Federal Tax Research 9th Edition William Raabe, Gerald Whittenburg, Debra Sanders, Roby Sawyers, Steven Gill - Solutions

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What are Australia's two largest tax expenditures?
What is a tax expenditure?
Design an optimal tax system for Australia.
John earns $100,000 and pays $20,000 income tax while Simone earns $200,000 and pays $50,000 income tax. Simone argues that it is unfair for her to pay more tax than John. Discuss.
Does the CGT exemption for the residential home enhance economic efficiency?
Is the Ralph income tax reform that introduced uniform capital allowance provisions for business economically efficient?
per cent for individuals fair?
Is the Ralph income tax reform that reduced the tax on capital gains by
Is the current income tax (which exempts certain types of income and offers many special tax deductions) simple?
Is the current GST (which exempts certain goods and services) efficient?
per cent tax rate), and remove all other taxes. This would be simpler and more efficient. Evaluate this proposal.
Some people say that Australia should have just one tax, a GST (say at a
When did the Income Tax Assessment Act 1997 (ITAA 1997) and the A New Tax System (Goods and Services Tax) Act 1999 (GSTA 1999) commence?
Did the Federal Court in DCT v PM Developments Pty Ltd (2008) ATC 20-078; [2008] FCA 1886 rely on intrinsic materials to assist in the interpretation of the A New Tax System (Goods and Services Tax) Act 1999 (GSTA 1999) Div 147? Why or why not?
What common approaches to statutory interpretation should be used: a where a word has several meanings; b to interpret legislation that has a clear meaning?
Decisions from which of the following take precedence: the Administrative Appeals Tribunal, the Full Federal Court or the High Court?
Have the courts changed the way they interpret taxation statutes?
Grant lives in Sydney and derives interest from a bank in Papua New Guinea. Is the bank interest assessable income under s 6-5?
years to perform a government service. He is in the overseas country solely to perform these duties and intends to return to Australia at the end of the posting. His family joins him and they live in a rented house. Most of his assets are located in Australia. He is a member of the Commonwealth
July of the current tax year, Basil, a scientist, took a posting to the United States for a contracted term of
On
Montie is a non-resident of Australia for taxation purposes and owns a rental property in Perth. Is the income from the rental property located in Australia assessable pursuant to s 6-5(3)?
months to perform engineering work. The taxpayer is still considered to be an employee of the placement agency for the duration of the placement. The taxpayer is a non-resident of Italy for tax purposes. Is the income earned by Joe subject to tax in Australia?
Joe, an Italian citizen, is employed and paid by a foreign placement agency and thus is placed in an Australian organisation for
Red Co is a company and a non-resident of Australia for income tax purposes. Australia has no DTA with the taxpayer's country of residence. The taxpayer company is in the business of buying and selling shares and options listed on various stock exchanges. The company regularly buys and sells shares
Yellow Ltd is a resident of South Africa and a non-resident of Australia for income tax purposes. Yellow produces books for sale in Africa and also exports the books to Australia for sale. It sells the books through a distribution company in Australia that has no association with this company.
days. In China, Burt worked on an 'approved project' for the purposes of ITAA 1936 s 23AF. Is Burt's pay from the approved overseas project exempt from Australian tax?
days were spent on approved leave. During the remainder of the year, he was in Australia. The longest continuous period where the taxpayer was present in the foreign country, including travel between Australia and that country, was
days in China in five separate visits over a 353-day period. A further
When is overseas employment income exempt?
year. The research is not for the private benefit of a specific person or persons. He is paid by the Australian university and is subject to tax on that income in France. Is income received by Jake assessable income under ITAA 1997 s 6-5?
Jake, a university lecturer from Paris, undertakes full-time paid research in an Australian 15= university for
When is overseas employment income exempt?
When is foreign income exempt?
a b James, a non-resident, receives a royalty of $1000 from a patent located in Melbourne and interest income of $50 from a bank account in Adelaide, as well as 1000 in dividends from a UK company. Acting fees are paid to Sofia (who lives in Paris) under a contract signed in New York for her to
When is foreign income exempt?
Are the following amounts assessable income in the current income tax year ended
Toby is an English boxer. He is a non-resident and received $35,000 from the Australian Boxing Board in Sydney when he was awarded 'Boxer of the Australian Events'. He also received $20,000 in Hobart for advice provided to bookmakers. When he returned to the United Kingdom, he received a further
years, Sam expects to return home to work at a Sydney university and move back into the family home. His father was born in Sydney. He rents out the family home and lives in a rental house while he is in New Zealand. Is Sam a resident in the current tax year under ITAA 1936 s 6(1)?
July of the current tax year to live in New Zealand. After
Sam, who lived all his life in Sydney, gains an appointment to a university in New Zealand for 3. years to teach art. Sam is an Australian citizen and leaves with his family on
June, she will head off to Fiji for a while and then return home to New York to live with her family and to start a commerce degree. Is Amy a resident in the current income year under ITAA 1936 s 6(1)?
July of the current income tax year on a 12-month trip and travels the country sightseeing and staying at youth hostels for short periods of time. Her father was born in Chicago. To help out her finances, she finds work picking fruit and as a bartender. After 12- months, on
Amy lived all her life in New York. She arrives in Australia on
Red Co is a company and a non-resident of Australia for income tax purposes. Australia has no DTA with the taxpayer's country of residence. The taxpayer company is in the business of buying and selling shares and options listed on various stock exchanges. The company regularly buys and sells shares
June of the current tax year. Is Rod a resident in the past
months each. His family stayed in Australia in the family home. He returned on
July, to move to New York to work as a financier under a 2-year contract with options to extend for periods of
Joe, an Italian citizen, is employed and paid by a foreign placement agency and thus is placed in an Australian organisation for 12 months to perform engineering work. The taxpayer is still considered to be an employee of the placement agency for the duration of the placement. The taxpayer is a
Montie is a non-resident of Australia for taxation purposes and owns a rental property in Perth. Is the income from the rental property located in Australia assessable pursuant to s 6-5(3)?
Grant lives in Sydney and derives interest from a bank in Papua New Guinea. Is the bank interest assessable income under s 6-5?
year, Deng decides that he would like to stay here indefinitely. Deng's father was born in Indonesia. a b Is Deng a resident in his second year in Australia under ITAA 1936 s 6(1)? What if Deng kept his Taiwan house and stayed in Australia for only
July of the current tax year on a 3-year work assignment with his accounting firm,YK2000. The family purchased a home and the children attend school in Australia. Their previous home in Taiwan was sold, although they maintained a bank account in Taiwan and often rang their relatives. After being
Deng lived in Taiwan. He arrived in Melbourne with his family on
What are the requirements for an individual to be considered an Australian resident?
Why is the residence of a company important under the ITAA 1936, ITAA 1997?
Why is the residence of an individual important under the ITAA 1936, ITAA 1997?
Explain how you can use the legal reasoning model in your studies.
a Explain the meaning of a tax offset. b What are the main tax offsets?
What are the main taxation provisions in the ITAA 1997 and ITAA 1936 for determining taxable income?
a Is ITAA 1997 s 8-5 a guide or legislation? b Is ITAA 1997 s 6-1 a guide or legislation? c Is ITAA 1997 s 6-5 a guide or legislation? d Is ITAA 1997 s 100-2 a guide or legislation? e Is ITAA 1997 s 40-25 a guide or legislation?
By referring to the ITAA, answer the following questions: a What was the equivalent provision in the ITAA 1936 to ITAA 1997 s 6-5? (Hint: see Chapter 6.) b What was the equivalent provision in the ITAA 1936 to ITAA 1997 s 8-1? (Hint: see Chapter 10.)
On 1 July of the current tax year, Basil, a scientist, took a posting to the United States for a contracted term of 2 years to perform a government service. He is in the overseas country solely to perform these duties and intends to return to Australia at the end of the posting. His family joins
Which of the following is an incorrect citation? ITAA 1997 s 6-5 ITAA 1936 s 25-1 ITAA 1997 Div
Trudy is employed as a pilot and is an Australian resident for tax purposes. Her gross salary for the current year is $109,000. She has incurred deductions totalling $1200 in earning that income. How much tax does she have to pay if she has PAYG withholding tax of $25,876 taken out of her pay and
Peter, an Australian resident for tax purposes, works as a fisherman for a fishing company in Port Lincoln. His gross salary for the current tax year" is $93,000. He has incurred deductions totalling $2000 in earning that income. He has private hospital insurance cover. a Which Section or Sections
What is assessable income? b What are deductions?
What is taxable income?
What are Australia's two largest tax expenditures?
What is a tax expenditure?
Design an optimal tax system for Australia.
John earns $100,000 and pays $20,000 income tax while Simone earns $200,000 and pays $50,000 income tax. Simone argues that it is unfair for her to pay more tax than John. Discuss.
Does the CGT exemption for the residential home enhance economic efficiency?
Is the Ralph income tax reform that introduced uniform capital allowance provisions for business economically efficient?
per cent for individuals fair?
Is the Ralph income tax reform that reduced the tax on capital gains by
Is the current income tax (which exempts certain types of income and offers many special tax deductions) simple?
Is the current GST (which exempts certain goods and services) efficient?
per cent tax rate), and remove all other taxes. This would be simpler and more efficient. Evaluate this proposal.
Some people say that Australia should have just one tax, a GST (say at a
When did the Income Tax Assessment Act 1997 (ITAA 1997) and the A New Tax System (Goods and Services Tax) Act 1999 (GSTA 1999) commence?
Did the Federal Court in DCT v PM Developments Pty Ltd (2008) ATC 20-078; [2008] FCA 1886 rely on intrinsic materials to assist in the interpretation of the A New Tax System (Goods and Services Tax) Act 1999 (GSTA 1999) Div 147? Why or why not?
What common approaches to statutory interpretation should be used: a where a word has several meanings; b to interpret legislation that has a clear meaning?
Decisions from which of the following take precedence: the Administrative Appeals Tribunal, the Full Federal Court or the High Court?
Have the courts changed the way they interpret taxation statutes?
Compute Dana’s total penalties. She underpaid her tax by $50,000 due to negligence and by $150,000 due to civil fraud.
Kim underpaid her taxes by $15,000. Of this amount, $7,500 was due to negligence on her part because her record-keeping system is highly inadequate. Determine the amount of any negligence penalty.
Compute the undervaluation penalty for each of the following independent cases involving the executor’s reporting of the value of a closely held business in the decedent’s gross estate. In each case, assume a marginal estate tax rate of 50 percent.Reported Value Corrected IRS Valuationa. $
Joan filed her unextended 2010 tax return on November 15, 2011, paying the $5,000 amount due at that time. Joan has no reasonable cause for failing to file the return by October 15 or for failing to pay the tax that was due on April 15, 2011. Compute the failure-to-pay and failure-to-file penalties.
Jim received a six month extension (to October 15, 2011) to file his 2010 tax return. Jim actually filed the return on October 20, 2011, paying the $20,000 amount due at that time. He has no reasonable cause for failing to file the return by October 15 or for failing to pay the tax that was due on
Julie filed a valid extension for her 2009 tax return giving her until October 15, 2010 to file her return. She filed her return on November 1 and paid $2,000 of tax due. For what period of time will Julie be subject to interest? For what period of time will Julie be subject to the failure-to-file
Construct a scenario in which the tax adviser should recommend that the client terminate the challenge of the IRS with the following:a. Lawsuitb. Offer in compromisec. Closing agreementd. Appeals conferencee. Office auditf. Correspondence audit
Mike accidentally omitted from his 2008 tax return $4,000 of gross receipts she collected as the owner of a restaurant. His 2008 return indicated collective gross receipts of $35,000. The IRS no longer can pursue Mike with the threat of collection of the related tax, interest and penalties on April
Diane accidentally omitted from her 2008 tax return $40,000 of the gross receipts that she collected as the owner of a restaurant. Her 2008 return indicated collective gross receipts of $25,000. The IRS no longer can pursue Diane with the threat of collection of the related tax, interest, and
Carl purposely omitted from his 2008 tax return $40,000 of the gross receipts that he collected as the owner of a restaurant. His 2008 return indicated collective gross receipts of $25,000. The IRS no longer can pursue Carl with the threat of collection of the related tax, interest, and penalties,
Blanche filed her 2009 income tax return on April 4, 2010. On December 14, 2010, she learned that 100 shares of stock that she owned had become worthless in 2009. Since she did not deduct this loss on the 2009 return, Blanche intends to file a claim for refund. This claim must be filed by no later
Ace filed her 2008 income tax return on January 25, 2009. There was no material understatement of income on her return, and the return was properly signed and filed. The statute of limitations for Ace’s 2008 return expires on:a. January 25, 2012b. April 15, 2012c. January 25, 2015d. April 15, 2015
Indicate whether, after both parties sign a closing agreement, the following result(s) occur. More than one answer may be correct.a. The taxpayer still may appeal to a higher level of the IRS.b. The interest on the assessment stops accruing immediately.c. The agreement is binding on both the
Indicate whether the following statements are true or false:a. The government never pays a taxpayer interest on an overpayment of tax.b. Penalties may be included as an itemized deduction on an individual’s tax return.c. An extension of time for filing a return results in an automatic extension
Define and illustrate the following terms or concepts:a. Fraudb. Negligencec. Reasonable caused. Lack of reasonable causee. Civil penalty convictionf. Criminal penalty conviction

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Federal Tax Research 9th Edition William Raabe, Gerald Whittenburg, Debra Sanders, Roby Sawyers, Steven Gill - Solutions

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