Taxation law | Law homework help
You are currently launched as a disequalize accountant and are supposing following a while the forthcoming counsel from a client. The client, Harry, has the forthcoming pay and expenses for the financial year ended 30 June 2019. Harry Operates a communicate stall selling paintings on the weekend and operations as an employee for an Art Gallery during the week. Pay $ • 50,000 Sales of Paintings • 10,000 A marriage donation accepted from his mistress • 10,000 Bonus accepted from his mistress for finalising a sale following a while a vast client • 150,000 Salary accepted from his mistress (including PAYG Withholding of $25,000) • 5,000 Curiosity-behalf on Bank Deposits • 15,000 Lottery win from a weekly lottery • 45,000 Sale of his identical motor demeanor (he brought the demeanor for $35,000) • 15,000 Sale of shares (he brought the shares 13 months ago for $5,000) • 1,000 Accepted Manager of the year adjudge from the Institute of Managers Expenses $ • 4,000 Rent on communicate stall • 10,000 Purchase of paintings for communicate stall • 2,000 New assist and shoes for operation at the Gallery • 5,000 Bookkeeping fees • 18,000 Purchase of new photocopier • 1,400 Cost of meals and nourishment • 1,200 Train fares for trip to and from operation • 2,200 Rates on lineage occupation • 900 Electricity for lineage occupation • 2,000 Advertising packaging for communicate stall concern 85 Taxi Fare – from operation to occupation one way following launched tail and detriment his Train. • 10,000 Purchase new consideration and contrary for communicate stall Harry does not own a associate or conclusion. Harry does own not-public bloom insurance. Harry too advises you that he had carried eager tax losses from last year of $5,000 touching to his communicate stall. In analysis to the overhead Harry advises he does treasure some of the paintings for the communicate stall at occupation and too operations from occupation. College of Concern and Law Required: • Determine which Pay and Expenses are assessable pay or legal waste. Note you gain deficiency to quote legislative appealences, instance law and tax rulings as pertinent. Emphasis is on providing establishment for you rationalistic to include as assessable pay or legal conclusion. Too appeal to the appropriate portio compute on the 2019 tax revert where the total would be known, i.e. (curiosity-behalf pay is portio 10). An Example format is supposing underneath. • Assume Harry is a dweller for Australian taxation purposes, number his tax amenability including any tax offsets and levies. EXAMPLE FORMAT Pay Assessable Particulars Legislation, Instance law, Rulings, Rationalistic Portio – 2019 Tax Revert Y/N Expenses Deductible Particulars Legislation, Instance law, Rulings, Rationalistic Portio – 2019 Tax Revert Y/N Portio B During your parley following a while Harry, he advised that he is regarding launched without of Australia for an protracted bound. Advise Harry on occupation issues for Australian taxations purposes. In analysis to appealring to the foul-mouthed appropriate ordeals (including appealence to appropriate instances for each ordeal) secure you appeal to Harding v Commissioner of Taxation  FCAFC 29. This portio of the instance consider should obtain?} the format of a precise counsel to Harry (“IRAC”).