Nikita is a university student. She recently purchased a new computer from a retailer in Singapore as the computer was not yet available in Australia. The computer is for her personal use. The computer cost AUD $3,000 and was shipped directly to Nikita’s home. What are the GST consequences arising from the above information?
1. What are the key taxes levied which can be collected by State and Territory in Australia? (7marks).
2.Why are the concepts of resident important in the taxation system? In what circumstances are individuals treated as a resident of Australia? (11 marks)
3.How do you define the term ‘tax avoidance’? Give at least one example. ( 7 marks)
Can you please explain the following question? It is based on New Zealand Tax Compliance and Penalties
Brown Cows Limited has a balance date of 31 March and files GST on a 2 monthly basis. In 2019 Brown Cows Limited made a profit of $260,000 and had residual income tax of $72,800. They filed their 2019 tax return on 7 July 2019.
On 28 August 2019 Brown Cows paid P1 2020 provisional tax of $25,480.
On 15 January 2020 Brown Cows paid P2 2020
provisional tax of $26,694.
On 7 May 2020 Browns Cows paid P3 2020 provisional tax of $10,000.
Brown Cows Limited subsequently filed their 2020 tax return on 7 July. They had a profit for 2020 of $250,000 and residual income tax of $70,000.
1. Calculate the 2020 Terminal Tax due for Brown Cows Limited.
2. Assuming a use of money interest rate of 8.35% for under paid tax, calculate (if any) the interest charge to Brown Cows Limited if they pay their 2020 terminal tax on 7 April 2021. Show your workings.
3. Using the standard uplift method, calculate the 2021 provisional installment amount for tax payable by Brown Cows Limited for P2 on 15 January 2021.
1. What benefits or damages are available to individuals who have suffered an injury? Visit https://www.justice.gov/archive/victimcompensation/ (Links to an external site.) and explain how the government is helping victims.
2. Provide an example of an activity where assumption of the risk can be used as a defense. Should a plaintiff always lose if they are found to have assumed the risk? Provide an explanation supporting your answer.
Mike owns 55% of the shares in a Look Through Company (LTC) and 70% of the shares in a limited liability company.Mike is also a partner in a general partnership. There are 5 partners including Mike, and the partnership’s sole business activity is in relation to forestry.
– The LTC made profits of $240,000
– The limited liability company made profits of $150,000
– The forestry partnership made a loss of $120,000
– Mike received salary and wages from the limited liability company of $50,000
– Mike received interest from his savings account of $2,000
– Mike also had a garage sale before Christmas and made $4,000
– Mike withdrew $120,000 from his current account with the limited liability company
1. Can you please Calculate Mike’s taxable income for the 2020 year.( tis question is based on New Zealand Income Tax Law)
Can you please explain this question? It is based on New Zealand Agricultural Tax
Jeff owns a six-hectare block near Christchurch. Jeff and his wife, Marie, bought the property three years ago with the intention of developing a pedigree Angus stud. They now have two pedigree bulls, which cost $10,000 each, and six cows costing $1,000 each. Their business plan is to sell progeny for beef, to breed young pedigree bulls for sale, to use their two pedigree bulls for stud services, and to sell samples of frozen semen.
Jeff and Marie’s financial forecasts predict that stud bull calves will sell from between $4,000 to $6,000 each, and they expect to reach a profit within six years. At that point, gross sales of $50,000 are expected and normal operating costs, excluding interest, would be $30,000 to $40,000 per annum.
Inland Revenue (IR) has selected Jeff and Marie for an audit and has noted that over the past three years the business has recorded losses of $15,000, $45,000 and $50,000 respectively. Over this three-year period, total sales so far have only been seven beef heifers for $8,000.
The expenditure items include significant farm development costs, mainly for new fencing. As it intended to be a high-quality stud farm, Jeff and Marie have fenced the property with expensive post-and-rail fencing, which has cost $80,000 over the three years. The fencing costs include newly constructed cattle stops at locations where the fences cross the roads on their farm. The cattle stops account for $10,000 of the fencing costs.
Jeff and Marie have a mortgage, which was raised when they purchased the property, and the total interest is $20,000 per annum.
Jeff and Marie live in the dwelling on the farm. Jeff works 20 hours a week in a part-time job in Christchurch and 20 hours a week on the farm. Marie works 37.5 hours a week in a medical clinic as a GP and then works on the farm in the weekends.
1. With reference to relevant case law, explain whether Jeff and Marie are running a business for tax purposes and whether it is a farming or agricultural business.
2. If Jeff and Marie were in a farming or agricultural business and subpart will applied, can you please list which of the above expenses would be deductible.
Can you please explain this question? It is based on the New Zealand Trading Structures
As at 31 March 2020 Bedrock Ltd had losses of $3.2 million to carry forward. Up to 31 March 2019, the shareholders of Bedrock Ltd have always been Fred 50%Wilma 45%
On 15 May 2019 Wilma sold her shares to Betty.On 21 August 2019 Barney sold his shares to Bam-Bam. On 1 January 2020 Bam-Bam sold his shares to Pebbles.
1. What is the shareholding continuity for the year ended 31 March 2020?
2. Explain whether the company is able to carry forward its losses to the 2021 income tax year.
Ethan and Uma have been married for 10 years. Ethan’s work posts him to a hardship post overseas for a year. Ethan moves and comes back to visit for 1 week in the middle of the year, staying at Uma’s and his home. He and Uma have a great time at the beginning of the week, but by the end, they barely talk and Ethan sleeps on the couch the last couple of nights. Uma is not happy with the posting and feels Ethan has placed his work before her. Uma filed for divorce on the grounds of abandonment. If the statutory period for abandonment in their jurisdiction is one year, will the court grant the divorce?
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2) Let us say that at the QA step, we had 85 objects as inputs, and 80 as the output. However, the customer,rejects 30 of those 80 products. How would you determine the quality testing ﬂaws at the QA stage? Whatwould you do to improve the QA? … Show more
Song Name: Formations Beyonce
Q1: What social injustice or issue does the song address?
Q2: What is the message or viewpoint of the song?
Q3: Analyze three lyrics that support the message. Quote the lyrics and then explain how the meaning of the words supports the message.
Q4: What was happening around the time the song was created? Or, rather, what was the event or reason for why the artist wrote the song. Research the background of the song and the related events that were happening that inspired the creation of the song.
Q5: Do you think the song describes the social issue or social injustice well? Perhaps the song oversimplifies the issue or leaves something out? Explain thoroughly by referencing lyrics and relating it to the social issue or problem.
Q6: Do you think music can be a powerful form of activism? Why or why not?
Please give an in-depth answer and provide a bibliography if any external sources used