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Taxation

Financial accounting is a fascinating subject. The course will expose an individual's skills to quantitative techniques and theory that will be useful in the financial industry - a portfolio manager, risk management consultant, or financial analyst. Financial accounting holds the oxygen of any industry with its acute understanding of the functioning and the costing involved.

Question 1 - The Lotteries Commission conducts an instant lottery called 'Set for Life' under which a winner who scratches three 'set for life' panels win $50,000 each year for 20 years. The first $50,000 is payable as soon as the winner is notified, and later amounts are payable on the first anniversary of the first payment. In the event of the death of the winner, the Commission may pay any outstanding costs to the deceased's estate.

Requirement: Is the annual payment income? Give reasons for your decision.

The taxable income is subjected to the 'Income tax'. And ordinary income refers to ordinary concepts and taxable consider under the "S-6-5 ITAA 1997". The taxpayers earning is tre... ated like earnings with ordinary ideas. The legal everyday concepts are explained through the case law approach. The federal court of law in "Scott v FC (1935) held that whether or not the particular receipt constitutes comes under the concepts is reliant on the characteristics in the recipient's hand. Appropriate regards should be paid to the entire circumstances where payment is received. The taxation commissioner held that the gains require characterization in determining whether the benefits carry the character of income. 

Question 2  Corner Pharmacy is a chemist shop. It provides no credit sales but accepts major credit cards. It sells items off the shelf, and the proprietor fills prescriptions for cash and payments made under the Pharmaceutical Benefits Scheme [PBS]. Three (03) assistants are employed. The following financial data is provided:

Cash sales --------------------------------------------$300,000

Credit card sales-------------------------------------$150,000

Credit card reimbursements -----------------------$160,000

PBS:

- Opening balance -----------------------------------$25,000

- Closing balance ------------------------------------$30,000

- Billings ----------------------------------------------$200,000

- Receipts ---------------------------------------------$195,000

Stock

- Opening stock--------------------------------------$150,000

- Purchases-------------------------------------------$500,000

- Closing stock ---------------------------------------$200,000

Salaries ------------------------------------------------$60,000

Rent ----------------------------------------------------$50,000

Requirement:

On the assumptions that an accrual basis applies and the cost of sales and other outlays are allowable deductions for tax purposes, calculate the pharmacy's taxable income.

Capital structure is still puzzling for the financial analyst, managers of the organization. The primary purpose of this report is to evaluate the capital structure, theories based on that evaluate... or the financial analyst, managers of the organization. The primary purpose of this report is to evaluate the capital structure, theories based on that evaluate the capital structure of limited Altium

Question 3 What principle was established in IRC v Duke of Westminster [1936] AC 1? How relevant is that principle today in Australia?

Positive accounting research is one of the most datable topics, and articles need to intend to focus on the attributes that are directly associate with the utilization of hypothesis and statistics ...

About the implementation of positive accounting research, this article sheds lights on the theory of knowledge and obstacles of satisfied methodologies like imperfect reproduction to es methodologies.

About the implementation of positive accounting research, this article sheds lights on the theory of knowledge and obstacles of satisfied methodologies like imperfect reproduction to establish sufficient confidence due to low – interest level in numerical specifications and model development. This article aims to highlight the points that result in insufficient, thereby, in turn, offering several substitutes that assist in creative writing useful positive accounting research.

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