SUBJECT- TAXATION LAW THIS IS A TAXATION LAW QUES

.... SOS only 10:40 pm x Question chh... Question 1 (6 marks) How is the 'net amount for a tax period calculated in GST? Why is this concept important? Question 2 (6 marks) Explain briefly whether the following receipts are assessable income. Include references to any relevant provisions in the ITAA1997 or ITAA1936. 1. a) A car valued at $15,000 given as a prize to a depositor of a building society. The competition was open to all those who were able to maintain a minimum balance of $10,000 for the year. 2. b) An exchange gain (not of an income character) of $1 million made by a large industrial company on repayment of long term loans. 3. c) A travel allowance of $4,500 (paid at 45 cents per kilometre for 10,000 km travel) paid to an employee by an employer because the employee was carrying out tasks required by the employer. Question 3 (6 marks) Explain the role and key features of the foreign income tax offset regime. Question 4 (6 marks) In what circumstances are individuals and companies are treated as residents of Australia? Question 5 (6 marks) Discuss the differences between "tax evasion", "tax avoidance" and "tax planning". Page 2 of 3 Section II - Case Study Questions (Total - 30 Marks) Question 6 (10 marks) Robert purchased his home on 1 July 2000. He lived in the home for two years and then was posted overseas for eight years, during which time he leased the house to tenants. On his return he continued to live in the home until it was sold on 30 June 2013. Requirement: .... SOS only 10:40 pm x Question chh... Question 1 (6 marks) How is the 'net amount for a tax period calculated in GST? Why is this concept important? Question 2 (6 marks) Explain briefly whether the following receipts are assessable income. Include references to any relevant provisions in the ITAA1997 or ITAA1936. 1. a) A car valued at $15,000 given as a prize to a depositor of a building society. The competition was open to all those who were able to maintain a minimum balance of $10,000 for the year. 2. b) An exchange gain (not of an income character) of $1 million made by a large industrial company on repayment of long term loans. 3. c) A travel allowance of $4,500 (paid at 45 cents per kilometre for 10,000 km travel) paid to an employee by an employer because the employee was carrying out tasks required by the employer. Question 3 (6 marks) Explain the role and key features of the foreign income tax offset regime. Question 4 (6 marks) In what circumstances are individuals and companies are treated as residents of Australia? Question 5 (6 marks) Discuss the differences between "tax evasion", "tax avoidance" and "tax planning". Page 2 of 3 Section II - Case Study Questions (Total - 30 Marks) Question 6 (10 marks) Robert purchased his home on 1 July 2000. He lived in the home for two years and then was posted overseas for eight years, during which time he leased the house to tenants. On his return he continued to live in the home until it was sold on 30 June 2013. Requirement