Australian taxation law and Australian Taxation Office - Accounting and Finance Assignment Help

Assignment Task:

Task:

Question 1

Read the information supplied and complete the required tasks listed.
Task A
‘Income according to ordinary concepts’ is not defined in ITAA97 or ITAA36 so it is necessary to apply the common law concepts in determining whether an amount earned is income according to ordinary concept.
Explain “income according to ordinary concepts” under the common law concepts which would apply to income receipts, and its relationship with “assessable income”.

(Make reference to any relevant provisions of the ITAA36 and/or ITAA97).
(Hint: in order to answer Task A appropriately students are recommended to study Chapter two in section 2.1 from pages 34 to 35)
 

Task B
a) Explain the significance of the residency of a taxpayer and the source of income in relation to assessable income.
b) Explain how residency determined. (Make reference to the relevant provisions of the ITAA36 and/or ITAA97).

Task C
a) Explain the concept of foreign income and give examples.
b) Explain how international tax agreements might impact on the taxation of foreign income received by
Australian resident taxpayers. (Include an explanation of Foreign Income Tax Offsets)

Question 2
Read the information supplied and complete the required tasks listed.
Task A
The following were received by the relevant person or body during the financial year ended 30 June 2019. Indicate whether the item is assessable income, exempt income or not income under the Act. Quote the section number for all assessable and exempt amounts.

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