Journal Of Law Society Of New South Wales -Myassignmenthelp.Com

Question: Discuss About The Journal Of Law Society Of New South Wales? Answer: Introducation The current case study is based on the determination of the income tax return for the Percy Grainger. There are certain assumptions in determining accounting income tax consequences which are as follows; Salary received by Percy will be considered as the assessable income under the section 6-5 of the ITAA 1997. The total amount of dividend that is received by Percy will be included in the taxable income of Percy. Additionally, the franking credit that is attached to the dividend will be subjected 30% deductions of the sum received (Buchanan and Consett 2016). The determination of the capital gains is subjected to 50% discount under the discount method from the sales proceeds. Additionally, Percy would be entitled to deductions for expenses incurred on attending the seminar under section 8-1 of the ITAA 1997. According to the section 8-1 of the ITAA 1997 an individual incurring expenditure on traveling that is entirely related to the business or work purpose would be entitled to claim an allowable deduction for the same (Richards 2014). Therefore, Percy would be entitled to claim an allowable deduction for the expenses incurred on travelling. Percy has occurred expenses on accountant fees for preparing tax. Therefore, according to the Australian taxation office Charlie would be entitled to claim an allowable deduction for the accountant fees incurred on preparing tax return. Reference List: Buchanan, R. and Consett, E., 2016. Section 974-80 ITAA97: The current state of play.taxation-law Specialist,19(5), p.217. Richards, R., 2014. Taxation: economics share schemes.Law Society Journal: the official journal of the Law Society of New South Wales,52(3), p.40.