"Q1.\tWhere is the primary source of the Commonwealth Parliament’s taxation power found?\r\nQ2.\tWhat are the primary sources of tax law?\r\nQ3.\tExplain what topic Taxation Ruling TR 98/17 discusses?\r\nQ4. How is the Medicare levy calculated?\r\n Q5. Which Division of the Income Tax Assessment Act 1997 denies a company that has been fined under Commonwealth consumer legislation for engaging in misleading and deceptive conduct from deducting the costs of the fine?\r\nQ6. Explain how Section 25-45 ITAA97 relates to specific deductions?\r\nQ-7Explain the significance of the High Court case, W Thomas & Co Pty Ltd v FC of T (1965) 115 CLR 58, in the topic of deductions?\r\nQ8. Explain the three ways that a taxpayer can choose to value each item of stock on hand a\r\nthe end of the income year.\r\nQ9. What is the applicable tax rate for a taxpayer who has $45,000 taxable income in\r\n2016/17?\r\nQ10. Explain the PAYG tax collection system?\r\nDuring the financial year Ram paid his tax agent $1,000 to complete the previous year’s income tax return. He also paid his solicitor $2,000 to draft an objection to an ATO assessment that he received two years ago. Ram also paid $50,000 in income tax.\r\nExplain with supported reasons which of the three costs are deductible.\r\nTo support the analysis in your answers refer where appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law.\r\n\r\nOn November 11 Tina a twenty year old international student arrives in Brisbane to study at university. She works part time in a local supermarket to help with living expenses and study fees. Her earnings to 30 June are $12,000. Regrettably she does not do well in the assignments and exams and fails all subjects. With deep regret she returns to her home country. Did the student become an Australian resident?\r\nJimmy is an Australian single full-time university student who works part time in\r\nrestaurant. During the year he has receipts as follows:\r\n(a)\tIncome from working in the restaurant $27,000;\r\n(b)\tTips from customers $750 cash;\r\n(c)\tAt Christmas time, a regular and satisfied customer gives Jimmy an expensive bottle of Scotch alcohol, worth $250. Jimmy does not drink and gives the bottle to his friend, Eva;\r\n(d)\tAlso at Christmas time, Jimmy’s parents give him as a gift $15,000;and\r\n(e)\tEach month his employer at the restaurant takes all staff including Jimmy out for dinner and the total expense of the food that Jimmy eats on these nights is $645.\r\nWhat is Jimmy’s assessable income for the year? To support the analysis in your answers\r\nrefer where appropriate to the ITAA 1936, ITAA 1997, Tax Rulings and/or case law.\r\nJosie is a single Australian mortgage broker who obtains loans for her clients from \r\nvarious banks. She earns commission from the banks when she introduces a successful \r\nloan application to any of the banks.\r\nUsually she works from home and at times she also visits her clients at their homes t\r\narrange the documents for the applications. At times she visits the branches of the \r\nbanks to drop in hard copies of the paperwork. \r\nHer home office is where she does most of the work with these applications, stores client \r\nInformation and keeps hard copies of the various client applications.\r\nHer home office occupies 15% of the total space in her home. Her outgoings in relation to her home for the current financial year are as follows:\r\n(a)\tCouncil rates $4,900\r\n(b)\tInterest on her home loan $18,900\r\n(c)\tElectricity and heating costs $6,800\r\n(d)\tCleaning lady $3,400\r\n(e)\tHome telephone (60% of which is for business use ) $2,700\r\n(f)\tMobile telephone bill (90% of which is for business use) $7,200\r\n\r\nCalculate how much of the above outgoings are a deductible expense for Josie?\r\n\r\n\r\n"