MA613 - Factors Influencing The Creation And Interpretation Of Income Tax Legislation - Taxation Law Assignment Help

Assignment Task 

Unit learning outcomes assessed : 

a. Appreciate and understand the factors influencing the creation and interpretation of income tax  legislation and their relationship to accounting concepts and practice. 

b. Explain and discuss income tax law in Australia and more particularly the taxation of capital gains,  fringe benefits tax, goods and services tax and small business tax concessions.

c. Explain and demonstrate how to calculate the taxable income for different types of taxable entities.

d. Apply technical knowledge and analytical skills to evaluate and solve tax problems.

e. Communicate knowledge of the importance of income tax law within the practice of accounting to specialist and non-specialist audiences.

Part A 

The general deduction provision in ITAA97 sec. 8-1 allows a deduction for a loss or outgoing to the extent that it is: 

(1) incurred in gaining or producing your assessable income; or 

(2) necessarily incurred in carrying on a business for the purpose of gaining or producing the taxpayer’s assessable income.

However, even if the ‘first’ or ‘second’ limb is satisfied, a deduction is not permitted under sec. 8-1 to the extent the loss or outgoing is: 

(i) capital or of a capital nature. 

(ii) private or domestic nature. 

(iii) incurred in gaining or producing exempt income.

Part B 

The taxation legislation also contains a number of provisions that provide deductions for particular kinds  of expenditure that don’t fall under sec. 8-1 ITAA97. In particular, there are ITAA provisions that relate to expenses incurred with the following categories: 

(1) Capital Write-Offs & Allowances 

(2) Trading Stock; and 

(3) Motor Vehicles. 

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