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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 159Ii. Scottish Australian Mining Co Ltd v Ft of T (1950) 81 CLR 188III. FC of T v Whitfords Beach Pty Ltd (1982) 150 CLRIV. Statham & Anor v FC of T 89 ATC 4070V. Casimaty v FC of T97 ATC 513SVI. Moana Sand Pry Ltd v FC of T BB ATC 4897VII. Crow v FC of T 813 ATC 4620 VIII. McCurry & Anor v FC of T98 ATC 4487.
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"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".
Decide whether or not to purchase the computer, using the net present value method. Assume a minimum rate of return of 10 percent after taxes.
adam ant 421 brickell avenue 1420 miami fl 33131 ss 987-65-4321 bob builder 1111 biscayne boulevard miami fl 33131 ss
Evaluate the NPV, and the Profitability Index (PI) for this project. Could this project be undertaken?
Turnip Company purchased an asset at a cost of $10,000 with a ten year life during the current year. The company uses differing depreciation methods for financial reporting and income tax purposes.
Advise ABC of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2015. Assume that ABC would be entitled to input tax credits in relation to any GST- inclusive acquis..
What is the difference in the current market prices of the two bonds?
Charlie owns a block of three hectares of land in Yarra Valley on which a house is situated. Advise Charlie on his tax implications relating to the Yarra Valley property
question 1show the tests developed by court cases to differentiate between losses and outgoings on revenue account and
What is the amount of Rick's after-tax compensation (ignore payroll taxes)? Suppose Rick receives a competing job offer of $120,000 in cash compensation and nontaxable (excluded) benefits worth $4,000.
If inventory is being valued at cost and the price level is steadily rising, which of the three methods of costing- fifo, lifo, or average cost-will yield the lowest annual income tax expense? Explain.
Jones has an interest in history, particularly commercial history. In 2005 he purchased 500 old share certificates from an acquaintance who practised in the area of insolvency and liquidation.
Evaluate the amount of foreign source income Eastwood will include in the US tax return in each of the 3 years and evaluate the amount of foreign tax credit Eastwood will be allowed to take in evaluate its US tax liabilty in each of the 3 years.
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