SOUTH WALES AUSTRALIAN SCHOOL OF BUSINESS SCHOOL OF TAXATION & BUSINESS LAW TABL 5551 - TAXATION LAW SAMPLE CLASS TEST QUESTIONS 2013-14 Summer Semester Note: You must bring this document to Seminar 8 This document contains copyright material. The document was written by Dale Boccabella with contributions from Tom O’Sullivan‚ in the School of Taxation & Business Law for the private use of students undertaking the Taxation Law course at UNSW. No other use should be made of the information
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A. Part I Tax: Federal Basic Tax 38% x TI (-) Abatement 10% x Canadian TI (-) SBD (CCPC): 17% of Least of ▪ ABI (Canadian‚ CY‚ Net of Loss) ▪ Adjusted TI ▪ Business Limit (500‚000) (+) Additional Refundable Tax (CCPC) 20/3% of Least of - AII - SBDQ (-) GRR: 11.5% (TI – SBDQ – AII – MPPDQ) (-) MPPD: 11.5% of Least of - ▪ M&PP – SBDQ ▪ TI – SBDQ - AII (-) Tax Credits: ▪ Foreign Tax Credit (Tax paid abroad) ▪ Fed. Political
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ASB-3212 Taxation: 2012/13 Lecture 1 - The framework of UK taxation Lecturer: Sara Closs-Stacey FCCA CTA Email contact: abs614@bangor.ac.uk Essential text “Taxation –policy and practice 2012/13” Lymer and Oats. ACCA Paper F6 Taxation complete text FA2012 Course text can be obtained from: www.taxstudent.com ; amazon university bookshop and Kaplan publishing website. Outline of lecture Discuss historical background of taxation Main features of UK tax today Collection systems‚ legal
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United International College Hong Kong Taxation Assignment 1 Answer the following questions. 25 marks each. 1. David’s salaries tax for year of assessment 2010/11 were due as follows: 1st instalment $10‚500 due on 2 January 2012 2nd instalment $4‚000 due on 4 April 2012. However David failed to pay the 1st instalment by the end of January 2012. What actions will be taken by Inland Revenue Department to recover the tax from David? Ans. When the tax was overdue after 2
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Income Tax Ordinance 1947 was subsequently replaced by the Income Tax Act (ITA) 1967‚ came into effect on 1 January 1968. This happen in accordance to the formation of Malaysia in 1963. The Income Tax Act 1967 consolidated the three laws of income taxation existing before
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Computing Taxable Income 1. Tax Payable You will find this rule in …| Tax is payable on a person’s taxable income|Australia’s Tax Law decrees that every year ending 30 June‚ most people in Australia (and this includes companies) have to pay tax on an amount which the Tax Law calls the person’s “taxable income.” This amount – the person’s “taxable income” for that year – is the end result of a much longer series of steps which the Tax Law prescribes in detail.|s. 4-1| ||| Tax payable =
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ACCT 330 – TEST 2 CHAPTER 6 – DEDUCTIONS AND LOSSES Criteria for deducting business and investment expenses – must be… * Related to a profit-motivated activity of the taxpayer * Ordinary‚ necessary‚ and reasonable in amount * Properly documented * An expense of the taxpayer Expenditure is not deductable if it is… * A capital expenditure * Expense related to tax-exempt income * Illegal or in violation of public policy‚ or * Specifically disallowed by tax law Business
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III. Taxation Introduction Taxation * Defined as the power of the sovereign to impose burden or charges upon persons‚ property or property rights for the use and support of government In order to enable it to discharge its function. Nature of Taxation Power * The power of taxation is both inherent and legislative in character because it has been reserved by the State for it to exercise * It is inherent because the sustenance of government requires contribution from them. *
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What is taxation? Taxation is a requirement in all countries. It is a method to provide the society with the necessities needed. Hence it combines all efforts from the full society for public goods. Franklim D. Roosevelt once said “Taxes‚ after all‚ are dues that we pay for the privileges of membership in an organized society”. Which makes people wonder of the importance of taxation in a sociey‚ roles of taxation‚ fairness of taxation‚ and a new method of tax green tax. Importance of Taxation in a
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Question 1: a>Tax treatment to an individual if his employer was to provide the following benefits in package 1: Rental of apartment $ Salary Airfare for home leave (1trip) (20% x 5000) 1‚000 220‚000 Employee’s remuneration 221‚000 Rental of apartment (housing accommodation benefit) for a non- director will be assessed based on the lower of: the annual value of the accommodation provided or 10% of the employee’s remuneration inclusive of all other benefits except hotel accommodation. Therefore
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