Taxation Law Practice Essay Example | Topics and Well Written Essays - 2250 words

Taxation Law Practice - Essay Example In Australia, income taxes are increasingly imposed with higher income earners paying a higher percentage than lower income earners (ATO, 2007) Where income is earned in the form of capital gains on prescribed assets, only half of the gain is measurable for Capital Gains Tax (CGT) purposes if it was held for at least 12 months. If the assets were held for less than 12 months, then it is fully measurable for CGT purposes. A person's principal place of residence however is exempt from CGT. Where income is earned in the form of capital gains on prescribed assets, only half of the gain is assessable for Capital Gains Tax (CGT) purposes if it was held for at least 12 months. If the assets were held for less than 12 months, then it is fully assessable for CGT purposes. A person's principal place of residence however is exempt from CGT. Medicare (National Health Insurance) is charged at a flat 1.5% rate. If you earn more than 50,000 and do not have private health insurance you are liable for an extra 1% of your taxable income. This extra charge is known as the Medicare Levy Surcharge. Companies and corporations pay tax on profits. Not just like personal income taxes which use a progressive range, corporate taxes in Australia are calculated at a flat 30% rate. Tax is paid on corporate income at the corporate range before it is distributed to individual shareholders as dividends. A tax credit called a franking credit is provided to individuals who receive dividends to reflect the tax already paid at the corporate level a process known as dividend imputation (ATO, 2007). GOODS AND SERVICES TAXES The Federal Government levies a multi-stage tax of 10% on the supply of most and services by entities registered for Goods and Services Tax (GST). There are lots of supplies which are GST-free just like many basic foodstuffs, medical and educational services, exports; input-taxed like residential accommodation, financial services; exempt similar to Government charges; or outside the scope of GST. The profit from this tax is disseminated to the States. State governments do not charge any sales taxes though they do impose stamp duties on a series of transactions (ATO, 2007). PROPERTY TAXES Local governments are typically funded largely by property taxes on residential, industrial and commercial properties. Aside from that, some state governments charge tax on land values for investors and primary residences of high value. The state governments also charge taxes on the transfer of property title and the registration of commercial leases. Fire Service Charges are also frequently applied to domestic house insurance and business insurance contracts. These charges are required under State Government law to assist in funding the fire services in each State (ATO, 2007). EXCISE TAXES Both the federal and state governments require excise

Identufy the six techniques for writing a successful narrative, and Essay

Identufy the six techniques for writing a successful narrative, and describe how this can be applied to one or more of the reading in Part 3 of your textbook - Essay Example They can even be therapeutic – giving us an outlet to express ourselves and deal with emotions that might otherwise be threatening or unpleasant (Parker and Wampler, 2006). The common bond of all stories is the narrative aspect – how the story is written, or told. According to Arlov (2005), there are six aspects of an effectively written story. These are: using chronological order; having a conflict that must be resolved; showing the action, instead of just telling what happened; making a clearly defined point – the theme of the story; placing a greater emphasis on the most important details; and using examples from everyday life (Arlov, 2005). In this paper, the art of storytelling – the successful incorporation of each of these aspects - is examined in the work of Obafemi Carr. Carr’s story, â€Å"The Game of My Life,† is (on the surface) about his participation, as a 29-year-old man, in a YMCA basketball game. A deeper analysis, however, reveals that it is about his relationship with his father and, perhaps to a greater extent, about his ability to overcome his own youthful insecurities. The beginning action starts at the present moment – in the basketball, but then the story flashes back to the â€Å"beginning† - the narrator (Carr)’s childhood. From there, Carr progresses in chronological order to his teenage and college years, and then he takes the reader back to the present with him – back to the ball game. This flashback-flash forward device works because it only displaces the reader chronologically for the first three paragraphs in order to better set up the story’s tension. Carr’s story has one main conflict that needs to be resolved. From the story’s text, the reader gathers that Carr grew up feeling distanced from his father because of his lack of sports involvement. As Carr puts it, â€Å"My father hadnt taught me the game, probably because he had grown up in