Essays on Australian Taxation Office Article

Download full paperFile format: .doc, available for editing

The paper "Australian Taxation Office " is a perfect example of a business article. Chris Jordam AI is the acting chairman of the 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 a collective investment vehicle Ascertain the tax treatment of Islamic Finance Product Implementation of the consolidation regime Ensure a taxation structure for the whole economy The 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 are 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 in 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.

References

Board Members, The Board of Taxation, Australian Government, 2011, retrieved on April 11, 2011 from http://www.taxboard.gov.au/content/Content.aspx?doc=about/board_members.htm

Current Activities, The Board of Taxation, Australian Government, 2011, retrieved on April 11, 2011 from http://www.taxboard.gov.au/content/Content.aspx?doc=current_activities/default.htm

Confidentiality, taxpayers Charter: The Board of Taxation, Australian Government, 2011, retrieved on April 11, 2011 from http://www.ato.gov.au/corporate/content.aspx?menuid=0&doc=/content/25915.htm&page=4&H4

Commonwealth Consolidated Act, Income Tax Assessment Act,1997- Sec 15.2, 2011 retrieved on April 11, 2011 from http://www.austlii.edu.au/au/legis/cth/consol_act/itaa1997240/s15.2.html

Income Tax, Income Tax Assessment Act,1997, Australian Government

NTLG, Superannuation Technical Sub-group minutes, 2010, retrieved on April 11, 2011 from, http://www.ato.gov.au/v/content/00255533.htm

Taxation Office, The Board of Taxation, Australian Government, 2011, retrieved on April 11, 2011 from http://www.ato.gov.au/

Taxpayer Charter, The Board of Taxation, Australian Government, 2011, retrieved on April 11, 2011 from http://www.ato.gov.au/corporate/content.aspx?menuid=0&doc=/content/25915.htm&page=8&H8

Taxation Determination, The Board of Taxation, Australian Government, 2011, retrieved on April 11, 2011 from http://law.ato.gov.au/atolaw/view.htm?Docid=TXD/TD20105/NAT/ATO/00001&PiT=99991231235958

Download full paperFile format: .doc, available for editing
Contact Us