Essays on Assessment Item 1 Assignment 1 Article

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Part AChris Jordam AI is the acting chairman of Australian Taxation Board after the retirement of Mr. Richard F E Warburton AO and will continue on the same post until a chairman is appointed. (Board Members, 2011)The board of taxation has been entrusted with the following work (Current Activities, 2011)Calculate the tax treatment in relation to collective investment vehicleAscertain the tax treatment of Islamic Finance ProductImplementation of consolidation regimeEnsure a taxation structure for the whole economyThe information about the Australian Taxation Office can be found on their website of Taxation office which is http: //www. ato. gov. au/ and ensures that all the formalities and tax structure is looked after by all individuals, firms and corporations.

(Taxation Office, 2011)No, the taxpayer charter doesn’t allow the board or the department to disclose any personal information. The board has to safeguard the information and should ensure measures to guard it (Confidentiality, 2011) Private information relating to third parties will be released for banks, government agencies, and taxing authorities of another country with which they have an agreement. This will be done on the condition that the information won’t be leaked further and will be provided only if the matter is very urgent and very important (Taxpayer Charter, 2011)The taxable income is calculated in the following manner“Taxable Income = Assessable Income – Deductions” (Income Tax, 1997)Section 15-2 of the Income Tax Assessment Act 1997 provides the expenditure which is exempted from tax and is allowed as an allowable deduction.

The heading for this section is “allowances and other things provided in respect of employment or services”. (Commonwealth Consolidated Act, 2011)Division 8 of the Income Tax Assessment Act 1997 provides the value of allowances which is included into assessable income.

The heading for this section is Deductions. The value of the information which is allowed as an allowance in assessable income has to be in monetary terms. The information for the same can be obtained from the website of Taxation office which is http: //www. ato. gov. au/The taxation ruling of 2010/11 discusses the followingThe ruling discusses the administrative issue in relation to deductions and manner to implement it (NTLG, 2010)The technical issue in relation to practical applicability issues (NTLG, 2010)The deductions in relation to superannuation contribution (NTLG, 2010)Process of litigation (NTLG, 2010)The taxation rate set for 2010/15 for motor vehicles which are private and are above 2500 cc is 54 cents per kilometer (Taxation Determination, 2011)Part BJuliette is an English dancer and has engaged into a contract to work in Australia for a dancing company is contributing towards the income of Australia.

Further, she has a contract for 2 years during which she will stay in Australia and in the mean time gets married to a person from Australia thereby making her the resident of Australia as she will spend her entire life there. Juliette had to leave Australia in the mean time as the ill health of her mother forced her to leave for England and stay with her till she passed away one final day.

The charter of Australia prescribes certain norm which an individual has to meet to be considered as a resident of Australia. Meeting all of the criteria mentioned in the Charter makes a person be a local resident.

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