if tax law partnership under s995-1 ITAA97: (a) Partnership T: general law partnership 10 taxation...
80.2K
Verified Solution
Link Copied!
Question
Accounting
if tax law partnership under s995-1 ITAA97: (a) Partnership T: general law partnership 10 taxation law partnership is WF taxation law partnership General law partnership facts in the background. EXTE Section 5 of the Partnership Act 1958: TR94/8 provides the factors in deciding whether a partnership exists between two or more persons: According to the background, Mrs Kylie and her husband does not have written partnership agreement. Besides, the business receipts are all recorded solely under her name. 5 business. These are less likely to be satisfy for the requirement of a general law partnership under TR94/8. which means that they do not form a general law partnership. However, they are jointly in receipt of the business income under 5995 -1 ITAA97 when the wife deposited the business receipt into their joint bank account and the receipts are used for their household and business purpose. if tax law partnership under s995-1 ITAA97: (a) Partnership T: general law partnership 10 taxation law partnership is WF taxation law partnership General law partnership facts in the background. EXTE Section 5 of the Partnership Act 1958: TR94/8 provides the factors in deciding whether a partnership exists between two or more persons: According to the background, Mrs Kylie and her husband does not have written partnership agreement. Besides, the business receipts are all recorded solely under her name. 5 business. These are less likely to be satisfy for the requirement of a general law partnership under TR94/8. which means that they do not form a general law partnership. However, they are jointly in receipt of the business income under 5995 -1 ITAA97 when the wife deposited the business receipt into their joint bank account and the receipts are used for their household and business purpose
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!