Category Archives: Tax

California Proposition Essay

What is proposition 13?

Property taxes in California have been a controversial issue for very many years. In mid 1978, approximately ⅔ of voters in California passed proposition 13. Before it had been passed, property taxes increased almost annually according to the assessed value of the property. In the 1970s, there was a remarkable growth in the real estate market and the value of homes rapidly went up. Property values were escalating substantially since assessors had to keep assessed values current. On the other hand, increments in the evaluated value were not made annually.

Therefore, this led to a huge tax shock for homeowners after every few years. After Proposition 13 was passed, there are several things that have taken place. The cap….

What Is GST? Essay

* GST is a comprehensive tax on manufacture, sale and consumption of goods and services at a national level and aimed to remove the cascading effect of tax, standardise the procedural aspect and create a single, unified Indian market to strengthen the economy. * Its effective implementation would change the tax administration and the manner of conducting business in India. In short, the GST is likely to be a game changer for the industry.

ITS APPLICABILITY

* GST is a tax on supply of goods and services.

* It is proposed to implement dual GST in India. * GST would be applicable to all the industry except alcohol, petroleum products and power. * However, gradually, these sectors may also be included….

Corporate Tax Case Study Essay

You are a CPA with an office in NearLakes City and clients consisting primarily of professionals, entrepreneurs, and small business owners. John Smith, Esq. , a practicing attorney with offices near yours, walks in your office and wants advice from you relating to a recent influx of cash he received as a result of winning a large jury verdict on behalf of his client in a personal injury case. His wife Jane Smith accompanies him during your meeting because she has some additional tax planning advice to ask of you.

After reviewing John and Jane Smith’s points of view, it will be your turn as a tax professional to decide on the best course of action from a tax perspective on their issues…..

Basic Vat Techniques Essay

At the retail level, sellers are charged the statutory VAT rate (currently 14% for all commodities except gold which is zero-rated so pays no VAT) and receive a rebate for the tax revenue paid on intermediate inputs. The net payment is the statutory VAT rate applied to only the value added for that commodity. This tax collection method encourages “self-policing”— producers are more likely to purchase intermediates from sellers who can verify that they have paid the value added taxes due. When the VAT was initially introduced, there were concerns that it could not replace the GST as a source of government revenue.

In addition, a VAT may affect producers’ input choices. When the VAT is administered with rebates for intermediate inputs, there….

Australian Income Tax Guidance Notes Essay

However, there is a catch; you can only treat it as your main residence for 6 years. Hence nearing the end of the 6 year period you would need to move back into the house and re-establish it as your main residence.

Put simply, you can only have one tax free house at any one time that has to be established as your main residence and if you move out you only have 6 years for it to continue to be your main residence. Topic 5 Annuities and Foreign Pensions Topic 6 Termination payments Topic 7 Small Business Entities

Valuation of trading stock (S9-180) The three bases to value the trading stock are as following: * Cost (S9-190) * Market selling value (S9-220)….