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    BULAW 3731 INCOME TAXATION – Law & Practice Assignment

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    Part 1 Schubert, Mahler and Tull are resident Australian seamen employed on the fishing trawler MV St Cecilia. Whilst on a routine fishing operation the captain of St Ceciliaheard a radio message thatSS Titan, an abandoned oil tankerabout 20 nautical miles to the south was drifting towards the Australian coast. The vessel was badly holed, leaking oil and with present currents and tidal situations it was drifting towards a coral reef a short distance from a stretch of environmentally sensitive coastline. If the tanker wrecked on the reef the environmental and economic consequences would b...

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    Income by ordinary concepts does not have a specific meaning but has been trialed in Australian courts n number of times. Generally, an assessable income of a taxpayer includes income which is ordinary by concepts, and hence they are termed as ordinary income. Some of the provisions controlling the assessable income which is listed in the section of 10-5 may affect the general treatment of the ordinary income. It’s also stated that being an Australian resident, the income which is derived directly or indirectly from sources, whether being in the country or not, during the taxable year is termed as ordinary income.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

    This report aimed to develop a critical understating of the various accounting software by evaluating the cloud-based accounting software in regards to businesses and then suggest the most appropriate accounting software to a chosen company such as Woolworth. The findings of the current report reflected that the company has key activities like manage, organize, maintain its store staff, develop various strategies for the business, billing for their products, maintain their transactions, and records them and handle their conflicts, etc. Similarly, its other activities related to revenue and expenditure cycle also includes sales and purchase related practices. Moreover, some internal controls are found weak in Woolworth due to which company has risks like segregation of duties, major frauds, poor corporate governance, improper monitoring of managerial opportunistic behavior.

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