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Amity & YoungPWC Income Tax Law Assignment Answer

Do you have an income tax law assignment question that talks about a woman named Amity working at an organisation named YoungPWC? No? Then what about any other assignment where you have to see income tax for a person working overseas? Now we are talking. So, here is a quick guide from taxation law assignment help by My Assignment Services.

Let us go with the assignment answer.

The assignment is divided into 4 different parts and I will try to incorporate as many as I can. And, even though I am talking about this particular assignment, you can refer to this solution guide to prepare your answer.

Ready everyone? Here we go with the assignment solution.

Question 1

This question is pretty straightforward as I see it. What do you have to do? You need to advise Amity that whether she was an Australian resident during the income year ended 30 June 2016 or not. You have to take help of the relevant legislation and case law.

How will you answer this? There are a few steps that you need to follow in order to solve this question. When I wrote income tax law assignment answers, the first thing to do here was to explain the question to the readers. Note here that explaining the question is different than rewriting the question. Reading the case, you need to see if the case can be evaluated as per the Australian residency test. Your task here is to dig in these residency tests, what they are, why they are important and what is their use in determining the residency of a citizen. Read the clauses of these tests, what they signify and how does the government react to these observations. Then, after you have collected everything and analysed everything, you need to conclude if Amity was an Australian citizen during here time when her financial year ended in June 2016.

Question 2

This question weighs less marks than the first one. This means that the research and analysis you require in this one is comparatively lesser than the research and analysis required in the first one. But that does not mean that you do not have to think thoroughly in this one.

First, define what ordinary income is. And try not to refer to the definition given on Wikipedia. A better option is to look for the answer in the latest research journals. Keep up with the trend, kid. Then refer to the income tax law as defined in the Australian legislation and list the characteristics of ordinary income. Once done, you need to define what a past case defines about an ordinary income. This will allow you as well as the readers to under the concept of ordinary income specifically and accurately.

Here is an example of one case that I used in my income tax law assignment answer.

Question 3

Before you can answer this question, you have to know what are the deductible components in the s8-ITAA97. It is also called as Income Tax Assessment Act 1997 Section 8.1.

To answer the first question in this, you need to compare the situation with the deductions given in the s8-ITAA97. Using the legislation, define what components of the loss or outgoing from the assessable income.

Following the same procedure, you need to define what rule of s8-ITAA97 is used when the individual can deduct any outgoings or losses from the assessable income. Using what you just found, see what should be done to the loan that Robert took for for the scenarios as depicted in the question file.

Question 4

You need to calculate what is Lincoln’s assessable income and what are the allowable deductions. For that, you have to visit the house of Income Tax Assessment Act 1997 once again but not section 8.1. You need to identify what actually assessable income is, what sources of income of Lincoln falls under the radar and makes an assessable income. Using the information you have, the assessable income will be with you in the form of a table.

Then, you also have to find Lincoln’s taxable income and balance for the financial year 2016/2017. Again, you need to search for what all makes a taxable and you should know how taxable income is different from the assessable income.

Get your solved answer to this question from My Assignment Services!

Though I tried to explain everything that I could, I know that you might feel disconnected at some areas. But I have a deal for you to rectify that. Why don’t you send a request for an income tax law assignment help and get solved answer to this question?

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Author: Ashley Simons

Starting as a law professional, Ashley often made time to help her juniors and peers with their queries and academic needs. She joined the team of My Assignment Services as a law assignment writing expert after completing her postgraduation. Her area of expertise ranges from business law, contract law, employment law, criminal law, tort law, etc. and have been seeing students excel under her guidance. She has also contributed articles and advice to the Law Council of Australia. She practiced law for 5 years as a freelance lawyer before becoming an academic advisor.

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