Business In Accounting Assignment

Assignment Task 

Questions 

1. James received a lump sum payment from the Daily Newspaper in full settlement of an action for defamation. Is this amount assessable income? 

2. AAB Ltd is a marine and boat manufacturer and has incurred costs of $200,000 on feasibility studies for a new marine engine. Will this expense be tax deductible under Section 8-1 of the Income Tax Assessment Act 1997?

3. Alex, an Australian resident aged 15, received gross wage of $4,500 with $350 PAYG withheld. Alex did not have any other income or deductions and does not use the service of a registered tax agent. Is Alex required to lodge a tax return, and if so, why?

4. Jenny does not agree with a decision made by the ATO regarding her tax affairs and an objection lodged with the ATO has been disallowed. What action can be taken by Jenny if she disagrees with the decision made by ATO?

5. What was the outcome and impact of the Australian High Court Case of South Australia v Commonwealth and Victoria v Commonwealth on the Australian taxation system?

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