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Fringe Benefits Tax Assignment On Business Law

4: Herein Fringe Benefits Tax Assignment, the discussion will be made on the various expenses that the assesses might claim for the deduction under section 8.1 of the Income Tax Assessment act 1997. There are some basic criteria discussed in the Fringe Benefits Tax Assignment that can be assessed if the expenses are meeting the following criteria. If such expenses are incurred actually, and these expenses are not reimbursed from the employed and others. These expenses should be directly relatable to generate its ordinary income. There must be sufficient record to prove such expenses which are claimed for a tax deduction (Warren, 2016). The taxation of the deduction is as follows: Purchase of gel comfort shoes: This will be included as the tools and equipment that are essential to perform the ordinary activities of the assesse as a part of physical education's job as the cost of such expenses cost more than $300 for two pairs. Thus the deduction can be claimed over the life of the assets. Purchase of sun screams: The assessed can claim for the deduction for sunglasses, sunhats and suns cream lotions if it is relatable to its profession, thus claimable as deductible expenses. Cost of the one-day seminar: The cost of the one-day seminar can be included as deduction expense as it is related to the work culture of the educational profession as a physical educator. Taxi fare for travel: As per section 25.100 of the Income Tax Assessment act 1997, the assesse cannot claim for such expenses as this is related to the home to work. Rather as per sect 900.95, the assesse can claim for the travelling expenses if it is incurred for the business purpose only (White, J. and Townsend, 2018). Cost of first aid course: In the given case of Fringe Benefits Tax Assignment, the assets cannot claim the whole of $400 as it is partly reimbursed by the school amounting to be $400. Further assesse can claim for the deduction if it is related to a designated first aid person and required to undertake first aid training to assist in an emergency work situation. Thus, this amount cannot be claimed as deductible expenses (Chardon, Freudenberg and Brimble, 2016). The total dedication that the assessment can claim under section 8.1 is presented in the next section of Fringe Benefits Tax Assignment: Calculation of Deductible Expenses Particulars Amount Purchase of gel comfort running shoes worn every day( over the life) 460 Purchase of sunscreen, required as her classes are mostly conducted outside 70 Cost of a one-day seminar on new warm-up and stretching techniques 160 Taxi fares for travel from home to work when her car was at the mechanic 0 ost of first aid course (total before $200 reimbursement by the school) 0 Total 690 References: 2020. [online] Available at: [Accessed 23 June 2020].Ato.gov.au. 2020. Teacher And Education Professionals - Income And Work-Related Deductions. [online] Fringe Benefits Tax Assignment Available at: [Accessed 23 June 2020]. Bentley, D., 2019. Does A Capital Gains Tax Work? The Australian Experience Eleven Years On. Journal of Malaysian and Comparative Law, 23, pp.13-36. Black, C., 2018. Taxation of Intellectual Property Under Domestic Law and Tax Treaties: Australia. Taxation of Intellectual Property under Domestic Law, EU Law and Tax Treaties", IBFD: Amsterdam. Chardon, T., Freudenberg, B. and Brimble, M., 2016. Tax literacy in Australia: not knowing your deduction from your offset. Austl. Tax F., 31, p.321. Christensen, S., 2017. Tax update for property buyers. Australian Property Law Bulletin, 32(4), pp.63-65. Davis, G., Akroyd, P., Pearl, D. and Sainsbury, T., 2019. Recent personal income tax progressivity trends in Australia (No. 2019-05). Fringe Benefits Tax Assignment Treasury Working Paper. Ford, S. and Dibden, A., 2019. Gifted assets, valuation and ordinary income. Taxation in Australia, 53(10), p.560. O’Connell, A., 2017. Australia. In Capital Gains Taxation. Edward Elgar Publishing. Pasztor, J. and Valent, S., 2016. Fringe Benefit-still a Motivation?. In Proceedings of FIKUSZ Symposium for Young Researchers (p. 127). Óbuda University Keleti Károly Faculty of Economics. Revenue, I., 2017. Tax Information Bulletin. Interpretation. Soled, J.A. and Thomas, K.D., 2016. Revisiting the Taxation of Fringe Benefits. Wash. L. Rev., 91, p.761. Warren, N., 2016. e-filing and compliance risk: Evidence from Australian personal income tax deductions. Austl. Tax F., 31, p.577. White, J. and Townsend, A., 2018. Deductibility of employee travel expenses: The ATO's guidance. Taxation in Australia, 52(11), p.608. Wild, P., 2017. Determining commercially viable two-way and one-way ‘Contract-for-Difference’strike prices and revenue receipts. Energy Policy, 110, pp.191-201. Yuen, K., 2019. Navigating the trust loss provisions maze. Fringe Benefits Tax Assignment Taxation in Australia, 53(9), p.490.


Subject Name: Business Law

Level: Postgraduate


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