ASSIGNMENT (Stage 1) ACCT 11059 – Using Accounting For Decision Making Prepared By Lingdi Fu (s0210541) Lecturer & Tutor’s Name: Mitch Hsu Due Date: Saturday‚ 4th August 2012‚ 11:00 PM Step1 During carefully and thoughtfully read through the firm’s latest annual report. We can find the company is called GR Engineering Services. It is an Australian Securities Exchange (ASX) listed public company located in 183 Great Eastern Highway‚ Belmont. The principle activities of the company is
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Origin of Service Tax: Dr. Manmohan Singh‚ the then Union Finance Minister‚ in his Budget speech for the year 1994-95 introduced the new concept of Service Tax and stated that ’’ There is no sound reason for exempting services from taxation‚ therefore‚ I propose to make a modest effort in this direction by imposing a tax on services of telephones‚ non-life insurance and stock brokers.’’ Service Tax has been introduced in order to explore new avenues for taxation and to bring more people into the
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What is GST? GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the Producer’s point and Service provider’s point up to the retailer level. It is essentially a tax only on value addition at each stage and a supplier at each stage is permitted to set-off through a tax credit mechanism. Under GST structure‚ all different stages of production and distribution can be interpreted as a mere tax pass through and the tax essentially sticks on final
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Tax Research Problem 2-64 FACTS: Lisa and Matthew would like to form a new corporation‚ Lima Corporation. Lisa will be exchanging $50‚000 cash in exchange for 50 shares of stock in Lima. Matthew will be contributing land which has a $35‚000 adjusted basis and a $50‚000 FMV‚ also in exchange for 50 shares of stock in Lima. ISSUE: When assets are exchanged for stock and control in a newly formed corporation‚ what are the tax and financial accounting implications of those transactions to Lisa
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SUMMARY OF GOOD AND SERVICES TAX (GST) WHAT IS GST? Good and service tax is a direct tax code to be implemented by the government. It is a comprehensive indirect tax to be levied on manufacture‚ sale and consumption of goods as well as services at a national level. Integration of goods and services taxation would give India a world class tax system and improve tax collections. It would end the long standing distortions of differential taxation treatments of manufacturing and service sector. The introduction
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MILJÖFUNN - A NEW TAX INCENTIVE SCHEME FOR RETAILERS IN THE SERVICE SECTOR What investments are eligible to be subsidised by MiljøFUNN? Investments have to fulfill certain criteria in order to be eligible for the subsidy. The different criteria will be named‚ further defined and explained and justified in the following. 1. For an investment to be eligible for tax incentives under this scheme‚ it must have a clear positive effect on the environment compared to the current state of development in
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Vt. House panel advances penny-an-ounce soda tax MONTPELIER‚ Vt. (AP) — A Vermont House committee voted Wednesday to advance legislation calling for a penny-an-ounce tax on sugar-sweetened beverages. The House Health Care Committee voted 7-2‚ with two members absent‚ for the tax bill that would raise an estimated $27 million to support state health programs. Supporters say it will also discourage consumption of products that are big contributors to obesity. "We have an obesity epidemic and the
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natural disaster. 2. Potomac Corporations wants to sell a warehouse that it has used in its business for 10 years. Potomac is asking $450‚000 for the property. The warehouse is subject to a mortgage of $125‚000. If Potomac accepts Wyden Inc.’s offer to give Potomac $325‚000 in cash and assume full responsibility for the mortgage on the property‚ what amount does Potomac realize on the sale? $450‚000 3. Montana Max sells a 2‚500-acre ranch for $1‚000‚000 in cash‚ a note receivable of $1
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The company Dick Smith‚ known‚ as Australia’s largest and most convenient electronics retailer‚ identified opportunities to grow to 430 stores in 2016 against the footprint of 393 stores as in 2015. Dick Smith operates across multiple retail sections and integrated a new Omni-channel approach that was designed and modelled to maximise convenience for customers across all platforms of trade. Dick Smiths operations initiative was to improve the returns from their sales on a sustainable basis. Throughout
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Case Study Mining Data To Increase State Tax Revenues in California 1. What are the benefits of using the new INC system? -identification of nearly 100‚000 non-filers -an additional net review of $36 million per year -uses Unique identifier to synchronize the direct and indirect indicators -elimination of 55‚000 incorrect actions sent by the Bureau -saving HR the hassle of addressing erroneous notices -increased functionality and capacity 2. Why didn’t the California Franchise
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