...LAWS7012 | Business Taxation Assignment – Semester 1 | 2014 Important Facts to Note 1. The assignment is worth 40% of the assessment in this course. 2. The assignment has 2 questions. 3. You must submit your assignment before 4.00pm on Thursday, 17 April 2014. 4. Students must submit their assignment electronically via the Turnitin link [LAWS7012 | 2014 – Semester 1] in the Assignment Submission folder in the Assessment area of the course website in Blackboard. Online assignments do not require a separate cover sheet. Refer to documentation in the Assignment Submission folder on the naming requirements of the assignment file. 5. There is no prescribed word limit for this assignment and no penalties will be applied for students who exceed the suggested word limit. As a guide, your assignment could be completed in approximately 3,500 words. 6. Students must retain a hard copy of their submitted work. 7. Students need to be aware of and abide by the university’s policy on plagiarism. More detailed information on this issue can be found in: a. UQ Student Integrity and Misconduct Policy http://ppl.app.uq.edu.au/content/3.60.04-student-integrity-and-misconduct b. On-line Academic Integrity Tutorial https://www.uq.edu.au/integrity/Login.aspx?ReturnUrl=%25252fintegrity c. Law School Resource | Avoiding plagiarism http://www.law.uq.edu.au/?page=103927 8. Also, review Sections 5.3, 5.5 & 6.1 of the Course Profile for information on assessment procedures. In particular...
Words: 3176 - Pages: 13
...matter which department (manufacturing, purchasing, sales, accounting, and so on) has entered the data into the system. ERP facilitates information flow between all business functions inside the organization, and manages connections to outside stakeholders. This PAYROLL SYSTEM is a part of an ERP. This system involves calculations and registering of cash payment of the company to their employees (which involves Salaries, Incentives, Benefits and Taxation) as stated by the law itself. Even though PAYROLL is normally under Human Resource Department of a company, yet this system makes it much more independent from the core of the said department. A PAYROLL is the sum of all financial records of salaries for an employee, wages, bonuses and deductions. In accounting, payroll refers to the amount paid to employees for services they provided during a certain period of time. Payroll is crucial because payroll and payroll taxes considerably affect the net income of most companies and they are subject to laws and regulations 1.1PROJECT OVERVIEW Payslip Generation Salary Computation Payroll Report Generation Payroll System Deductions and Taxation Calculation Financial Reports In and...
Words: 1433 - Pages: 6
...AUSTRALIAN TAX LAW Contents ANSWER-01(A) 1 CASE STUDY 2 Facts 2 Option: (b) 2 Option: (c) 3 ANSWER-01 (B) 3 CASE STUDY 4 ANSWER-02 (A) 6 CASE STUDY 6 ANSWER-02(B) 7 CASE STUDY 8 REFERENCE LIST 10 ANSWER-01(A) Fringe Benefit Tax Assessment Act, 1986 (FBTAA, 1986), states that entertainment is not allowed as a tax that can be a deductible expense, as given under section 955-1 of the Income Tax Assessment Act, 1997 (ITAA, 1997). This is however only, unless till the time a Fringe benefit Tax (FBT) @ 46.5% has been paid upon the same. One also has to keep in the considerations important factors such as: * GST to be levied at 10% of the fringe benefit amount. Section 136 of FBTA also states that if there is a benefit which is provided to the employee or to the third party who is related to the third party who may be the spouse, and such a benefit has been provided in a manner which is either full or in part, as a work benefit and a liability that arises for the payment of FBT then Goods and Services Tax may also be applied on the same and the tax payer denied of the GST credits, it may also apply the lower gross-up rate for FT. There are many Companies which may organize entertainment functions for the people employed under them and the third parties with respect to these employees in the form of either gifts or parties. The party maybe on the site or offsite and include food and drink with recreations like banks and gifts may also form a part...
Words: 2576 - Pages: 11
...Ocean Carriers: Case Study MBA 540 Fall 204 Janelle Roche King Quaidoo Suzanne Ekstrom Net Present Value: 15 Year Evaluation if the United States with a 35% Taxation Net present value is used in order to determine the present value of an investment by the discounted sum of all cash flows received from a project. In this case this would be the calculation of the single project capital budgeting for Ocean Carriers Inc. and a purchase of 15 year operation vessel. This 15 year time span would begin in 2000 and continue until 2017. Ocean Carries Inc. in this scenario would be subject to the United States 35% taxation. In order to calculate the net present value the free cash flow had to be calculated. Using the formula; EBIAT + depreciation – capital expenditure - change in net revenue + after tax proceeds from the sale of a ship (Year 17: $645,899 + $1,630,000 - 0 - ($756,295) + $8,710,000 = $11,742,193.61) the free cash flow was calculated. Using that calculation the present value of the free cash flow was calculated using the formula; Free cash flow / (1 + 9%) ^ Event year. After summing the total of the present value free cash flow the conclusion was the net present value. After fully comprising the single project capital budget it can be concluded that the Net Present Value would equal -$7,805,694. The net present value rule states that an investment should be accepted if its net present value is greater than zero and should be rejected if it is less than zero. Following...
Words: 1110 - Pages: 5
...A STUDY ON PROGRESSIVE INCOME TAX A CASE STUDY OF US & BRAZIL ________________________________________ INSTRUCTOR: DALIA EL-EDEL ECON 310-02 TERM PAPER - BY: JIHAD MASHAMOUN 900-08-2910 LARA AZZAM 900-09-3033 LUJANE MULLA 900-10-1019 ABSTRACT There is no doubt that the widening income disparities were a major driving force fueling the recent uprisings within the Middle East. One solution that has been put forth for adoption is the progressive income tax. This paper intends to assess the theoretical bases and popular arguments surrounding this very dynamic topic. The first section provides a brief definition of progressive taxation in contrast with other forms of taxation. It also discusses the most dominant for and against arguments both from a theoretical and an empirical point of view. The second section provides a case study of progressive income taxes in a leading industrial and developed country; the US. The third section provides a comparative study from Brazil; an emerging economy that has recently adopted progressive taxation. Based on the theoretical analysis and the two case studies, the paper concludes by providing policy recommendations that should be implemented in order to complement progressive taxation and gain the best and most balanced results in terms of equality, efficiency and revenues. Finally taxation is only part of the economic equation; proper efficient tax system is only one step forward towards creating equal opportunities through proper...
Words: 4032 - Pages: 17
...com/india/EDasks- for-CWG-broadcast-contract-details/articleshow/6904772.cms] , Bhalla Monish "Unprofessional Service Tax rules for certain professionals" on 04 November 2010 [http://www.caclubindia.com/articles/unprofessional-servicetaxrules-for-certain-professionals-7363.asp] , CA. Mohan Rajat "GST recent developments" [http://www.caclubindia.com/articles/gst-recent-developments-5308.asp] , Singh Kumar Dheeraj "Historical Background of VAT" [http://www.caclubindia.com/articles/historical-background-of-vat-1716.asp] , By Mahony,Megan , Journal of State Taxation. Nov/Dec 2012 Vol 31 Issue , P 15-18 4P- An recent activity related to sales Tax , By Piquado ,Paul , Federal register 10/22/2012, Vol 77 Issue 204 P 64468-64471- Circular welded carbon - Quality steel pipe from India :final affirmative countervailing duty determination , Journal of Financial service professionals Nov 2012 , Vol 66 Issue 6 P8-10, 3 P , Title Indirect Taxation Students guide on indirect taxes Author Balachandam,V Bangar,Yogendra & Bangar Vandana Edition 11th 1st Year 2012 2012 Publisher Name SULTAN CHAND & SONS ABS...
Words: 3216 - Pages: 13
...Introduction Chapter-One: Introduction Executive Summary: Tax is the main source of government revenue. Every country has a good taxation policy. Like this Bangladesh has also a Tax policy or act. There is an Income Tax Ordinance which is Published in the Bangladesh Gazette, Extraordinary, dated the 4th June, 1984. As a student of Business Administration I need to learn about the tax system of the country. For the purpose of gathering ideas on taxation and fulfillment of course requirement I have prepared this report. I think it will helpful to know the taxation policy. This report made on especially individual tax assessment (Income Tax). Keywords: Income Tax Ordinance, 1984; Tax, Income, Income year, Assessee, Assessment year, Salary, Heads of Income, Section 2(1), Section 33, Section 20, Other sources, Income from Agriculture. Objectives of the Study: Every assignment must have a clear and certain objective. The objective of this assignment is to gather ideas about individual tax assessment. Beside this there are some other objectives behind this report. These are cited below. * To know about the tax and taxation policy. * To identify individual’s tax liabilities * To know the policy regarding tax implication and tax exemption. * To know how tax is calculated and what rate is applicable on specific items. Methodology of the study: This report has been written on the basis of secondary data by Francis Mondol, a student of BBA, Faculty of Business Administration...
Words: 2599 - Pages: 11
...Qualification structure and syllabus CIMA Chartered Management Accounting Qualification 2010 December 2008 Contents CIMA now designs its qualifications in what we believe to be a unique way. Based on rigorous international primary research with all of our key stakeholders and involving the participation of over 6,000 individuals and organisations – members, students, employers (both existing and potential), CIMA tuition partners, universities and our examiner and marker team – we have designed a professional finance training and development solution that is second to none. I commend this revised CIMA Professional Qualification to you. It will be examined for the first time in 2010, so there is plenty of time to absorb the exciting changes contained in the pages that follow. A qualification focused on the future – fit for purpose, relevant and unique I am honoured to introduce the new 2010 Chartered Management Accounting Qualification to all of our stakeholders. With seismic shifts occurring in the world’s economy, coupled with accelerating concerns about the sustainability of our planet, never before has there been a greater need for organisations to train and develop their people to manage the impact of these changes. With this revised qualification CIMA remains true to its long and proud history of providing finance professionals with a difference – Chartered Management Accountants – who combine management and finance skills in a unique way and who fully understand...
Words: 22006 - Pages: 89
...THOMAS STUDENT I.D: JAJED0A UNDERSTANDING AND INTERPRETING FINANCIAL DATA DBQAN30 COURSEWORK ON RATIO ANALYSIS This assignment comprises an individually analysed and presented case study, designed to assess the depth of knowledge of ratio analysis at an introductory level, and to demonstrate ability to comment on the result obtained and write a short report advising the users of financial information. You are provided with the criteria that will be used for assessment. The coursework will contribute 30 per cent of the final module mark. The assignment must be submitted by 12:00 on FRIDAY 14th May 2010. Late submissions will not be marked. Coursework assessment The aims of the coursework are as follows: • To demonstrate an understanding of appropriate theory and application of relevant techniques. • To apply ratio analysis in order to interpret financial data. • To write commentary and report as a structured, fluent and coherent piece of work. Assessment criteria are reported in the Appendix. Instructions • The word processed report should be 1000 words in length (excluding calculations), plus or minus 10 per cent. Assignments outside this length will be penalized 10 per cent for every further 10 per cent deviation in length. • All calculations should be shown in an appendix. All assignments will be checked electronically for plagiarism and collusion. MCC plc MCC plc is a carpet retailer that operates a network of stores throughout...
Words: 2440 - Pages: 10
...An Analysis of the Impact of the Jock Tax on a Regional Basis Prepared for Professor McWhite Economics 5900 Spring 2016 Prepared by Zachary Zahedi Zahedi16@uga.edu 22 April 2016 Abstract: The study focuses on the marginal tax rate that professional football players face in the United States. This tax rate, which is assessed based on the proportion of days spent in the state of work throughout the NFL season, is called the jock tax. NFL players are not the only professional athletes in the United States that face this tax, however, the structure of their pay and the salary cap figures make the analysis the most manageable. After examining specific player data, my study determined that were significant discrepancies between a player’s effective tax rate within their conference and division and the average salary differences. The argument that critics have against the jock tax claim that players may be severely detrimental to the after tax earnings of all NFL players. Section I: Introduction According to a recent study in early 2016, the state of California collected just over $229 million from nonresident athletes due to the imposition of the ‘jock tax’ in 2013 (Artz, 2016). California is among 19 states that impose the jock tax on athletes that are visiting said states for performing in professional sporting events. The jock tax represents an auxiliary income tax imposed on nonresidents by the state in which the players are traveling. For example, a player...
Words: 4437 - Pages: 18
...(http://www.thecasesolutions.com/) (http://www.thecasesolutions.com) Posted on Home (http://www.thecasesolutions.com) >> Business Case Studies (http://www.thecasesolutions.com/business-case-solutions) >> American Greetings ← Previous Post (http://www.thecasesolutions.com/simons-hostile-tender-for-taubman-22197) Next Post→ (http://www.thecasesolutions.com/yokohama-corp-ltd-a-22201) American Greetings Harvard Case Solution & Analysis AN INDUSTRY IN DECLINE Greeting card industry was faced massive changes as it had attained maturity and was now in decline. Overall greeting card sales had been contracting in the U.S. for some years and negative growth was expected in the next five years to 2015 (Exhibit 4). Hallmark was the largest card company in the U.S. that was privately owned by the Hall family with $4 billion of revenues. The organization had expanded its operations in more than hundred nations and thus it was well-diversified geographically. Overall, the U.S. card industry was contracting with 9% reduction in last six years and the trend was expected to continue with a minimum of 4% decline over next 4 years and 16% in a worst case scenario. Major cause and diver of this decline in demand was changing social interaction norms and advent of alternative forms of communications through social networking and digital imaging. Increase in use of these alternatives by the populace to express their love and keep in touch with their close ones was reducing the need to send paper based...
Words: 1337 - Pages: 6
...Course Schedule Course Modules Review and Practice Exam Preparation Resources Module 10: Transfers of property among family members Overview The transfer of property between persons not dealing at arm’s length is one of the elements that must be considered in taxation to ensure that there are no unexpected tax consequences. The ITA contains rules to prevent tax benefits inconsistent with the spirit of the ITA when people are not dealing with each other at arm’s length. These rules apply mainly where the beneficiary of the transfer or loan of property does not give the transferor sufficient consideration or there is an unacceptable attempt to split income. To reduce taxes on death, the situation can be planned by carrying out an estate freeze, which involves estimating the taxes payable on death and limiting them to this estimate. This module describes some different freezing techniques that are available. Module 10 focuses on (1) your technical knowledge in taxation, and (2) your professionalism in respect to the integrative approach. The technical material mainly focuses on the tax treatment of gifts and non-arm’s length transactions, the attribution rules that limit the ability to split income within a family unit to take advantage of the progressive tax rates, and the usefulness of the estate freeze mechanism for reducing taxes on transferring wealth to the next generation. From an integrative perspective, professionalism includes relations with...
Words: 9446 - Pages: 38
...Case Study 1 – Ocean Carriers 1. The Capital Budgeting Decision Should Ms. Linn purchase the Capesize vessel? Assume that Ocean Carriers is a U.S. firm and is subject to 35% taxation. (Please see excel sheets) From our analysis it appears that Ms. Linn should not buy the Capesize vessel. The Net Present Value on the Ocean Carrier is not a positive number, a clear indicator that buying the vessels is not a good idea. The tax rate of 35% makes a lot of difference in determining this NPV. In our calculations we did assume a tax rate on the final sale of the vessel. If it were possible, or known, the tax rate on the salvage it might be more feasible to buy the vessel, and end up with a positive NPV. The effect of taxes on EBIT and thereby NPV is easily seen in our analysis numbers. As taxes remain steady and profits from operations falls, the prudence of the investment becomes apparent. Assume that Ocean Carriers in based in Hong Kong, where owners of Hong Kong ships are not required to pay any tax on profits made overseas and also are exempt from paying any tax on profit made on cargo uplifted from Hong Kong. (Please see excel sheets) If the tax rate were a non-issue it would make sense to buy the vessel. Running our analysis with a zero tax rate gave a positive NPV. This is due to the effects of taxes on EBIT. While it is more realistic to expect a tax rate, draw of having a zero tax rate would make this project more attractive to management, and possible. It may...
Words: 982 - Pages: 4
...Planners Vol. 2, December 2009, pp. 126-135, © Bangladesh Institute of Planners ISSN 2075-9363 Problems and Prospects of Municipal Holding Taxation System: A Study on Bhairab Pourashava Md. Samiul Huda* Muhammad Rashidul Hasan** Abstract Local governments in Bangladesh have several options at hand to finance their activities and pursue their fiscal policy. These options include the imposition of taxes and the generation of non-tax revenues through fees, levies, cost recovery and user charges, property and investment income, domestic and foreign borrowing, the sale of assets and domestic and foreign grants. Urban Local Governments (ULGs) in developing countries are in dire need of resources not only for investment to meet the increasing demand of growing urban population but also for maintenance of the existing services. But the resources of the municipal bodies are inadequate; infrastructures are in poor condition and services maintenance is neither enough nor would cover the new expansions. Inefficient governance of the municipal bodies is partly responsible for this. Holding tax plays an important role in own revenue of Pourashavas. About 35-45% revenue comes from holding tax. But in Bhairab Pourashava it contributes only 18-20%. Every year, its demands and collection are decreasing. Many factors are responsible for this. This study tries to find out the problems of holding tax collection and assessment. Pourashava requires to pay more attention to solve these problems. If...
Words: 4087 - Pages: 17
...economic growth and development. Ghana’s fiscal structure prior to 1983 had generally been characterised by low tax revenue. As a result Ghana undertook a number of reforms prescribed by the International Monetary Fund and the World Bank under the Economic Recovery Programme (ERP) and the Structural Adjustment Programme (SAP). Tax reforms constituted one of the essential ingredients of SAP. The tax reform process has assumed diverse dimensions over the pass two and half decades. One of those tax reforms was the Value Added Tax scheme (VATs). The purpose of this study is to assess the impact of the VATs on revenue mobilisation in Ghana using tax buoyancy ratios. This study is a contribution to the ongoing debate over the appropriate mechanisms for expanding the tax base in developing countries. It explains the difficulties faced in constructing a culture of compliance especially among informal or partially formal. The study used ordinary least regression and...
Words: 8054 - Pages: 33
