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Preparing a taxation law assignment is often a challenging task for students. They are given with the sample law assignments to understand and implement the acts and articles of taxation law in their academic project. This will help them to come up with the best solution to the legal taxation problems. Students must be updated with the latest litigation of taxes, the judicial amendments, and the recent developments in the field of taxation law in order to write their taxation law assignments in a more informed way. However, students mostly find taxation law samples and examples tricky as they include critical taxation related calculations and legal advice. Luckily, TutorVersal has legal experts who help students with their taxation law assignments.
Taxation law covers the laws, policies, and rules to monitor the legal process related to taxation. It includes charges imposed by government body on the property, estates, licenses, transactions, income, etc. The legal practices and regulations are operated by local, state and federal government and calculate the tax which public owe them. The tax-based rules and regulations implemented by the legislature ensure effective payment collection on the public’s (tax payers) interests and rights.
Let us look into some taxation law case samples with their solutions.
Steve, a sales manager of Timberworks Ltd, is drawing a weekly salary of $ 800. His prime responsibility is to sell wooden structures in Melbourne. On 1 June 2014, Steve was offered a well-maintained company car of $ 25,000 which was bought on the same day. Over the period of one year (1 June 2014-31 May 2015), Steve used the company’s car for a private purpose and travelled 22,000 km. He was facilitated with an entertainment allowance of $1,500 per year. Additionally, his executive package also includes the loan of $ 7,000 for a year at a concessional rate of 3% per annum commencing 1 June 2014.
Give legal advice to Timberworks Ltd as to its fringe benefits tax liability for the year ended 31 May 2015.
In Australia, the Fringe Benefits Tax is one that the employer or the company owner pay to the tax department for the fringe benefits they provide to their employee. These benefits may include cars, travelling, entertainment, and other facilities. In this case, entertainment benefits, company’s car, and a loan are the fringe benefits provided by the Timberworks Ltd for which the company became liable to pay a certain amount of tax.
Under this tax system, the whole value is not considered while computing the tax liability of the employer. In order to identify the taxable value from the benefits, a certain rate of percentage is deducted from the fair value. After deductions, the employer mentions the same in the company account in order to evaluate the total amount of taxes to be paid by them. Also, the benefit value needs to be mentioned in the financial statements of the individual employee. For receiving such benefits from the company, the employee is liable to pay a certain tax amount to the government. Hence, both the parties pay a certain amount of tax on the fringe benefits.
In the mentioned case, Steve must ensure that he is not eluding from the amount to be paid to the tax department for the benefits he is receiving from the company. Also, the Timberworks Ltd should give emphasis on the same.
Therefore, we can say that Timberworks Ltd must ensure the loyalty of Steve towards the company. For this, they need to evaluate the actual amount of tax payable in the right manner and should be paid to the taxing authorities.
Car Taxable Value – 12,500
Entertainment Taxable Value –1,500
Loan Taxable Value – 210 (7000*3%)
Total Taxable Value – 14,210
Tax @46.5% (Average taxable rate) – 6,607.65 (Tax to be paid as FBT)
David wanted to buy an investment property (residential) in Australia. For this, he borrowed $ 430,000 at the commercial interest rate of 7% per annum from a bank on 1 Feb 2011. He has to pay a weekly interest of $ 600. After getting the property, he immediately hired a real estate agent to advertise the property for rent on $300 per week. Sadly, the property is still vacant as the real estate agent was unable to found any tenant.
Give legal advice to David on whether he would be entitled to any deductions for the interest expenditure occurred from 1 Feb 2011 to 1 July 2011 for the 2010/2011 income year.
As per the section 67 of the house property law in Australia, any kind of interest to be paid by the property owner to the bank is deductible from the taxable amount of the owner, if no tenant has incurred a property. In the given case as well, David has to regularly pay a weekly interest of $600 to the bank. But the interest has to be deducted from the taxable value of the property that has to be taxed. In order to find the taxable amount of the property, David has to access the actual amount of the tax to be paid to the tax authority.
It is necessary for David to pay the tax for the bank loan in the financial year. From the property purchasing date, the charged interest is to be calculated accordingly. According to the laws of the Australian state, if the land is left vacant or unused, the property owner has to pay interest to the bank on weekly basis at regular intervals.
Therefore, David needs to pay the actual weekly interest amount to the tax authorities without any delay. If he fails to fulfill the above requirement, his property will get transferred in the name of the bank.
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