Illustrate the tax issues

Assignment Help Auditing
Reference no: EM131857

Part A

Describe 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.

In your answer you should add the following:

i) A brief statement in your own words of the facts of the cases.

ii) Find the issues raised and the relevant legislation in the context of ITAA97.

iii) Search any cases and other sources of information relevant to the issues and legislation.

iv) Apply the law to the facts stating clearly why one taxpayer was assessable and the other was not.

Part B

Nigel is a professional percussionist and performs with a number of bands and orchestras. In order to practice, he set aside a special room in his house that is soundproof and contains a variety of electronic sound equipment. The room is used only for practice or performance related purposes. He pays council rates, interest on the house mortgage, maintenance, and repairs, electricity and telephone expenses in connection with the house. He believes he could be able to claim tax deductions for all these costs together with depreciation on the room and equipment.

Illustrate the tax position to Nigel. In you answer you should:

i) Illustrate the tax issues that are raised and the relevant sections of the legislation.

ii) Describe any cases and other sources of law or information that apply.

iii) Apply the law to the facts.

iv) Express a conclusion in regard to the issues identified and indicate any other information required.

Reference no: EM131857

Questions Cloud

Evaluate the maximum profits : Evaluate the maximum profits that Greentown can earn and the customer mix and quantity by which that profit will be achieved.
Case study:moet hennessy louis vuitton : Case study:Moet Hennessy Louis Vuitton
Sensitivity of mammography : Determine and interpret the sensitivity of mammography.
Hardware support to memory management : Study any two multicore processor architecture and discuss the following features briefly
Illustrate the tax issues : Illustrate the tax issues that are raised and the relevant sections of the legislation.
To prepare a report on a criteria audit : To prepare a report on a criteria audit conducted at Curtin Hospital.
Use a drawing program to draw a beaker. : Use a drawing program to draw a beaker.
Identify the major issues in given situation : Identify the major issues, discuss how the problem has been handled by the employee's supervisors to date, and evaluate how her present superior is handling the situation
Prepare a memo on the state of the company''s industry : Prepare a memo on the 'state of the company's industry' and associated risk factors.

Reviews

Write a Review

 

Auditing Questions & Answers

  Adjusting or non- adjusting events

State whether Event is adjusting or non-adjusting event.

  Auditing and assurance

Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to

  Prepare a memo to the audit partner

Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.

  Internal audit

Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?

  Identify principal audit risk

To identify principal audit risk and corresponding audit procedures

  Auditing and assurance

Show the audit inherent risk and rate the risk as low, medium or high.

  National health reform

Explain the role of the following three 'bodies' in National Health Reform

  Prepare a memo on the state of the company''s industry

Prepare a memo on the 'state of the company's industry' and associated risk factors.

  Prepare swag''s consolidated balance sheet

Prepare Swag's consolidated balance sheet

  Accounting professional and ethical standards

Code of Ethics for Professional Accountants

  To prepare a report on a criteria audit

To prepare a report on a criteria audit conducted at Curtin Hospital.

  Audit financial data

As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.

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