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Cases on Legal Issues

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Question 1Henry, a tax resident of Australia, was a famous jazz singer who passed awayrecently.Jack, apublisher was interested on Henry's life story and wantedtowriteabibliography on Henry's life. Jack approachedHenry's wife, Jenny(also a tax resident of Australia) to interview her on Henry's life story. She was offered $1 million forHenry story.Jenny waspaid $500,000 deposit before the interview. After theinterview she waspaid the balanceofthe money.Would the tax consequences have changed if Jenny had written the book herself?AdviseJenny on her tax consequences...

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Question 1Henry, a tax resident of Australia, was a famous jazz singer who passed awayrecently.Jack, apublisher was interested on Henry's life story and wantedtowriteabibliography on Henry's life. Jack approachedHenry's wife, Jenny(also a tax resident of Australia) to interview her on Henry's life story. She was offered $1 million forHenry story.Jenny waspaid $500,000 deposit before the interview. After theinterview she waspaid the balanceofthe money.Would the tax consequences have changed if Jenny had written the book herself?AdviseJenny on her tax consequences. Question 2Sally is a single parent who is employed as an accountant. In order to attendemployment she must put her young child in a day-care centre.Sally considers theexpense is necessarily incurred in gaining her income. Would she be entitled to a taxdeduction under s8-1?AdviseSally ofher tax consequences Question 3Josephconducts anplumbing business. With a view to future retirement he purchases20ha of land and plants native wildflowers that he plans to harvest and sell. As apreliminary measure he arranges to clear the land and plough in compost. It is expectedthat the first commercial crop will not be harvested forfive years. He incurs interest on a loan to finance the land purchase, land preparation costs, fertilizer costs and costs of acquiring native seedlings.AdviseJoseph of the tax consequences of the venture.You must cite the relevant case law and legislation

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A Professional is taxable for his income as ordinary income under section 6-5, ITAA 1997. For being a professional, the person must have some sort of skills to perform that profession. There is a difference between writing a book and getting paid for assisting in writing a book. The former here does not have the profit making intention. A business activity is one where there is a profit making objective with the taxpayer.To be a business an activity must be satisfying the following conditions:a. It should be repetitive in nature as a business deals on a regular basis.b. There must be some sort of skill in case of professional to perform his duty.c. Intention of making profit is present.d. Book keeping or recording of the transactions is there.

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