Which of the following is most likely not a trade transaction for income tax purposes?
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Which of the following is most likely not a trade transaction for income tax purposes?
A.
In August 2020, Jackie imported fine diamond jewelleries from South Africa which she placed it in her diamond boutique in London for resale on higher profits.
B.
Aziza imported a consignment of tourist gifts made of genuine leather from overseas. She subsequently sold all the gifts through a few tourist agents on commission.
C.
Alexander sold his inherited properties during the tax year 2020/21. The properties were inherited from his wealthy father. A property agent helped him in doing that by advertising the properties in a local magazine in search of good prices.
D.
Speculating the fluctuation in the price of gold, James bought a large quantity of gold on 1 July 2020 and successfully resold on 15 September 2020.
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- Janice acquired bitcoin in 2018 and 2020. This year, she used a portion of her bitcoin holdings to acquire 100 Litecoin. What are the tax implications of this transaction? What do you recommend Janice do to help track her acquisition and use of virtual currency (in order to have records readily available about these investments and their tax consequences)?Sarah purchased a warehouse for £420,000 in September 2020. She sold a retail premises to Bettina for £152,000 in November 2020. How much Stamp Duty is payable on these transactions and by whom? £10,540 by Sarah O £21,000 by Sarah and £3,040 by Bettina O £10,500 by Sarah and E40 by Bettina O £24,040 by Sarah(f) Kanye, an offshore RLWT person, has sold land in New Zealand. The sale proceeds are taxable under the bright‐line test. Kanye purchased the property at a cost of $750,000 and sold it for $800,000. Kanye has a $400,000 registered mortgage on the property with the BNZ in New Zealand, and has no outstanding rates. The purchaser paid a deposit of $60,000 in January 2018, and will pay the balance of the purchase price in March 2018. Kanye has a conveyancer who will be the paying agent in relation to the RLWT. When does the RLWT obligation arise, and how much RLWT is payable?
- Taryn would like to open a new business as an interior designer, to funds her ambition she sold some of the following assets: 1. Taryn sold a sculpture for $6,000 on 1 January 2020, she bought it on December 1994 for $1,500. Please calculate CGT on both Index method and Discount method and recommend which one is better with reference to Australian Tax Law. Advise the Capital Gain Tax Consequences for the above transactions,During 2020, Jackie sent her brother Junnie $2,500 via a telegraphic transfer through El Banco Prieto. The bank’s remittance clerk made a mistake and credited Junnie with $250,000 which he promptly withdrew. The bank demanded the return of the mistakenly credited excess, but Junnie refused to do so. The BIR entered the picture and investigated Junnie. Would the BIR be correct if it determines that he earned a taxable income under the facts? No, it was not her fault that the funds in excess of $2,500 were credited to him. Yes, income is a taxable income regardless of the source No, he had no income because he had no right to the mistakenly credited funds. No, the funds in excess of $2,500 were in effect donated to her.2. profile-image Arthur received a gift of virtual currency with a fair market value of $25,000 from his friend, Julie, who has no documentation to substantiate her basis. If the annual tax exclusion amount was $16,000 at the time of the gift, what is Arthur’s basis?
- May Tan, a 50-year-old Canadian citizen entered Singapore on 1 June 2020 to work for a Singapore company. Her contract is for 1 year. Which of the following statements is/ are TRUE? (i) May will be taxed as a non-resident for Year of Assessment 2021 as she is not a Singaporean(ii) May’s income from Singapore will be exempt from tax as she is not a tax resident(iii) May will be taxed as a resident for the Year of Assessment 2021 but as a non-resident for the Year of Assessment 2022. Question 8 options: 1) i only 2) ii only 3) iii only 4) None of the aboveMr. Chuang set up a company called Good Home Limited. The company holds several properties in Hong Kong and lease out to earn rental income. Mr. Chuang wonders whether the company should pay property tax or profits tax. He also concerns if double taxation of the same income derived from a property under property tax and profits tax will charge to Good Home Limited and how it can avoid this if so. Advise Mr. ChuangWhich of the following statements relating to the tax treatment of an employee is FALSE? (i) Christina, an Australian, is engaged to work in Singapore from 18 November 2020 to 31 December 2020. During the same period, she derived interest income from a loan given to a company in Singapore. All of her income sourced in Singapore will be tax exempt in YA 2021 since she exercised employment in Singapore for not more than 60 days in year 2020.(ii) Amy, a Singaporean, was seconded to work with a subsidiary company in Malaysia for 1 year, starting from 1 January 2020. For the Year of Assessment 2021, she will still be considered as tax resident in Singapore since her absence from Singapore is temporary.(iii) Xiao Ping, from China, commenced her employment with a Singapore company on 1 August 2020 and her contract will end on 30 January 2021. She is not required to travel outside of Singapore for work purposes. She arrived in Singapore on 15 July 2020 to settle in as well as to do some…
- Which of the following statements relating to the tax treatment of an employee is FALSE? (i) Christina, an Australian, is engaged to work in Singapore from 18 November 2020 to 31 December 2020. During the same period, she derived interest income from a loan given to a company in Singapore. All of her income sourced in Singapore will be tax exempt in YA 2021 since she exercised employment in Singapore for not more than 60 days in year 2020.(ii) Amy, a Singaporean, was seconded to work with a subsidiary company in Malaysia for 1 year, starting from 1 January 2020. For the Year of Assessment 2021, she will still be considered as tax resident in Singapore since her absence from Singapore is temporary.(iii) Xiao Ping, from China, commenced her employment with a Singapore company on 1 August 2020 and her contract will end on 30 January 2021. She is not required to travel outside of Singapore for work purposes. She arrived in Singapore on 15 July 2020 to settle in as well as to do some…acques is an alien assigned in the Philippines to manage the regional area headquarters of Deli France, a multinational company Juan is Jacques counterpart in the said office and receives the same salary as Jacques. Juan's salary for the year 2022 is: A. tax at 10% on gross income B. tax at 0% - 35% on taxable income C. exempted from tax like Jacques D. tax at 15% on gross incomeAccounting Gary wants you to calculate his personal income tax liability. He is a tax resident of Australia. During the year ended 30 June 2022 he received the following: Gross salary and wages of $138,000. His employer deducted from his salary PAYGW tax of $22,523. Interest income of $678 from the ANZ Bank Interest of $32 from the BNZ Bank in New Zealand. The $32 is after the New Zealnd Tax Authorities deducted withholding tax of $5.2O. A dividend of $156 from Rio Tinto. He also spent $250 on text books for his work as an IT engineer. He does not have private hospital cover. Required: Calculate his taxable income and his total tax payable for the year ended 30 June 2022.
