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Australian Taxation Law Assignment Solution

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Added on  2020-10-05

Australian Taxation Law Assignment Solution

   Added on 2020-10-05

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Australian Taxation Law
Australian Taxation Law Assignment Solution_1
Table of ContentsMAIN BODY...................................................................................................................................1REFERENCES................................................................................................................................5
Australian Taxation Law Assignment Solution_2
MAIN BODYCapital gain taxes:Applicability:In case a property is owned or acquired on or after 20th September 1985 and issold in subsequent period profit or loss arising out of such transaction is liable forcapital gain taxes (Calculating Capital Gains Tax in Australia, 2018). Ownership is established when property is purchased or is received as a gift.Exemptions: following assets are exempted from capital gain taxes:Main place of residenceA car or motor cycleDepreciating assets used for taxable purpose only;Assets acquired before 20th September 1985.collectables purchased for less than or had a market value of $500 or less. It includespainting, sculpture, drawing, engraving or photographs.Date of ownership:When an asset is purchased under a contract such a real estate than date of ownership ofsuch property is date, when contract is entered into for purchase of asset not the date ofsettlement.In case property is received as inheritance date of acquisition is date of death of personwho bequeathed it (Capital gains tax, 2018).Cost base for real estate:For calculation of capital gain or loss two figures are must:1.Cost base/cost of v acquisition to compute capital gain;2.Reduced cost base to calculate a capital loss.Rules for real estate:Costs of owning: while commuting reduced cost base for real estate, following must not beincluded:RatesInsurancesLand taxCost of maintenance 1
Australian Taxation Law Assignment Solution_3

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