Posted: September 10th, 2015
This is income tax law assignment. You have to discuss each case seperatley, each case one page of full discussion with the relevant calculation where is needed. Its very important to stick to the guide line and the recquired procedure attached to the assignment. There are some cases you need to use to support your answer and use them as a reference . use the Australian income tax act 1997
Cash/receipt basis cases: cardens case, firsten berg case
Accrual basis cases: Henderson case , Dunns case
Discuss the point asked to discuss in the assignment. There is some key points the teacher gave us.
Case1 :constructive receipts, ordinary income , cash basis S6-5 ITAA1997
Case2: cash basis the income will be assessed on refer to cardens case and firsten berg case to support answer s6-5(4) ITAA1997 42000+300
Case 3: discuss what amount it will be assesd on if it was cash basis 4200-2890= 1310-2000= -690 (loss) refer to cases cost basis should be less than 10000 and if it was accrual basis 35000 will be assesd on. For the second part of the case refer to cooked v sherden not convertible not transferrable than its not assessable.
Case4 : exclusive right is income or entry into income. 175000 +25000 =425000=21250 share of income from partnership sect 90 income of partnership 425000
Sec 92 represent income of partners from partnership
Case 5: is it carried on business on isolated transaction or is he selling as collectable?. Hint: he hasn’t sold them . isolated transaction – ordinary income income from carrying on business refer to Myer Emporium / white yurd beach case
Case 6: non assessable income- it’s a windfall gain 6-20, 615 sections from the act
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