Australian Taxation Law Assignment Example | Topics and Well Written Essays - 1000 words

Australian Taxation Law - Assignment Example The $5,000 received after the trading period qualify as income for the period ended 30 June 2010. This is in accordance with accruals accounting method; income is recognized when it is earned. All this is in accordance with and requirements of section 6-5. The trading stock for Philip’s business has to be evaluated according to the general rule of accounting for stock-S70-35(1). The difference between the opening and closing stock is added to assessable income because the closing stock exceeds opening stock-S70-35(2). The allowable deductions (division 8) include the $2,000 which was an expense from the replacement of the air conditioner-S25-10. The amount is minimized to the cost that Phillip incurred since he resold the air conditioning system which generated back income-S6-5. W Thomas & co v FCT? bought a building and did not know that the building had damage when they bought it – the courts held that the ATO will treat expenditure that remedies defects, damage or de terioration to property as capital if the defect, damage or deterioration existed at the time of acquisition of the property, and did not arise from the operations of the person who incurs the expenditure. Note – the mere fact that the purchaser did not know that initial repairs were needed at the time of purchase is irrelevant. His interest accrued on a loan that was used in renovating the rental houses resulting in a generation of assessable income-S25-25(1). The $500 he used for replacing the light bulb is also a deductible income since it falls under repairs and replacement-S25-10. Fine paid by Phillip to the local does not qualify as a deduction as per the S26-5 stating that penalties are not deductible amounts. The expenses incurred in the manufacturing of the tennis racquet also, are a part of the deductible allowance as it is an expense incurred in generating an assessable income-S8-1. Under Division 30, donations are deductible allowances as long as they are voluntar y and, no collateral claimed. This can be related to the charity donation. However, the gifts he presented to family and the 5 racquets he took for personal use do not qualify as deductible allowance-S26-54. Paper 2 Joan’s total taxable income Joan’s income $ $ Salary 375,000 Home ware magazine 24,000 13,500 537,500 Agreement 230,000 Payment for damages through accident 360,000 590,000 Total assessable income 1,127,500 Allowable deductions $ $ Pain and suffering 10,000 University Union fees 650 Textbooks 750 Photocopying and writing aid 350 Travel 450 2,200 Total allowable deductions 12,200 Joan’s total taxable income Assessable income 1,127,500 Allowable deductions 12,200 Total taxable income 1,115,300 Joan’s total taxable income amounts to $1,000,300.  

Identify one major political event in an African country Essay - 1

Identify one major political event in an African country - Essay Example The main objective of the paper includes making the exploration of the actual political scenario of the Libyan politics, which had experienced a significant blow during the last few years in the name of so-called ‘awakening of the Arab nations’ for introducing imperative alterations to the Afro-Arab politics to a great extent. The paper will also examine the reasons behind the unexpected revolt against the Qaddafi regime. The paper is also interested in investigating into the external factors, including the US role, in respect of toppling the Qaddafi regime for the establishment of a pro-American political system in the lines adopted by the European powers of colonial era for turning the weak and backward states to be their subjugated domains in order to introduce and enforce the policies of their choice as well as to force the small countries for developing social, economic, business and trade relations with the USA. Hence, the paper will portray a comprehensive scenari o paving the way towards 2011 revolt in Libya in the light of internal and external factors controlling and regulating the rebellion and rebels at large. Muammar Qaddafi served as one of the most dominant and influential figures of the twentieth century Afro-Arabian political world, which left indelible impact of his political and strategic achievements in the entire region during the second half of the last century till the first decades of new century. By dint of his exceptional intellect, deep foresight and outstanding wisdom, he successfully played the role of a central figure in the national politics of Libya for over four decades, where he was the sole decision-maker of the fate of his country and its masses at large. Though, apparently, he was considered to be unconquered and supreme in national politics, who would sustain power till the last day of his life, Qaddafi became the victim of purported Arab Spring appeared by the mid of December 2010 with the big powers in