How his salary and investment income would be taxed

Assignment Help Taxation
Reference no: EM131035876 , Length: word count:2000

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 off 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
III. FC of T v Whitfords Beach Pty Ltd (1982) 150 CLR
IV. Statham & Anor v FC of T 89 ATC 4070
V. Casimaty v FC of T 97 ATC 5135
VI. Moana 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.

Verified Expert

"The assignment is about discussing the taxability of incomes derived by a certain individual in Australasia and determining his taxable residential status. In the second part the discussion is around a few different cases involving old court cases and how certain incomes has been held to be ordinary incomes or business incomes and under relevant provisions of ITAA 1997. The analysis has 2 parts. The paper is prepared in Microsoft word with Harvard referencing".

Reference no: EM131035876

Questions Cloud

Write a research paper about chinas cultural etiquette : Write a research paper about Chinas cultural etiquette. Description of the relationship between your topic and the core values of community and/or personal development.
Transferred from suppliers of capital : Describe the different ways in which capital can be transferred from suppliers of capital to those who are demanding capital.
How can ngos and governments work together : Is the proliferation of nongovernmental organizations the result of an incapacity on the part of governments? Or, are NGOs an innovation in human social organization and an important step forward for addressing global and local challenges?
Plot the rate of heat supplied as function final temperature : Water vapor (H2O) is heated during a steady-flow process at 1 atm from 298 to 3000 K at a rate of 0.2 kg/min. Determine the rate of heat supply needed during this process, assuming (a) some H2O dissociates into H2, O2, and OH and (b) no dissociati..
How his salary and investment income would be taxed : HI6028 Taxation, Theory, Practice & Law. Kit is a permanent resident of Australia. He was born in Chile and retains his Chilean citizenship. Kit spends most of the year working off the coast of Indonesia on an oil rig for a United States company. D..
How should we regulate acceptable modifications : What changes in what it means to be a human do you foresee in the next 100 years - How will these changes be both good and bad for the individual, community, country, and world?
Project and risk analysis : PROJECT AND RISK ANALYSIS As a financial analyst, you must evaluate a proposed project to produce printer cartridges. The equipment would cost $55,000, plus $10,000 for installation. Annual sales would be 4,000 units at a price of $50 per cartridg..
Compare president bushs claim with dave koehlers position : Compare and contrast former President Bush's claim that Iraq was a threat to world peace with Dave Koehler's position on the issue.
Determine the adiabatic flame temperature of the products : Plot the adiabatic flame temperature and kmoles of CO2, CO, and NO at equilibrium for values of percent excess air between 10 and 100 percent.

Reviews

Write a Review

 

Taxation Questions & Answers

  Evaluate how much gross profit is expected

Evaluate how much gross profit is expected to be earned on these jobs in 2013 under the cost recovery method, and how much could be earned if MB instead used the installment sales method. Ignore interest.

  Part a illustrate why the payment to the taxpayer in fct v

part a illustrate why the payment to the taxpayer in fct v dixon 1952 86 clr 540 was assessable income but the payment

  Identify the issues raised and the relevant legislation

Identify the issues raised and the relevant legislation in the context of ITAA97 and identify any cases and other sources of information relevant to the issues and legislation.

  Teledex company manufactures products to customers

Teledex Company manufactures products to customers' specifications and operates a job- order costing system. Manufacturing overhead cost is applied to jobs on the basis of direct labor cost. The following estimates were made at the beginning of th..

  Evaluate gingers gift tax liability for 2013

Evaluate Ginger's gift tax liability for 2013 if she and Greg elect gift splitting and Greg gave their son Stevie stock valued at $80,000 through 2013.

  Does the exchange qualify for like-kind exchange treatment

Twinbrook Corporation needed to upgrade to a larger manufacturing facility. Does the exchange qualify for like-kind exchange treatment?

  Determine their amount of federal tax

The genius financial advisor had taxes withheld on the transfer of annuity in the amount of $22,000.

  Compute emma graces taxable income

Compute Emma Grace's taxable income assuming she is self-supporting. Compute Emma Grace's taxable income assuming she is a dependent of her parents.

  Public service organizations need to measure income

Why would public service organizations need to measure income? What are the possible types of interfund transactions?

  Evaluate the cost of a 20-guest afternoon picnic

Evaluate the cost of a 20-guest afternoon picnic and evaluate the cost of a 20-guest evening formal dinner.

  Find taxable interest income from bank deposits

Ryan Ross (111-11-1111), Oscar Oleander (222-22-2222), Clark Carey (333-33-3333), and Kim Kardigan (444-44-4444) are equal members in ROCK the ages, LLC.

  Prepare the journal entries to record income taxes

Zekany Corporation would have had identical income before taxes on both its income tax returns and income statements for the years 2013. Prepare the journal entries to record income taxes for the years 2013 through 2016.

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