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Prepare a research paper on the current tax structure of the AUSTRALIA any pertinent facts regarding the country and its tax structure and an analysis of the country’s tax treaty with the United Stat
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Prepare a research paper on the current tax structure of the AUSTRALIA any pertinent facts regarding the country and its tax structure and an analysis of the country’s tax treaty with the United States. In this analysis of the tax treaty, I want you to compare the differences between the actual treaty and the U.S. Model Tax Treaty. In addition, you MAY also compare it against the OECD model treaty. One point, I am NOT looking for you to explore portions of the treaty that are the same as either the U.S. Model Treaty or the OECD Model Treaty, I am looking for the DIFFERENCES and w...Solution Preview:
Income tax in Australia is levied under two heads name as ordinary income and statutory income. The taxation period starts from 1st July to 30th June.
Ordinary Income includes Income from Employment, Income from Business, and Income from House Property. Statutory income includes all the other income of an individual which is not included in ordinary income like income from capital gain. The tax charged on the Individual is on the basis of progressive tax system. The tax rates are different for tax residents and for non residents.
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.
