Information: The essay must be between 1,000 and 1,500 words in length (exclusive of footnotes). The...

Question

Information: The essay must be between 1,000 and 1,500 words in length (exclusive of footnotes). The essay is worth 20% of the total marks for this unit. It must be lodged via Turnitin in Assessments on Blackboard. It is due by 11.59 pm WST Friday 13th October 2017. The link for lodgement of this essay will be automatically removed at 11.59 a.m. WST on Friday 13th October 2017. Late lodgement of the assignment will attract penalties. Information Holly Homeowner bought a house in 2008 and lived in it for 2 years. At that time she ensured that the house was in good condition and rented it out. Eighteen months ago the tenants moved out and a new tenant moved in. Holly wanted to delay the arrival of a new tenant as the house needed painting due to some deliberate damage caused by the previous tenant, however, the new tenant needed to move in immediately as his children had to start school the following week. The tenant agreed to move in despite the need for re-painting. On 1s1 May 2017 the tenants moved out as construction had finished on their new house. Holly had decided to move back into the house when this tenant vacated the premises. As soon as the tenant vacated the premises Holly sent in a team of tradespeople to work on the house. She paid the following expenses: XXXXXXXXXXDishwasher repair XXXXXXXXXXCarpenter — to fix small amnuntc of riamanpAn_thp

Robert · Accepted Answer

Tax Project  1
Tax Project 
Name of the Student 
Student ID 
Name of the University 
Name of the Lecturer 
10/02/2017
Tax Project  2 
Introduction 
The present tax project is based on the taxpayer Holly Homeowner who has asked to provide 
the necessary responses to her tax queries.
Facts of the Case 
,
Date  Nature of Expense     Amount Incurred 
15.05.2017 * Dishwasher repair     250 
20.05.2017 * Carpenter – to fix small 
  Amount of damages to woodwork   1,400 
25.05.2017 * Electrician – install new integrated smoke 
  Detectors throughout the house   590 
  * Replace all missing light globes and repair 
  Power points which were not working  340 
  * Repairs to Alarm system    220 
01.06.2017 * Plumber – repairs to hot water system  150 
  * installed new cistern in downstairs 
  Toilet       130 
07.06.2017 * Painter – repairing of entire upstairs of  
  The building      3,500 
15.07.2017 * Painter – repainting of downstairs 
  And garage      5,900
Tax Project  3 
Relevant Law and Legislation 
As per the taxation ruling TR 97/23 which speaks about income tax on deduction for repairs 
explains the situations under which a taxpayer can claim expenditures incurred by a taxpayer 
for repairs is an allowable deduction under the section 25-10 of the relevant Income tax 
assessment act, 1997.  
As per the said ruling which explains the repairs, maintenance and replacement expenses 
incurred on rental properties, the expenses that a taxpayer can claim are as follows: 
 The costs of painting work can be claimed as repairs; 
 The costs of conditioning gutters; 
 The costs of the maintaining plumbing; 
 The costs of repairing electrical appliances; 
 The costs of mending leaks; 
 The costs of replacing broken part of the fences or broken glasses in windows; 
 The costs of repairing any machinery.

Information: The essay must be between 1,000 and 1,500 words in length (exclusive of footnotes). The essay is worth 20% of the total marks for this unit. It must be lodged via Turnitin in Assessments...

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment