income tax law assignment

income tax law assignment
The purpose of the assignment is to enable you to research and explore an aspect of taxation law. It is important for you to have time to think through how to structure and present arguments, and to discuss what the law is or should be in a particular area. This assessment task also gives you the opportunity to put the skills you have learned in tutorials into practice.
This is income tax law assignment. You have to discuss each case seperatley, each case one page of full discussion with the relevant calculation where is needed. Its very important to stick to the guide line and the recquired procedure attached to the assignment. There are some cases you need to use to support your answer and use them as a reference . use the Australian income tax act 1997
Cash/receipt basis cases: cardens case, firsten berg case
Accrual basis cases: Henderson case , Dunns case
Discuss the point asked to discuss in the assignment. There is some key points the teacher gave us.
Case1 :constructive receipts, ordinary income , cash basis S6-5 ITAA1997
Case2: cash basis the income will be assessed on refer to cardens case and firsten berg case to support answer      s6-5(4) ITAA1997  42000+300
Case 3: discuss what amount it will be assesd on  if it was cash basis 4200-2890= 1310-2000= -690 (loss) refer to cases   cost basis should be less than 10000 and if it was accrual basis  35000 will be assesd on. For the second part of the case refer to cooked v sherden  not convertible not transferrable than its not assessable.
Case4 :  exclusive right is income or entry into income. 175000 +25000 =425000=21250 share of income from partnership  sect  90 income of partnership 425000
Sec 92 represent income of  partners from partnership
Case 5: is it carried on business on isolated transaction or is he selling as collectable?. Hint: he hasn’t sold them . isolated transaction – ordinary  income income from carrying  on business refer to Myer Emporium / white yurd beach case
Case 6: non assessable income- it’s a windfall gain 6-20, 615 sections from the act

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