ADMINISTRATION On 15 May 2020, Lee, who operates his own business and who is not an...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
ADMINISTRATION On 15 May 2020, Lee, who operates his own business and who is not an SBE taxpayer, received an amended assessment dated 14 May 2020, amending his original assessment. The original assessment, which was dated 6 November 2019, was received on 7 November 2019. The amended assessment increased his tax payable for the year ended 30 June 2019 by $28,000, disallowing a claim for a repair to factory premises. The due date for payment of the tax is 11 June 2020. | Required: 1. Advise Lee on the action he may take in respect of the amended assessment. 2. Apart from the issue of an amended assessment, what other action may be taken by the Commissioner of Taxation? ADMINISTRATION On 15 May 2020, Lee, who operates his own business and who is not an SBE taxpayer, received an amended assessment dated 14 May 2020, amending his original assessment. The original assessment, which was dated 6 November 2019, was received on 7 November 2019. The amended assessment increased his tax payable for the year ended 30 June 2019 by $28,000, disallowing a claim for a repair to factory premises. The due date for payment of the tax is 11 June 2020. | Required: 1. Advise Lee on the action he may take in respect of the amended assessment. 2. Apart from the issue of an amended assessment, what other action may be taken by the Commissioner of Taxation?
Expert Answer:
Answer rating: 100% (QA)
Advice for Lee 1 Review the Amended Assessment Carefully review the amended assessment and understan... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these law questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
1. What is Michaels assessable income for the year ended 30 June 2019? 2. What fringe benefits tax (FBT) must Michael pay for the year ended 31 March 2019? Assume that Michael cannot claim GST input...
-
Matrix squaring. Write a program like Markov that computes page ranks by repeatedly squaring the matrix, thus computing the sequence p, p 2 , p 4 , p 8 , p 16 , and so forth. Verify that all of the...
-
What are the key elements of lululemon's strategy?
-
Three forces act on the hook. If the resultant force FR has a magnitude and direction as shown, determine the magnitude and the coordinate angles of forceF3. F = 120 N F, = 110N F, = 80 NA 30
-
Figure P27.18 shows three particles passing near the north end of a bar magnet. Particle 1 is an electron, and particles 2 and 3 are protons. All three particles move at the same speed. (a) Determine...
-
The Edelweiss Hotel in Vail, Colorado, has accumulated records of the total electrical costs of the hotel and the number of occupancy-days over the last year. An occupancy-day represents a room...
-
1. In the given reaction, XYZ3 2. 3. 4. 5. X+Y+3Z If one mole of each of X and Y with 0.05 mol of Z gives compound XYZ3. (Given: Atomic masses of X, Y and Z are 10, 20 and 30 amu, respectively.) The...
-
Compare the change in Sales with the change in Cost of Sales. The auditor would expect these two measures to change in approximately the same proportion. What possible misstatement risks could...
-
A \(0.20-\mathrm{kg}\) steel ball is dropped into a ball of dough, striking the dough at a speed of \(2.3 \mathrm{~m} / \mathrm{s}\) and coming to rest inside the dough. If it were possible to turn...
-
The positions of two identical carts at rest on a low-friction track are measured relative to two axes oriented in the same direction along the track. On axis \(\mathrm{A}\), cart 1 is at...
-
A white car of inertia \(1200 \mathrm{~kg}\) that is moving at a speed of \(7.2 \mathrm{~m} / \mathrm{s}\) rear-ends a blue car of inertia \(1000 \mathrm{~kg}\) that is initially at rest. Immediately...
-
You are driving at \(25 \mathrm{~m} / \mathrm{s}\) on a straight, horizontal road when a truck going \(30 \mathrm{~m} / \mathrm{s}\) in the same direction overtakes you. Let the positive \(x\)...
-
A rubber ball of inertia \(m_{\mathrm{b}}=0.050 \mathrm{~kg}\) is fired along a track toward a stationary cart of inertia \(m_{\mathrm{c}}=0.25 \mathrm{~kg}\). The kinetic energy of the system after...
-
Simbulan, married to Babes on December 30, 2000, died on May 20 of the current year. The properties, rights and claims at the time of his death are as follows (all are in Philippine Peso): Car...
-
As you rewrite these sentences, replace the cliches and buzzwords with plain language (if you don't recognize any of these terms, you can find definitions online): a. Being a jack-of-all-trades, Dave...
-
Jason and Mary Wells, friends of yours, were married on December 30, 2012. They know you are studying taxes and have come to you with a question concerning their filing status. Jason and Mary would...
-
Diego, age 28, married Dolores, age 27, in 2012. Their salaries for the year amounted to $46,479 and they had interest income of $3,500. Diego and Dolores' deductions for adjusted gross income...
-
Mark owns his home and has a $250,000 mortgage related to his purchase of the residence. When his daughter went to college in the fall of 2012, he borrowed $20,000 through a home equity loan on his...
-
Following up on question number 3, assume the school conducts a manifestation determination meeting. Tim attends the meeting with his parents. At the meeting, Tim tells the team that smoking helps...
-
Which of the following is not a characteristic of a defined benefit plan? A. A guaranteed retirement benefit. B. Risk of preretirement inflation assumed by employer. C. Benefits based upon the...
-
Which of the following is true about cash balance plans? I. Past service credit is available. II. Employer guarantees a minimum rate of return. III. Participants direct investments in hypothetical...
Study smarter with the SolutionInn App