Evaluate the Taxation Liabilities Report Writing - Law Assignment Help

Assignment Task:

Task:

Introduction
In this rapidly changing economic circumstance, there are various taxation policies which are required to be followed by an individual to evaluate the taxation liabilities. The assessment of tax in relation to the gift and liability of tax on the gift received has been considered in the initial part of this report. In the final part of report the computation of taxation liability as per theAustralian taxation rules and regulations in regards of capital gain has been determined. The major aim of such report is to build a key understanding about the tax planning and evaluation of taxation liability in the individuals so that they can determine the amount liable to be paid on their earned capital gain.

QUESTION 1-
(a) Tips from the customer –
Legislation – As per the regulations of Income Tax Assessment Act, 1936 a gift will not be considered as an income in the hands of recipient. On the other hand if a person receives a tip by providing services to customer, it will be regarded as an income of the receiver.
Taxability – Hence as per the provisions of Income Tax Assessment Act, 1936 and relevant case laws, the tips received by Emmi shall be taken as her income because it is received from the services given by her.

(b) Income from working in the Crown Melbourne restaurant.
Legislation- An income provided by the employer to the employee as salary will be taken as theincome and it shall be taxable in the hand of the recipient.
Taxability - The income received by Emmi as her salary or wages from the restaurant shall be considered as her income hence the tax has to be paid by her accordingly.

(c) The gift from a regular customer-
Legislation – As the provisions of income tax assessment Act 1936, says that in ordinary course of business, any gift received by the customers will always be considered as an income for business and it would be taxable on the account of such person who received the gift. For the purpose of assessment of income taxable for the gift received other than cash, the fair value of such gift shall be considered.

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