{"id":125767,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/australian-taxation-law"},"modified":"2017-08-16T06:06:09","modified_gmt":"2017-08-16T06:06:09","slug":"australian-taxation-law","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/australian-taxation-law\/","title":{"rendered":"Australian Taxation Law"},"content":{"rendered":"<div class=\"the_content_wrapper\">\n<p>Australian Taxation Law<\/p>\n<p>The length for this assignment is 600 words.<\/p>\n<p>Tom Ltd is incorporated in Australia. It is a retailer who sells clothes to the public. The following transactions occurred in the year ended 30 June 2013.<\/p>\n<p>1. The company purchased $180,000 stock during the income year. The opening balance of its stock was $120,000 and the closing balance was $160,000.<\/p>\n<p>2. The company paid $10,000 bonus to its Chief Executive Officer.<\/p>\n<p>3. The company also sells goods to customers on credit. During the year, a number of customers owing a total of $15,000 defaulted on their accounts.<\/p>\n<p>4. A competitor has recently applied to the council for permission to operate as a clothes retailer in the commercial building next to Tom Ltd. Tom Ltd incurred $30,000 in legal fees opposing the application. The action was successful.<\/p>\n<p>5. During this year, Tom Ltd received $35,000 fully franked dividend; and paid $15,000 income tax. It also declared and paid $280,000 fully franked dividend to its shareholder (you can assume the open balance of franking credit account is zero).<\/p>\n<p>Advise Tom Ltd of the Australian income tax implications of the above transactions. Provide relevant case law, ATO rulings and section references to support your answer.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Australian Taxation Law The length for this assignment is 600 words. Tom Ltd is incorporated in Australia. It is a retailer who sells clothes to the public. The following transactions occurred in the year ended 30 June 2013. 1. The <a href=\"https:\/\/www.benedictsol.com\/blogs\/australian-taxation-law\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-125767","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/125767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=125767"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/125767\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=125767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=125767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=125767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}