LAW2002: Determine Residency of an Individual, Apply Tax Concepts - Law Assignment Help

Assignment Task:

Task:

You will be required to demonstrate the following content

• Be able to determine residency of an individual, apply tax concepts to determine taxable income  and use the tax rates to calculate the tax for residents and non residents.  The tax rates are provided

• Perform calculations such as calculating DIV under both methods and associated balancing adjustments.  Other calculations required include determining franking credits associated with franked dividends, trading stock adjustments, determining taxable income and tax for individuals and companies and calculating Net Trust Income

• Perform CGT classifications and calculations using the three methods and determine the effect of carry forward capital losses

• Explain the advantages of refundable tax offsets and the connection to investor behaviour

• Explain the constitutional basis of the Australian tax system and the role of separation of powers

• Be able to explain and interpret tax terminology such as OI. SI, general deductions, specific deductions, NANE income and exempt income.

• Be able to complete a franking account and determine all associated taxes

• Determine present entitlement, legal disability and the taxation aspects of trusts including the construction of the distribution table

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