Explain whether these amounts are assessable

Assignment Help Accounting Basics
Reference no: EM132905308

Question - Hans is a German born national who has lived in Australia for the last 10 years. During that time Hans has derived his income as a musician. In November 2020, Hans signed a contract to perform two concerts in Berlin in January 2021. He returned to Germany to perform the concerts, intending to come back to Australia immediately thereafter. Hans was received more warmly by the concert audiences in Germany than he had ever been in Australia, and he decided in January 2021 to stay there for a year to see if he could make a successful musical career. In May 2021, Hans signed a 5-year contract with a Berlin agent. The contract required him to be available for tours throughout Europe. A consequence of these developments was that Hans decided to abandon his wife and two children who remained in Adelaide. Hans received $A25,000 for his concerts in Berlin in January 2021 -- one half before he left Australia and the remainder immediately after the concerts. He was also paid a $50,000 lump sum in May 2021 when he signed the 5-year contract. Following the signing of this 5-year contract, Hans decided to set up house permanently in Germany.

Explain whether these amounts are assessable, citing cases and relevant provisions of the tax legislation to substantiate your argument.

Would your answer differ if Hans had not set up home in Germany, but moved regularly from one country to another?

Reference no: EM132905308

Questions Cloud

Examine the health-illness continuum : Examine the health-illness continuum and discuss why this perspective is important to consider in relation to health and the human experience
Accessories to network of specialized dealers throughout : BMX is a bikes company that manufacturing bikes, and bike accessories. BMX sells its bikes and accessories to a network of specialized dealers throughout
Characterize lululemon international marketing strategies : 1. Discuss Lululemon's early international market expansion in Australia and Japan.
How the organization used a balanced scorecard to reveal : How the organization used a balanced scorecard to reveal the results of quantitative and qualitative measures. Finally, describe how performance has improved
Explain whether these amounts are assessable : Explain whether these amounts are assessable, citing cases and relevant provisions of the tax legislation to substantiate your argument
Explain whether healthcare organization work is grounded : Explain whether the information you discovered on the healthcare organization's website has changed your perception of the healthcare organization.
Discuss processing of anti-inflammatory agents : Describe the process of rational drug choice for this case study. In your process, discuss your thought processing of anti-inflammatory agents
Create an income statement for year : Use the information provided to determine the answers to the following question: Create an income statement for Year 1 for Blue Rifle Coffee
What antifungal medication should the patient be prescribed : What antifungal medication(s) should this patient be prescribed, and for how long? Write her complete prescriptions using the prescription writing format

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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