Answer no.1
The core of business activity is to gain profit. As these profits are earned form ordinary business activities, the profits are categorised as ordinary income for the business. However, there are some cases and scenarios where the business activity may include courses of actions that are not usual for the business nature. Here, we tried to find the consistency of ordinary income and the proceeds from these unusual business decisions.
At first we need to assess the characteristics for ordinary income. Ordinary income is generated from personal exertion (i.e. Salary income), property (rent, interest) and carrying out business activities. According to ITAA 1997, section 6-5 (1) , the assessable income constitutes income derived from ordinary concepts. There are some provisions listed under section 10-5 may be effect the treatment of ordinary income.
In case of FCT v Whitford Beach Pty Ltd (1982), The tax payer, a group of fisherman, acquired a land in 1954 to hold the property for domestic purpose of the shareholder. However, three companies wanted to buy the land and reselling the land for profit. Instead of buying the
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as the parent Myer Emporium would not engage into such transaction to issue loan to Myer Finance if Citicorp did not agree to take over and pay the lump sum back to the Myer Emporium. As Myer Emporium would receive interest income from the loan agreement with Myer Finance. Instead receiving the amount in periodic stream basis, the parent Myer Emporium received a lump sum from Citicorp which is assessable as income. The Californian Copper Principle was again applied by the court for the judgement in this case. Based on the general principle, such income is generated from a business activity (though it is an extra-ordinary transaction) and is consistent with ITAA 1997
The statutory standard of care for professionals such as teachers can be found in s 22 of the Civil Liability Act 2003 (Qld) which states that
The three procedures of accounting and bookkeeping assist an individual in recognising the most effectual use of capital incomes, gauging the properties of the cost controls across their finances. The accrued economic data is collected into usable data facts and reports are summarised for their decision-making procedure. By recognising and gauging costs, individuals can transfer capital to advance productivities and decrease costs.
Kathryn Strong (the plaintiff) a disabled woman who requires the use of crutches, she encountered injury when the tip of her crutch came into contact with a chip lying on the floor of an area occupied by Woolworths (the sidewalk area) in a shopping centre in Taree at around 12:30pm. The plaintiff sued Woolworths and the occupier of the shopping centre, succeeding against Woolworths but failing against the occupier.
In accounting there is much to be learned, about the financial aspects of a business. In the past five weeks I have learned the importance of financial reports and how they relate to the success of an establishment. These reports may include balance sheets and income statements, which help accountants and the public grasp the overall financial condition of a company. The information in these reports is really significant to, managers, owners, employees, and investors. Managers of a business can take and deduce financial
On the 24th of September 1993 a letter was sent by DAL addressed to ECCCL in confirmation of the payment of $256,800 from Minters trust account for the term of 10 years with repayment of US $500,000 at maturity representing $256,800 principal and interest of AUD 243,200. This letter was a sign of acknowledgement of indebtedness by DAL to ECCL rather than a bearer certificate, which was required. It provided Youyang with no security against insolvency of ECCCL. Minters paid ECCCL the
.As per the definition given by Australian Tax Office (ATO) (2015), assessable income is that income which can be taxed, providing us earn high to exceed the tax-free limit. Example of the assessable income are- salary and wages, income from bank accounts, pensions, rent, dividend and other income from investments, bonuses and overtime an employee receives, commission income , etc.
Bulsey & Anor v State of Queensland [2015] QCA 187 signified the requirements of legal justifications when conducting unwarranted arrests, and further expresses the importance of the right to personal liberty as it is ‘the most fundamental of the human rights recognised under the common law.’ It was evident to the Judges that at least one officer held reasonable suspicion that “the suspect” had committed an indictable offence, but the lawfulness of the arrest was inevitably questioned as to whether an officer with reasonable suspicion was the arresting officer. The judgements in favour of the appellants heightens the need for officers to use their powers within the ‘confines of the law’ when ‘forcibly arrest[ing] and detaining’ a person as to preserve the right to personal liberty, for once this right is left in the power of any authority, to imprison arbitrarily whomever they suspect, ‘there would soon be an end of all other rights and immunities.’
Police officers including approximately six armed members of the “Special Emergency Response Team” forcibly entered the appellants’ (Bulsey & Anor) house. Bulsey was taken from his bed, placed on the floor, handcuffed and dragged out to the street and later charged with riotous assembly and destruction of a building. In subsequent committal proceedings, the respondent conceded it did not have a case against the first appellant. He was discharged. Bulsey (the first appellant) sued the respondent for damages for trespass to the person (assault, battery and false imprisonment). Anor (the second appellant) sued the respondent for damages for assault and false imprisonment. The trial judge dismissed the appellants’ claims with costs, with judgments in favour of the respondent.
In the R. v. Stinchcombe case, a lawyer was charged with breach of trust, theft and fraud. His former secretary was a Crown witness at the opening of the investigation. She provided relevant evidence towards the defence. Former to trial, she was interviewed by an RCMP officer and a tape‑recorded statement was taken. Far along during the progress of the trial, she again was interviewed by a police officer with a written statement taken. The defence counsel was notified of the occurrence but not of the statements. His request for a disclosure was declined. However, throughout the trial, the defence counsel acknowledge without a doubt that the witness would not be called by the Crown and required an order that the witness be called or that the Crown disclose the main statements to the defence. The trial continued and the accused was found guilty of breach of trust and fraud. Conditional stays were entered with respect to the theft counts. The
In this case, Success Assets Pty Ltd (Success) borrowed money from Statewest Credit Society Ltd (Statewest) to purchase land, and the land was mortgaged as security. The plaintiff entered into a guarantee in favour of Statewest which secured the loan and all future loans from Statewest to Success. Success used money borrowed from Home Building Society Ltd (Home) to pay the loan from Statewest. Statewest’s rights under the guarantee (which includes those relating to future loans) and Home’s rights under the were transferred to the defendant, Bank of Queensland (BOQ).
financial statements” (Waxman, 2013, p. xiii). It is the purpose of this paper to discuss some of
You may not know it but you also own a portion of the common land in Windrush. There are five small parcels of land that total 5.674 acres of common property that that you own 1/39th of the land in total. Meaning, you own a portion of the whole but not a specific piece of the land. If you owned 1,000 shares of a Corporation that had 10,000 shares outstanding, you couldn’t go in and claim a tenth of the business. You own a tenth of the whole. Now don’t you feel richer for that? We all own that land and we are all responsible for caring for that land. Furthermore, we all get to use that land within the rules established by the Property Owner’s Association, (POA). There is a Corporation that owns the land of which we are all voting shareholders
The Civil Liability Act 2002 (NSW) (“the Act”) has been moderately principled and extremely effective in its reforms to duty of care in negligence. In light of the facts, the main relevant area of reform in the Act has been to liability for psychiatric injury. These reforms have largely been principled in following the recommendations of the Ipp Report and common law, but have made deviations in order to better achieve the goal of reducing liability for psychiatric injury. These have been very effective changes in achieving this goal. However, the principles the Act is based on, contradict legal and normative principles, creating injustice by disentitling people and enhancing the distinctions between physical and mental injury.
The aim of this report is to investigate the Douglas Harvey Barber v Guardian Royal Exchange case. The main findings of this report is to see what effect Douglas Harvey Barber had on the financial services industry before and after his case.
Penny purchased the land to build her own family home. The land was held as a capital asset and was not intended for profit such that any gain on disposal of the investment on land should be treated as on capital account. (Californian Copper Syndicate v Harris).