71306 Taxation Level 7 Assignment Answer

This is the assignment answer's of 71306 Taxation Level 7 Assignment Answer NZ.

This online course will enable you to tackle all of your tax problems with ease and confidence.

From legislation, case law, rulings and practice from the Inland Revenue Agency- this is a comprehensive package for those who are looking to brush up on their accounting skills or completely change careers into accountancy.

And also this online course provides an excellent opportunity for entrepreneurs in need of professionalization as well as individuals seeking new career opportunities such as finance professionals switching industries.

Assignment Solution of 71306 Taxation Level 7 Assignment

Assignment Activity 1. the theory of taxation in New Zealand

The theory of taxation in New Zealand is to ensure everyone pays their fair share at a level that reflects the amount they earn.

The Income Tax Act 2007 has set out what tax bracket people are in and when they need to reduce their deductions because they have reached a higher tax bracket.

You only need to work this out once as the amount will carry on from year-to-year until you go above another income limit.

If you are not sure about your situation, use this tool on the Inland Revenue Department website.

Assignment Activity 2. Taxpayers’ liabilities with respect to goods and services tax

A Taxpayers’ liability with respect to goods and services tax (GST) is the amount of GST that an individual, business or other entity becomes liable for on the purchase of taxable items.

It also applies in full to individuals who are effectively self-employed by doing some part-time work in a company as well as those engaged in share market trading. This liability may arise without registration.

The main governing body for VAT taxation is Revenue Canada. They have a tax on goods and services called the Goods and Services Tax.

This is one of the widest taxes we pay because everyone pays it; from people who buy groceries to people who take public transportation.

Assignment Activity 3. fringe benefit tax

The fringe benefit tax is an amount deducted from certain salary payments.

Fringe benefits are considered a form of compensation, and as such they're subject to taxation.

The rate of taxation on the fringe benefit is determined by which state that the employer lives in.

A person may want to use different things to achieve these. For example, trusts or other legal vehicles.

They might also be able to reduce the taxes on the family business by making it an "S Corporation."

Assignment Activity 4. principles and common mechanisms of tax planning.

The three principles of tax planning are

-Knowing what is a taxable event

-Reducing your current taxable income

-Maximizing the deductions and credits on which you are eligible.

It's important to note that people should consider their specific situation in order to determine if any particular action is right for them.

They could consult their accountant or another qualified professional for advice or information about the impact, benefits, and potential drawbacks of a given course of action.

The common mechanisms of tax planning are to minimize income, maximize deductions, manage passive losses, and defer taxes until the next year.

You can achieve these by using a trust or other legal vehicle. You can also lower tax bills at the time of death if you own a small business and turn it into an S Corporation.

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