Business Tax For Business Purposes Tafe Assignment

2022 words - 9 pages

Question 1
Discuss whether the following are allowable as deductions under s 8-1 of ITAA 1997.
1. The cost of moving machinery to a new site
2. The cost of revaluing assets to effect insurance cover
3. Legal Expenses incurred by a company opposing a petition for winding up
4. Legal Expenses incurred for services of a solicitor in respect of some matters, including conveyancing, discharge of a mortgage, and general legal advice relating to a client's business operations. (The Solicitor account does not separate the costs for various matters.)
Gains and losses from certain capital gains were recorded by the taxpayer by the Legal Division IIIA. A "Real" (or deemed remote) for the company, the taxpayer received or after September 20, 1985, remained under the capital gains tax ("GCC"), "no property" means in 160A Department. "Delete" is described in 160M and 160R sections.
In the case of a capital gain, if the asset takes place for more than 12 months (Section 160ZH), the base cost of the asset is indexed under the direction of the TFE. Calculate any capital losses of any indexing, but it can reduce the cost compared to the article 160ZK.
According to the above clause:
1. Cost of moving assets is not an allowable tax deduction.
2. Revaluing assets do not qualify for an allowable deduction.
3. Any cost affiliated to the ending up/winding up a business qualifies for allowable tax deductions.
4. Any legal fees or services acquired from outsources are not construed as an allowable tax deduction.
Question 2
Big Bank Ltd operates nationally with more than 50 branches, a 10-storey head office, and numerous call centers. It is registered for GST purposes. Big Bank has for many years provided loans and deposit facilities to customers in Australia. Last year it launched a new product, Big Bank home, and contents insurance policies. It was a significant step for Big Bank and required it to change some of its computerized accounting systems because GST needed to be charged on the new product.
Big Bank budgeted to spend $1,650,000 (including GST) on advertising campaigns last year. Of that sum, $550,000 was allocated to a television advertising campaign specifically promoting Big Bank home and contents insurance policies. The other $1,100,000 was allocated to a general advertising campaign, including television, radio and print media advertisements promoting Big Bank to the public as the bank that is "Here for You."
When Big Bank Ltd launched Big Bank home and contents insurance policies, it forecast that its home and contents insurance business would constitute 2% of its entire enterprise. Big Bank has been proved correct in its forecasts. The other 98% of its enterprise is made up of its traditional loans and deposit facilities businesses.
Last month, the advertising consultants issued their tax invoice for $1,650,000.
Discuss Big Bank's ability to claim input tax credits concerning its advertising expenditure...


Assignment for business international - freeman collage - essay

1003 words - 5 pages Why small businesses are outsourcing to South Africa By Louis White 2 May 2018 — 12:15am While our cricketing relationship may have soured with the South Africans, our business dealings seem to be rising with Australian companies increasingly looking for alternative cheap employment options other than the Philippines. “For the past 18 months I have been using South Africans in Cape Town to help me with my business here in Australia,” Peter

culture assignment for business environment - Conestoga college - assignment

777 words - 4 pages Free Case Study: Global Business Environment & Culture Assignment #3 Case Study Akshay Sanjay Pathak 8350563 Global Business Environment Estatira Shirkhodaee 05-July-2018 First, the interpreter must have an experience to handle a contract which will help company in signing the deal. The communication barriers will be avoided if the interpreter has a food fluency in the languages of both the countries. The interpreter can only be able to explain the

business proposal for marketing class - marketing 320 - assignment

2427 words - 10 pages that I can create a personalized product development plan that suits the requirements of your company. Sincerely, Claire Yang 1 Business Proposal for Listerine The Baby Mouth Wash Address: 28 Westahmpton Way Richmond, Virginia, 23173 Cell.: (804) 928-8017 Email.: 2 Table of Contents I. Executive Summary ............................................................................................... 3 Introductory Statement

E-Business Assignment

4873 words - 20 pages E-Business AssignmentNAME: GONG YUCHENGDATE: 02/2003The Internet and Web provide an infrastructure that enables buyers and sellers to find each other online. Companies are now having new sales channels for their products and services, and numerous electronic markets are available for buying and selling at offer prices or through various auction mechanism.Therefore, e-business could include almost all of the issues facing companies who practice

Business Environment business liabilties - graduate school - assignment

622 words - 3 pages Under premises liability law, I know that my restaurant can be held liable for injuries that happen on the property. The best way to reduce or eliminate this type of accidents is to train the employees and prepare them for the potential dangerous situations. I will also implement policies and procedures to avoid or reduce the potential risks that my business may face. The second thing that I will consider is to get good general liability insurance

Business Proposal - Create Your Own Business - Business Studies - Assignment

1508 words - 7 pages twist to swimwear to ensure the product fits the individual needs and wants of customers. Each swim item can be chosen in a range of colours, sizes, fabrics, prints and designs. The customization of each product means you can choose whatever design of swimwear, any size (so this can be different for tops and bottoms), any print or colour and any fabric from the options available. The biggest goal of the business is to be able to supply for what

Territory Design for business to business - SMU Business to Business - Essay

1204 words - 5 pages In the technology industry, good salespeople are crucial in the success of selling products and services. Since technological products are usually high-end and technology advances at lightning speed, salespeople are the make or break of the business. They need to sell products and services before the next better specification item(s) hits the market. Some sales coaching issues in the technology industry are taking too long for coaching

Business Review, unit 1 assignment 3 - palmers business - assignment

1756 words - 8 pages THE BUSINESS REVIEW. If demands slows in Asda then it means that the business would need to look at just why that as happened. Instead they would first ask the buyers to assess their ranges and just at why they are not selling as well as they should be. For example with their customers they could be going elsewhere. With marketing data it would be able to show just where Asda is going wrong and where they are losing their customers to and for

business plan for interior designers - Uf / Interior design - business plan

1166 words - 5 pages Business Plan Rebecca Champ, Owner Created on December 29, 2016 Executive Summary Product We provide design services to small- and medium-sized companies. Our services include office management and business process reengineering to improve efficiency and reduce administrative costs. Customers The target audience for We Can Do It Consulting is business owners, human resources directors, program managers, presidents, or CEOs with 5 to 500

Offer and Acceptance Business Law - Business Management - Assignment

1296 words - 6 pages ELECTRONIC SUBMISSION OF AN INDIVIDUAL ASSIGNMENT “BUSINESS SCHOOL COURSEWORK FEEDBACK SHEET” “ “Student number” 201408920 “Date 16/05/2017 “Module Title” Business Law and Ethics “Assignment Title” Advise Neil with regard to the law relating to offer and acceptance. “Module Code” 26359 “Your Word Count” 1041 “Strengths exhibited in the assignment:” “Click here to enter text.” “Areas of weakness in the assignment, and ways in which the work could

LaQuinta Business Statistics Problem - Northeastern University Business Statistics - Assignment

858 words - 4 pages . Its primary market is the frequent business traveler. The chain recently launched a campaign to increase market share by building new inns. The management of the chain is aware of the difficulty in choosing locations for new inns. Moreover, making decisions without adequate information often results in poor decisions. Consequently, the chain management acquired data on 100 randomly selected inns belonging to LaQuinta. The objective was to

Learning Summary of Business Law 2390 - KPU, Business Law - assignment

2044 words - 9 pages Learning Summary Short Summary Business law conclude Contracts, the law of Corporations, and other Business Organizations, Securities Law, Intellectual Property, Antitrust, Secured Transactions, Commercial Paper, Income Tax, Pensions and Benefits, Trusts and Estates, Immigration Law, Labor Law, Employment Law and Bankruptcy. I have learned about the Canadian law which is applied to business including the introduction to the legal system and the

Business Report - Y11 Business Studies - Trinity Grammar School - Assignment

1555 words - 7 pages strategy to maintain quality issues. These involve regular meetings of a group of employees from different sections of the business to discuss issues arising in the workplace. 4.0 Monitoring and Evaluation Plan It is vital for Sea Treasure to collect information about the performance of operations process. These include quality, speed, dependability, flexibility, customisation and cost. Data needs to be collected about operation costs and waste from

Business ethics green and black chocolate - Business - Essay, Assignment

914 words - 4 pages ‘must the consumer always have a product to satisfy every possible desire? This can be lead to the business Corporate Social Responsibility (CSR) where an organizations advantage to consider and take responsibility for the company effects on environmental and social wellbeing. The article focuses on the expanding business of Fair Trade products, when retailers sell Fair Trade products, it is promising consumers that they are involved in helping

Information management business opportunities - Univeersity - Assignment

2576 words - 11 pages efficiency and liquidity, and emerging policy and legal frameworks for conducting business over the Internet. 2. Business opportunity Bulktrans (BT) is the largest specialised fuel transport company in South Africa (Bryce, 2009). It consists of four separate companies namely Bulktrans, Highway Junction, Highway Motors and Jacks. Bulktrans makes use of internet technologies, however there is room for improvement. The following model/framework will be