Part B : Group Reflection

$0 deduction because unless there is a significant discussion of business of that particular day then the payment can’t be deductible!

• The Court of Appeal of the Supreme Court of Western Australia determined that the stamp duty payable should be increased to $11 million.

Commonwealth Government, Budget Paper No 3: Australia’s Federal Relations, 2009-10, 12 May 2009, p 7.

First, why did the Western Australian government believe it had a done deal with the Commonwealth that the Bell legislation — which would have cost the Australian Tax Office $300 million in lost tax revenue, as the legislation put the ATO down the queue of creditors of the failed Bell Group — would not be challenged by the Commonwealth? “[T]he Commonwealth’s agreement was critical to the passage of the Bell Act,” WA Treasurer Mike Nahan said in WA Parliament in May. “We had a deal with the Commonwealth that it would not oppose the Bell Act. Despite the deal we thought we had, the Australian Taxation Office thought that it had to have its say in the High Court.”

Solution (iii) Happy Star Ltd Tax worksheet for the financial year ended 31 December 2012

IRC Sec. 213(a) states that “there shall be allowed as a deduction the expenses paid

• - some other Commonwealth matters, such as those covered by the Customs Act 1901, the Social Security Act 1991 and the Taxation Act 1953

According to 26 CFR1.62-2, expenses incurred in a travel that are reasonable and necessary in the conduct of taxpayers business are deductible during the taxable year. Such expenses includes air and transportation, hotel expenses and meals. Conversely, there are some restrictions on the deductibility of travel expenses outside the United States away from home. 26 CFR 1.274-4 states that in order for the travel expenses to be deductible the travel outside US will not exceed 1 week and is not attributable to nonbusiness activity.

Having arrived in Australia under a WHVs a number of years ago I have the first-hand experience of how difficult it is to understand a new tax regime, especially one which is obscured by myths, hearsay and misleading information. For many backpackers, this is their first experience of tax and may be their first job which just makes things worse!

[5] It collects revenue for the Australian Government from income tax, Goods & Service Tax, and other federal taxes. [6]

They disallowed the full amount of guarantee fees claimed as deductions by the GECC. The tax court of Canada recognized that implicit support has real but limited value. If by considering the stand alone credit rating which was coming out to be BB, interest cost savings was coming out to be 183 basis points.

In my undergraduate work, almost all of my classes that were directly related to my major required at the least one group project. In the beginning this was not something I was very fond of mostly because I had some bad experiences when it came to working with others on projects. Usually it was the problem of people not pulling their own weight, and doing their parts to help with the tasks. When it came time to have the assignment complete it was even harder to give a grade to those people. I did not want to be the guy who caused someone to throw someone under the bus. However, after I thought about it, I did want to be that guy because in the real world on a work project if there was someone who did not pull their weight in the job projects would not be successful. So, when it came time for grades, I was always honest, and usually if a person did not do their part I told it how it was.

Authority- the ATO is the principle revenue collection agency for the Australian government. The author for the above mentioned article is the ATO and the contact information for ATO tax

Income tax is the most significant source of income in Australia and is imposed at the federal level. It is levied from three sources of the individuals: business income, capital gain and personal income. The taxable income of an individual is assessed in calculated in an abroad sense after applying allowable deductions against it. The report consists law relating to taxation applicability on funeral income and trading stock. The applicable law has been explained and the relevant sections and case law have also been discussed in the report. The connectivity between facts of questions and relevant case laws has been included in the report for a better understanding.

It also stands out that this year the company deducted from its Gross Profit less interest than in the anterior years, from $361 in 2008 to $90 in 2009.