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The Australian Taxation Law | Study

   

Added on  2020-04-01

10 Pages1329 Words35 Views
Running head: AUSTRALIAN TAXATION LAWAustralian Taxation LawName of Student:Name of University:Author’s Note:
The Australian Taxation Law | Study_1
1AUSTRALIAN TAXATION LAWAnswer to question 1:Issue:The concerned issue is whether it is possible for the taxpayer to measure the amount thatis retained from the capitalistic loss or the gains which can be considered for the purpose of setoff based on the Section 108-10 of the ITAA 1997.Laws:i.Section 108-20 of the ITAA 1997ii.Section 108-10 of ITAA 1997
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2AUSTRALIAN TAXATION LAWApplication:Application:The present situation in connection to the taxpayer mentions that the sustained loss fromthe sale of the sound system is not possible to be approved for set off purposes. This is basicallydue to the fact that the loss that originates from the home sound system sales. This is alsobecause it possesses a characteristic of personal asset not allowed for the purpose of set off(Devos 2012).The profits were attained by Eric on that day which was the day of sales; the sales werethose of ordinary assets without any sort of existent year capital or even any form of reductionsalso. The section 108-10 of the ITAA 1997 was followed. The guiding principles of the section108-10 of ITAA 1997 helped in evidence regarding the loss of the collectable nature are not
The Australian Taxation Law | Study_3

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