Joel is an executive in the printing company in Sydney, one day he needs to visit one of his client in Canberra, He drove his car and on the way he was stopped by the police because of speeding He got speeding ticket of $450, discuss whether Joel can claim the deduction under S8-1 (General Deduction)?

Joel is an executive in the printing company in Sydney, one day he needs to visit one of his client in Canberra, He drove his car and on the way he was stopped by the police because of speeding He got speeding ticket of $450, discuss whether Joel can claim the deduction under S8-1 (General Deduction)?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 14DQ

See similar textbooks

Similar questions

John has an auto which is covered for collision losses subject to a $250 deductible. Kate's auto also has collision coverage but her deductible is $500. John got in an accident while borrowing Katie's car and incurred a $2,500 covered collision loss. John's policy will pay s of the covered loss. Katie's policy will pay $ IMPORTANT: Your answers should be rounded to the nearest integer and should NOT include symbols ('S' or ).
Jeremy received a tax refund check and needs to have it deposited into his account. He decided to ask his friend JT to do that for him. What does Jeremy need to write on the back of the check to make sure that JT doesn't cash the check for himself?
After agreeing to rent a car from Drive-Around Inc., Eden is given the keys to one of the agency’s cars by Fess, a Drive-Around employee. With respect to the bailed property, this is a. not a delivery. b. an involuntary delivery. c. a constructive delivery. d. a physical delivery.
Peter Pan is a self-employed delivery driver. On one delivery trip, Peter Pan received a $100 ticket for being double parked in violation of city traffic laws. In an attempt to avoid the ticket, Peter Pan slipped the parking enforcement officer a $20 bill to "look the other way". Unfortunately, the parking enforcement officer took the $20, but still gave Peter Pan the ticket. How much of the $120 can Peter Pan deduct as a business expense?
Quince owns a used-car lot where Ray works as a salesperson. Quince tells Ray not to make any warranties for the cars. To make a sale to Sylvia, however, Ray adds a 50,000-mile warranty. Later, Sylvia sues Quince for breach of warranty. Quince may hold Ray liable for any damages he must pay to Sylvia under which remedy: a. indemnification b. avoidance c. constructive trust d. accounting
For each of the following situations, indicate the nature and amount of the penalty that could be imposed. Description of the Penalty AND Penalty Amount $ a. Larry is a tax protester and files his tax return in the name of “Mickey Mouse.” b. Anne writes a check for $900 in payment of her taxes that she knows will not clear the bank due to insufficient funds in her account. c. Gerald understated his tax liability by $10,000. The total amount of tax that should have been shown on his return was $70,000.
Joe Berry, who lives in Territory 5, carries 10/20/5 compulsory liability insurance along with optional collision that has a $300 deductible. Joe was at fault in an accident that caused $2,100 damage to the other auto and $800 damage to his own. Also, the courts awarded $14,000 and $9,000, respectively, to the two passengers in the other car for personal injuries. How much will the insurance company pay, and what is Joe’s share of the responsibility?
Prashant works in Australia Best bank, where he needs to wear business attire all the time (Business Shirts, and suits) while he is working in the bank. He bought a new suit for $350 last week. Advise whether Prashant can claime the $350 as a deduction under S8-1 , Please give short explanation!
Serena operates a gift shop. To reduce costs of credit card transactions, she offers customers a discount if they pay in cash. For the holiday rush, she hires some short-term workers but pays them cash and does not add them to the payroll. a. What are some of the tax problems Serena might have? b. Assess Serenas chances of audit by the IRS.
Mario is engaged in a pharmaceutical business. One day, Mario unnecessarily bought from Dario a truckload of supplies and medicines to be sold in his pharmacy so that he could post the cost in his ledger as expense to reduce his tax liability. Is the contract of sale between Mario and Dario valid? Why or why not? 2. Joanna entered into a loan contract with Marie over Marie’s car where Joanna is the borrower and Marie is the lender. It was stated in the contract that the ownership will be transferred to Joanna. The title to the car was given to Joanna who registered the car in her name. Before the end date of the contract, Joanna expressed her intention to buy the car. But Marie refused to agree to Joanna’s intent. Was Marie correct in refusing to agree to Joanna’s intent? Why or why not? 3. Scott requested Jenny to work with the Bureau of Internal Revenue (BIR) in further reducing the tax liability of the company believing her to be an accountant. Meanwhile, Jenny took advantage of…
Sining stole a watch of Benita, then sold it to Goreng for the amount of 5,000. Goreng is in good faith. Can Sining recover the watch from Goreng?a. No, Goreng is good faithb. Yes, with reimbursement of 5,000 to Gorengc. Yes, without reimbursement of 5,000d. No, Sining need to file a court proceeding
You are the junior accountant at CBW Bank. You have been asked to assist with the 30 June 2022 tax work: As part of the bank manager’s contract she was provided with a BMW luxury motor vehicle for her work travel. The contract for the provision of the car was entered into on 1 January 2020. The bank manager is permitted to take the car home at the end of the day and there is no restriction on her use of the car for non-work purposes. The car was originally acquired by the bank on 1 January 2019. The cost of the car was $90,000. Other details regarding the car are as follows: Petrol and oil $6,000 Registration $2,000 Insurance $1,800 Repairs and Maintenance $1,000 Speeding fine $600 The manager is required to contribute $100 per month. The car travelled 50,000 km for the year FBT year. Of these, 30,000 km related to business travel. Required: Calculate FBT liability for the car based on the most effective tax method. Type your answer in the space provided.