Taxation in Australia

paperwork to form an ordinary partnership (Harris, Hargovan & Adams, 2009). However, they must fulfill the same registration requirements as other new business. Meanwhile, as with sole traders, although many partnerships use MYOB or QuickBooks to assist in report preparation, there are no formal requirements for partnership financial statements on the basis of accounting standards (Birt et al., 2012). In other words, there is not bound by accounting standards and it is easy to create without many formalities due to lighter government regulation compared to companies. In the second place, the partnership does not pay separate taxation on the income and profits they earned and has the ability to split tax and share the responsibility for running the business. Although the partnership will present an annual partnership income tax return to the Australian Taxation Office (ATO) in order to maintain the partnership’s income and deductions for the period, they do not need to obey as much government regulation as companies (Birt et al., 2012). Furthermore, the pooling of capital and resources is a plus as is the simplicity and tax arrangement (Harris, Hargovan & Adams, 2009). It means that this structure can combine the capital, skills as well as the talents, which will promote the efficiency of decision-making (Kimmel, 2008). But each partner takes on unlimited liability for the business's debts and there is also the risk of dysfunctional disagreements among the partners…

Daniel Thomas is currently operating a sole proprietorship of garden design and maintenance business under the name Tuscan Gardens. Daniel 's business has no permanent base for its operations, since all the garden design and maintenance processes are made on the client headquarters. In this situation, according to the ABR website the business’ office or/and the home address can be considered as a business location (Australian Business Register, 2014).Therefore, it can be considered that Tuscan…

With this documents or records, he will not be liable for any penalties (Australian Taxation Office 2014) The case of “Lurcott v Wakely and Wheeler ([1911] 1 KB 905, per Buckley LJ at 923” can be used as a reference to Dr John’s situation. The case was about a concern of a lease of an old house. The front wall of the leased house had to be demolished. A question arose as to whether this constituted as a repair. The English Court of Appeal decided that it was a repair (Stephen 2014, p 399) It…

Filing an Income tax return for an individual. Assistance for individuals wanting to file their income tax return. This report helps individuals who wish to know more about filing an income tax return for themselves in Australia. It gives a bird eye about things to keep in mind while filing an income tax return Sreyansh Giri 21922648 Table of contents Executive Summary ......................................................................................................... 1…

Australia has a very strong economy that has seen many highs and lows in the past few decades. The main characteristics for Australia is free market but it still categories as mixed economy system which that is a successful phenomenon, Western market economy where the GDP is high and the rate of poverty is low. Australia is phenomenal and this country is among the first five developed countries of the world. There are four main component of the Australian economic system which had finance,…

Conclusion: The payment of $85000 was a capital receipt. Analysis: Compensation receipt generally takes the character of what it replaces (Meek, 1915). In Mrs. Gilling’s case, the insurance only compensates the repair rather than the rent from Bronx nor structural work to the building. Since Mrs. Gilling rent the showroom for profit, the original character for repair and structural work are deduction (s8-1 ITAA97) and capital (s110-25(4) ITAA97). However, Mrs. Gilling only received $85000 and…

control hardening of financial frameworks. • Managed relationships with Commonwealth Bank Australia (CBA) who service the banking needs of the organisation, negotiating financing agreements and favourable rates. • Served as Company secretary, maintaining all external public company reports i.e. Appendix 4C,4D and 4E. • Compiled tax schedules and coordinate tax work papers for tax group and liaised closely with PWC tax division on completing year-end tax returns, and R&D tax rebate. •…

Are you interested in opening a business in Australia? Dear Entrepreneur, here is the information that you absolutely need to know prior to investing. I chose Australia because it has already set up common structures that an entrepreneur I could choose from when establishing a new business. These structures are breakdown into, sole, trader, partnerships, trusts and companies/corporations. This will help to carefully consider what my business needs are and what will suit me as an entrepreneur in…

critique explores Kavita’s (2011) arguments and evaluates the ideas in his critique as far as taxation of financial services is concerned. The Article’s Summarized Issues In this paper, Kavita (2011) explores the reasons why the Australian Tax Offices (ATO) decided to treat…

or the objective with which the “Acton View” was held. In the case of Whitfords Beach Pty Ltd (1982) ATC 4031, it was held that the acts of the taxpayer were not just a mere realization of capital asset but equivalent to the act of the carrying on a business of land development. The profit was assessable under ordinary income as the taxpayer changed the intention of holding the asset thus contributed to a business activity. Secondly, the taxpayer did not bought another 40 acres of land to be…