Essay Several Taxation Policies Which Needs to be Complied – Law Assignment Help

Assignment Task:

Task:

Taxation 
INTRODUCTION
With the ramified economic changes. there are several taxation policies which needs to be complied by. the individual to determine the taxation liabilities. In the starting of this report. income tax assessment of the individual in context with the gill and taxation liabilities on the received gift has been taken into consideration. After that in the end. capital gain taxation liabilities of the individual has been computed in context with the Australian taxation rules and regulation (Sakurai. & Braithwaite, 2013). This report has revealed the key understanding on the taxation liabilities and the tax planning which could be undertaken by the individual in order to determine the tax amount to be paid on the earned capital gain. 
QUESTION I-
(a) Tips from the customer — Legislation – according to the provision qf income tax assessment act 1936. a gill will not be regarded as income in the hands of the recipient. By contrast, a tip received by any person as a result of service rendered to the customer shall be considered as income in the hand of the recipient. Taxability according to the relevant case laws and provisions under the income tax assessment Act 1936. tips received by Emmi from the customers shall be considered as her income because the tips are received in relation to service provided by her (Marshall. Smith. & Armstrong. 2016).

(b) Income from working in the Crown Melbourne restaurant. Legislation- any income received by any person from the employer shall be considered as salan and wage income and taxable in the hand of the recipient. Taxability – in the hand of Emmi amount received from the restaurant shall be taxable as salan and wages income. Em Page 4 / to Ck m and accordingly tax has to be paid by Emmi.