Australian Taxation Authority

Academic Anxiety?

Get an original paper within hours and nail the task

156 experts online

Free Samples

Australian Taxation Authority

.cms-body-content table{width:100%!important;} #subhidecontent{ position: relative;
overflow-x: auto;
width: 100%;}

Australian Taxation Authority

0 Download2 Pages / 408 Words

Question:
Discuss about the assessable income of an individual.

Answer:

Part A
Introduction
Assessable income of an individual is the income of that person that is subjected to income tax by the Australian Taxation Authority (ATO) provided such income exceeds the tax-free threshold limit stipulated by the ATO[1]. There are various sources of assessable income that are considered by the ATO while arriving at the tax liability of an individual. In the given case scenario, David is a medical practitioner who has to discontinue his practice due to his illness. The income from practicing is considered to be personal service income of a person. In a similar manner, deductions are available to an individual that are set off against assessable income of an individual[2]. David has other sources of income such as income from investment, dividend and income from rent. The primary objective of this essay is to evaluate and determine that whether deductions can be claimed for compulsory costs that are required to be incurred by David during his period of illness against his assessable income[3].
Elaborate of the above mentioned points. The introduction should be 10% of the total word count allotted.
Body (Do not include this heading while writing the final piece)
Discuss of the following points:

Assessable income of medical practitioners
Deductions available and their types
Analysis of the case with reference to the provisions of the law stipulated in the ITAA 1997. This portion will include the opinion of the author in light of the legislative provisions and rules stipulated by the ATO.

Conclusion
A brief summary of the points discussed above. It should also be 10% of the word count.

Part B
To David
Sub: Advise on your assessable income and deductions that can be availed
Ref: It can be a letter dated **/**/****
Dear David,
Discuss the following:

Important issues related to the case
Legislative provisions applicable
Advise on the matter and a detailed discussion of whether deductions can be claimed

Thanking you.
Yours sincerely,
ABC Solicitors

References
INCOME TAX ASSESSMENT ACT 1997 (2016) Austlii.edu.au
Part 10 – Tax Planning For Doctors – Mcmasters’ Accountants (2016) Mcmasters.com.au
What To Include In Your Assessable Income | Australian Taxation Office (2016) Ato.gov.au
[1] What To Include In Your Assessable Income | Australian Taxation Office (2016) Ato.gov.au
[2] INCOME TAX ASSESSMENT ACT 1997 (2016) Austlii.edu.au
[3] Part 10 – Tax Planning For Doctors – Mcmasters’ Accountants (2016) Mcmasters.com.au.

Free Membership to World’s Largest Sample Bank

To View this & another 50000+ free samples. Please put
your valid email id.

E-mail

Yes, alert me for offers and important updates

Submit

Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

UploadUnique Document

DocumentUnder Evaluation

Get Moneyinto Your Wallet

Total 2 pages

PAY 1 USD TO DOWNLOAD

*The content must not be available online or in our existing Database to qualify as
unique.

Cite This Work
To export a reference to this article please select a referencing stye below:

APA
MLA
Harvard
OSCOLA
Vancouver

My Assignment Help. (2017). Australian Taxation Authority . Retrieved from https://myassignmenthelp.com/free-samples/australian-taxation-authority.

“Australian Taxation Authority .” My Assignment Help, 2017, https://myassignmenthelp.com/free-samples/australian-taxation-authority.

My Assignment Help (2017) Australian Taxation Authority [Online]. Available from: https://myassignmenthelp.com/free-samples/australian-taxation-authority[Accessed 19 December 2021].

My Assignment Help. ‘Australian Taxation Authority ‘ (My Assignment Help, 2017) accessed 19 December 2021.

My Assignment Help. Australian Taxation Authority [Internet]. My Assignment Help. 2017 [cited 19 December 2021]. Available from: https://myassignmenthelp.com/free-samples/australian-taxation-authority.

×
.close{position: absolute;right: 5px;z-index: 999;opacity: 1;color: #ff8b00;}

Thank you for your interest
The respective sample has been mail to your register email id

CONGRATS!
$20 Credited
successfully in your wallet.
* $5 to be used on order value more than $50. Valid for
only 1
month.

Account created successfully!
We have sent login details on your registered email.

User:

Password:

MyAssignmenthelp.com delivers assignment help to millions of students of USA. We have in-house teams of assignment writers who are experts on wide ranges of subjects. We have appointed teams of native writers who provide assignment help to students in New York City and all over the USA. They are skilled assignment writers who successfully cater to search terms like do my assignment in the USA

Latest Business Law Samples

div#loaddata .card img {max-width: 100%;
}

BU1112 Business Law
Download :
0 | Pages :
6

Course Code: BU1112
University: James Cook University