upon her reaching the age of 21
The Shelley Ora Co also has the discretion to pay or apply part or all the daughter’s share of the income for her education, welfare, betterment, or advancement in life.
During the last tax year, the trust had a net income of $500,000. Shelley Ora paid $75,000 towards the cost of Laurie’s education in law school.
Patsy received, as other income, net rents of $100,000. Devin received $150,000 under a trust created by his grandfather Sidney’s will and Laurie earned $37,500 from working as the junior sales executive in Sidney’s toy shop, in which due to her exceptional sales performance, she was awarded a car valued at $20,000.
Who is assessable on the income of the trust estate? Indicate the basis upon which they would be assessed and calculate the taxable incomes (indicating any entitlements to credits) of the Patsy, Devin, and Laurie.
Hank and Irma have run a potato business in partnership since 1990. To establish itself, the partnership initially borrowed heavily, and Hank and Irma only contributed a small amount of capital themselves. The partnership now owns a warehouse and leases three trucks. It is very profitable.
Hank and Irma have three children: Twins Tim aged 17, Anne aged 17 and eldest daughter Jane aged 28. Tim is finishing his final year in law school, Anne is currently pursuing her MBA but is interested in working in the business and Jane is working as a private banker in Singapore for the past 5 years and she married a Singaporean.
In 2014, Hank and Irma have decided to make their kids partners with Hank and Irma, with all of them taking equal shares in the partnership. In 2015, the business expanded to New Zealand and from 2016, 30% of the income comes from New Zealand while 70% of the business income comes from Australia.
Irma is entitled to draw $20,000 from the business every year for her to manage the household expenses and though the final figures are not out, it looks like the business may be making a $10,000 loss in 2017.
Although they do not have the final figures, it seems that 2017, the year’s net accounting loss, after paying Irma’s $20,000 was $10,000.
Briefly discuss the income and CGT implications of each of those two options.
It is a common tax planning technique for small businesses to incorporate, transfer the business premises into a superannuation fund and then lease/license back the premises to the company.
Explain the tax advantages of such a technique. Identify the primary tax law considerations and limitations. Get Law homework help today
Why Choose Us
At Myhomeworkwriters.com, we always aim at 100% customer satisfaction. As such, we never compromise the quality of our essay services. Our essay helpers ensure that they craft each paper carefully to match the requirements in the instruction form.
Professional Academic Writers
With Myhomeworkwriters.com, every student is guaranteed high-quality, professionally written papers. We ensure that we hire individuals with high academic qualifications who can maintain our quality policy. These writers undergo further training to sharpen their writing skills, making them more competent in writing academic papers.
Our company maintains a fair pricing system for all paper writing services to ensure affordability. Our pricing system generates quotations based on the properties of individual papers.
MyHomeworkWriters guarantees all students of swift delivery of papers. We understand that time is an essential factor in the academic world. Therefore, we ensure that we deliver the paper on or before the agreed date to give students ample time for reviewing.
Myhomeworkwriters.com maintains a zero-plagiarism policy. As such, MyHomeworkWriters ensure that they use the students’ instructions to deliver plagiarism-free papers. We are very keen on avoiding any chance of similarities with previous papers.
Customer Support 24/7
Our customer support works around the clock to provide students with assistance or guidance at any time of the day. Students can always communicate with us through our live chat system or our email and receive instant responses. Feel free to contact us via the Chat window or support email: firstname.lastname@example.org.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Our writers complete papers strictly according to your instructions and needs, no matter what university, college, or high school you study in.
Our Essay Writing Services
MyHomeworkWriters holds a reputation for being a platform that provides high-quality academic services. All you need to do is provide us with all the necessary requirements and wait for quality results.
At MyHomeworkWriters, we have highly qualified academic gurus who will offer great assistance towards completing your essays. Our essay help service providers are well-versed with all the aspects of developing high-quality and relevant essays.
Admission and Business Papers
With Myhomeworkwriters.com, we will help you secure a position at your desired institution. Our essay writing services include the crafting of admissions papers. We will still help you climb your career ladder by helping you write the official papers that will help you secure a job. We will guide you on how to write an outstanding portfolio or resume.
Editing and Proofreading
Myhomeworkwriters.com has a professional editorial team that will help you organize your paper, paraphrase it, and eliminate any possible mistakes. Also, we will help you check on plagiarism to ensure that your final paper posses quality and originality.
My Homework Writers harbors professional academic writers from diverse academic disciplines. As such, we can develop essay help services in all academic areas. The simplicity or complexity of the paper does not affect the quality of essay writing services.