Paul, a foreign individual, has been seconded to work in Singapore for a period of 600 days. His employer has granted him various options listed below. Which option would be most beneficial if his personal income tax rate back home is 30%, his country does not tax worldwide income, and he is paid SGD40,000 for every 60 days of work? To work for 600 continuous days over 3 calendar years with effect from 3rd September. To work for 600 continuous days over 3 calendar years with effect from 2hd December. To work for 600 continuous days over 3

Paul, a foreign individual, has been seconded to work in Singapore for a period of 600 days. His employer has granted him various options listed below. Which option would be most beneficial if his personal income tax rate back home is 30%, his country does not tax worldwide income, and he is paid SGD40,000 for every 60 days of work? To work for 600 continuous days over 3 calendar years with effect from 3rd September. To work for 600 continuous days over 3 calendar years with effect from 2hd December. To work for 600 continuous days over 3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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As per Australian tax law Emma runs a business selling scarves. She purchases the scarves directly from scarf makers in Cambodia and sells them in makers markets in Victoria. The following transactions have taken place during the 2020/21 income year. Please advise Emma as to the tax consequences of each of these transactions (from (a)-(d)), referring where appropriate to legislation in your answer: Emma purchased $3,000 of scarves on 5 July from a scarf maker in Cambodia. The scarves were loaded onto a ship the next day and under the terms of the contract, Emma was to take ownership and control of the scarves once they were loaded on that ship. Half of the scarves were delivered to Emma on 8 August. The rest of the scarves were delivered directly to a customer in Indonesia on 10 August. The customer had purchased the scarves from Emma on 20 July. Click or tap here to enter text. At 30 June, Emma had 30 scarves in stock. The scarves had cost her $3 each Click or tap here to enter…
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