13 Pages 3260 Words BLO2206 Taxation Law And Practice



Peter was the bass guitarist in a fastening formed and detached in Australia, Mr Curly’s Ducks.  The fastening had ordinary achievement in Australia, but had greatly ameliorate achievement in England.  Two of the fastening components had immigrated from England but had enthralled out citizenship in Australia.  Peter and the other fastening component were twain born and eminent in Australia to Australian parents.  Because of their achievement in Britain the fastening firm to impel to Britain until they had achieved a navigate achievement, when they would retaliate to Australia.

The fastening had a ultimate speed fruit in Melbourne on 10 January 2016 and left for Britain on the 15th January.  Peter owned a stock in Brighton, which he leased out antecedently leaving.  To acceleration pay for the present expenses and airfare to Britain he sold his car for $60,000, which he had adscititious for $95,000 in 2010.  He besides sold some shares he owned.  He bought the shares for $5,000 in 2011 and sold them for $11,000.  The fastening won the ARIA accord (awards absorbed by the Australian silence diligence) for best album in November 2015.  Each fastening component curschism $20,000 as bisect of the accord.  For album sales and speed fruits each fastening component had curschism $140,000 from July 2015 to the date they left for Britain.

The fastening arrived in London on 20th January 2016.  The fastening took a 12 month lease on a capacious stock on the border of London from which they would speed and fruit.  They had organised a speed fruit at the Wembley Arena for 27 February.  The association was a sell-out.  Each fastening component curschism the equiponderant of $150,000 for the association.

In September 2016 the fastening released a new album, “ A Curly Experience”, which was recitative at Abbey Road, London.  This album sold well-mannered-mannered-mannered in Britain, bisects of Europe and ordinaryly in America as well-mannered-mannered-mannered as in Australia.  Each fastening component curschism royalties for the sales in Britain, Europe and America the equiponderant of $250,000 to the space 30 June 2016.   Royalties for each fastening component in Australia for the identical space was $30,000.  The fastening won the ARIA accord for best separate in December 2016 and each fastening component curschism $10,000.

The fastening firm to retaliate to Australia in August 2017 and arrived end in Australia in October.  Peter had to schism a spiritless as his own settlement in Brighton was leased until the end of 2018.  The fastening continued to admit royalties from overseas sales of their newest album.  Each fastening component curschism $15,000 from these royalties.  $11,000 of this sum was generated up until the date the fastening arrived end in Australia.  In November 2017 the fastening besides won the best Album of the year from the British Silence Association for their lowe?-t album.  Each fastening component curschism the equiponderant of $16,000.

QUESTION
Advice Peter of the sums that procure be assessable in Australia for the years identified in the facts.

NOTE: in obedient the scrutiny do not interest yourself delay the “averaging” principles of proceeds for artists.  Simply manage silenceians as a ordinary taxpayer when determining assessable proceeds.


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