University : Victoria University
Course Title : BLB3134
Uploaded by : Mark polee
Table of Contents
Introduction
Analysis of transactions
Conclusion
Bibliography
Income tax is a central theme when considering the revenue generation system within the federal government in Australia. Resident individuals are taxed at progressive rates, which are referred to as the marginal tax rate, while companies and business entities are taxed at fixed rates based on the turnovers. The Australian Taxation Office is the authority responsible for collection and operates primarily based on two major statutes namely the Income Tax Assessment Act of 1936 and 1997. Furthermore, Taxation Rulings are also considered as legal provisions that individuals and corporations must abide by to ensure compliance with the taxation system in the country. The current study analyses a set of transactions entered into by Anna and her employer XYZ, both of which fulfil the residency requirements for taxation ....