  Calculate the annual incremental after-tax cash flows

Calculate the net present value of Michigan Motor's proposal to acquire the new manufacturing equipment using the cash flows calculated in part (a) and indicate what action Michigan Motor's management should take. Assume all recurring cash flows o..

  Financial statements of campbell soup company

Find how much cash does Campbell soup collect from customers during year 10 and how much is paid in Cash dividends on common stock in Year 11?

  Analysis and prepare a brief of case-gregory vs helvering

Federal Income Taxation of Corporations and Shareholders - Analysis and prepare a brief of case-Gregory vs Helvering

  Red blue white and magenta have taxable income as

red blue white and magenta have taxable income as givencorporation taxable amountblue 91000white 320000red

  Tax forms for the tax return problems

You will prepare tax returns You must use tax forms for the tax return problems, failure to do so, will result in massive point deduction

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