User Account

All Pages

What is rent-free business accommodation

Assignment Help Taxation
Reference no: EM13500199

Question-

Background

Luke Warm is an electrician who acts as a sole trader. In the year ended 30 June 2012, Luke received the following benefits:

1. Rent-free business accommodation worth $100 from his landlord.
2. Tickets for the rugby league grand final worth $50 from one of his customers who operates a newsagency.
3. Free light switches worth $150 from a supplier, of which he will use 80% to service his customers and 20% in his private residence.
Required

Calculate Luke's assessable income (if any) in relation to items 1-3 above. Quote relevant legislation (you must be specific) and show all workings for each item.

 

Reference no: EM13500199

Questions Cloud

Define what volume of the naoh solution would be required : If a 0.135g sample of NaCl were placed on an ion-exchange column in the H+ form and the eluate titrated with 0.1231 M NaOH, what volume of the NaOH solution would be required to reach a phenolphthalein end point
Calculate the isentropic thermal efficiency : Steam enters a turbine in a Rankine cycle power plant at 200 psia and 500 degrees F. Calculate the isentropic thermal efficiency if the condenser pressure is 14.7 psia
Find the rate of entropy production in solar concentrator : A solar concentrating heat exchanger system directs sunlight onto a long straight pipe. The pipe receives heat from sunlight at the rate of 153.616 Btu/hr per foot of length, find the rate of entropy production in this solar concentrator
Identify whether the interest is deductible in the year end : Identify whether the interest is deductible in the year ended 30 June 2012 in relation to the items above. Quote relevant legislation (apart from s. 8-1 ITAA 1997), cases or tax rulings for each item and very briefly explain your answer (a few wor..
What is rent-free business accommodation : Calculate Luke's assessable income (if any) in relation to items 1-3 above. Quote relevant legislation (you must be specific) and show all workings for each item.
Evaluate the value of n for the data in the equation : The H+ released in the eluate required 16.98 mL of 0.1024 M NaOH to reach a phenolphthalein end point. Calculate the percent zinc in the sample. Calculate the value of n for the data in the equation (the n on the H20).
Explain the reaction between dibenzyl ketone and benzil : Suggest two possible byproducts (excluding water) of the reaction between dibenzyl ketone and benzil in the presence of KOH.
What is the frequency of waves heard by the insect : A resting bat sends out ultrasonic waves at 50 kHz towards an insect that is approaching the bat with a speed of 20.0 m/s. What is the frequency of waves heard by the insect
Calculate lukes assessable income : Calculate Luke's assessable income (if any) in relation to items 1-3 above. Quote relevant legislation (you must be specific) and show all workings for each item.

Reviews

Write a Review

Taxation Questions & Answers

  Taxable income

Determine taxable income before considering expense.

  Prepare a tax research memo

Prepare a tax research memo to the file that addresses the issues you feel are most relevant to Mimi's various issures.

  Income by ordinary concepts

Explain what is meant by income by ordinary concepts

  Identify the tax issues

Identify the tax issues that are raised and the relevant sections of the legislation. Identify any cases and other sources of law or information that apply.

  Calculate carolines taxable income

Calculate Carolines taxable income

  Taxation – law and practice

Show the tax issues that are raised and the relevant sections of the legislation.

  Payment to the taxpayer

Brief statement in your own words of the facts of the cases.

  Prepare regular corporation tax return

Prepare the C Regular Corporation Tax Return for the Lawson And Norman Enterprise

  Taxation law

Advise the participants in the ‘barter' system of the income tax implications, if any, of participating in the system.

  A tax on cigarettes is a good way of raising tax revenue

Discuss- A tax on cigarettes is a good way of raising tax revenue for the government

  Prepare the required journal entry

Prepare the required journal entry to record the tax expense

  Calculate barbs taxable income

Calculate Barb's taxable income? What nonrefundable credit is Barb eligible for based on the information you have?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd