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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 (10 marks, max. 1000 words). 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
Which of the following statements is not accurate?
variable overheads for the month 20000 budgeted and 18000 actual. output for the month units 10000 budgeted and 8000
write down a 750- to 1050-word paper in apa format comprising citations and references summarizing your ideas about
Plymouthville leased equipment with a fair market value of $ 905,863. The life of the noncancellable lease is 10 years, and the economic life of the property is 10 years. Using an 8 percent interest rate, the present value of the minimum lease pay..
diane company a retailer and wholesaler of national brand-name household lighting and fixtures purchases its
A detailed description of the features of your product or service including how it solves the needs of your target market. A description of how your marketing efforts will change with each phase in the product life cycle
The value of an investment can be described as equal to the present value of its future cash flows, discounted at an appropriate interest rate. Why does an investment near its maturity have insignificant risk of change in value because of changes ..
The remnants are considered a by product of the process and sold to make cat food. Allocate the joint cost based on approx NRV at split off. use the NRV method to account for the by producy.
Pension data for Sterling Properties include the following:
prepare journal entries for the following petty cash transactions of bobs lawn service1 established a 200 petty cash
Capstone Research Project
Prepare a memorandum to the client, recommending a type of business entity, including an appendix of supporting IRS tax schedules and forms.
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