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    HI6028 Taxation Law

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    RIP Pty Ltd is a resident private company carrying on the business of undertaker/funeral director. It operates out of premises comprising office facilities, a chapel and assembly area and professional rooms. Its other assets include a fleet of motor vehicles. For the year ended 30 June 2016 the company reported a net profit of $2.45m. Its income arises from the provision of funeral services financed as follows:  Fees payable under a ‘net, 30 days’ invoice.  Fees payable under several external insurance contracts to which bills are issued under a ‘net, 30 days’...

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    Part A
    Arthur Murray (NSW) Pty Ltd vs FCT (1965) 114 CLR 314
    Facts: The report will discuss in detail about the position of tax of the accomplished income and still not earned. This was in addition to the case of Garden.  
    Challenges: the firm was providing extra or tuition-based services where the students had to pay in advance. The commissioner required tax-based income and it is in the computation for the accomplished income and not the income which was earned. The classes not taken and still, the amount was accomplished in advance, the commissioner was advice for a refund the amount to the students, therefore, failing to be some kind of revenue for the company (Devos, 2012). 
    Conclusion: income requires not just to be achieved, however also earned to be more assessable. The organization does not get the fees, however, was not earning it. The firm only gets the fees amount, however not earn it. The overall amount can be paid only can be assessed once the students took all kinds of lessons.
     

    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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