Henry Told Us in His Guide to the Institutional Framework of Taxation - Law Assignment Help

Assignment Task:

Task:

Henry told us in his guide to the Institutional Framework of Taxation in Australia that the Australian Taxation System is one of the most complex in the world and is made up of approximately 125 taxes including taxes such as Income Tax, Capital Gains Tax, Fringe Benefits Tax and Goods and Services Tax. He also mentioned that there are many different organisations that play different and important roles within this system to ensure its integrity and that all Australians are treated equally and with equity.
The Australian Taxation System is embedded(tertanam) in the way of life for all Australian taxpayers. We pay tax on our income, we pay tax when we purchase goods and use services, and we pay tax when we sell assets, to name a few. In return the Government provides public services and benefits e.g. hospitals, schools, defence, and financial assistance to those in need etc.
As we know the government relies heavily on the revenue from taxation to be able to finance its activities and the services it offers to the public. As such, reforms and reviews on taxation are often the focus of the Australian government.
In recent years there has been an increase in the use of online currencies (Cryptocurrency) for sales and purchases of goods and services on the net, as well as those who trade in the currency for profit or use it for long term investment purposes. The tax authorities around the world are just starting to look at these cryptocurrencies and the way in which they should be dealt with for income tax purposes. The Australian Tax Office (ATO) is establishing a taskforce to monitor cryptocurrency transactions, the taskforce aims to ensure cryptocurrency investors are paying the correct amount of tax.

Required
This assessment requires you to comment and offer your opinion on the following.
On the subject of Taxing of Cryptocurrency and how governments are going to start tackling this issue, you should be able to form an opinion to whether the policing of cryptocurrency will be effective or will it be a difficult task for revenue authorities. Please see further guidance in Part 2 below.

Part One - Worth 5%

• Review traditional and online media (i.e. newspapers, reputable online news sites etc.) that discuss this measure.
• You need to find 10 articles which relate to the topic/s above. These articles need to be attached and submitted with your assignment. The articles should be from the years 2020/2021 only.
• If you do not have access to actual newspapers You may also use online news sources.
• Importantly, the articles must be scanned or saved as PDF files
• Please note we will not accept links to the articles.
• Part Two - Worth 20%
• After reading the articles and exploring the issue in more detail you will need to write an essay, of no more than 2,500 words, exploring:
• You should use the newspaper articles, journal articles and other wider research platforms such as the Australian Taxation Office Rulings on the subject of Taxing of Cryptocurrency and how governments are going to start tackling this issue you should be able to form an opinion to whether the policing of cryptocurrency will be effective or will it be a difficult task for revenue authorities.
• For this area of the assessment you need to explain
• What is Cryptocurrency and how does it work?
• How is Cryptocurrency taxed within Australia at the moment? – > discuss what type of asset is it recognise us does that maybe depending on the tax payer ( treated differently or not)
• What are revenue authorities doing going forward to ensure that it is correctly taxed within their own regions? -> compare to what these other regions r ( is it change depending on state or country)
• What is your opinion of the measures being taken by the tax authorities to ensure that they catch all the taxpayers partaking in the cryptocurrency world, will it be successful or will it be difficult to police? – give opinion. This area is based about your opinion so you need to ensure that you give us your own personal views of the topic and not a summary of the articles you have collected in part one of the assessment task.
• Formal requirements
• Part two requires you to produce a 2500 word essay on the above points and to express your opinion of this topic which should be based on your findings from the articles you have collected and any other research you may want to undertake.
• You must have reference list using Chicago referencing style.

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