capital gains tax car or motorcycle Assignment 2022

Running head: TAXATION LAW
Taxation Law
Name of the Student
Name of the University
Authors Note
Course ID

TAXATION LAW1
Table of Contents
Answer to question 1:.................................................................................................................2
Answer A:..............................................................................................................................2
Answer B:...............................................................................................................................2
Answer C:...............................................................................................................................2
Answer D:..............................................................................................................................3
Answer E:...............................................................................................................................3
Answer F:...............................................................................................................................3
Answer G:..............................................................................................................................3
Answer H:..............................................................................................................................3
Answer I:................................................................................................................................4
Answer to question 2:.................................................................................................................5
Answer to question 3:.................................................................................................................6
References:...............................................................................................................................15

TAXATION LAW2
Answer to question 1:
Answer A:
As states in “Taxation Ruling of TR 2009/1” it gives the view of official of tax about
when an organization do the business as per the term of SBE under “Sec-23 of the Income
Tax Rates Act 1986” that are relevant for the year 2015-16 and 2016-17 or within “sec-328-
110, ITAA 1997”1.
Answer B:
Gifts or payment for a fund is deductible from tax under the “Division 30, ITAA
1997”2.
Answer C:
The maximum sum of marginal tax which is consider in Australian Resident Stands
45%.
1 Thuronyi, Victor, and Kim Brooks. Comparative tax law. Kluwer Law International BV,
2016.
2 Saad, Natrah. "Tax knowledge, tax complexity and tax compliance: Taxpayers’
view." Procedia-Social and Behavioral Sciences 109 (2014): 1069-1075.

TAXATION LAW3
Answer D:
For purpose of capital gains tax car or motorcycle is not consider as tax. As an
alternative under“sec-108-20 of the ITAA 1997” it is consider as private use asset.
Answer E:
“CGT event C1” under “sec-104-20 of the ITAA 1997” when a taxpayer is taken a
CGT assets is destroyed or misplaced3. “CGT event C1” is applicable to a thing of CGT
assets when tax payer did not received any amount for damage or loss.
Answer F:
At present, tax is not applicable to individual person that are residing with the limit of
$18,200 (tax-free amount) income.
Answer G:
The high court in “Hayes v FCT (1956)”, states that when bookkeeper has received
sum of shares in the limited corporation which is set by the earlier proprietor. The work done
between the parties is term out for the friendship4. In such case court states that this will not
3 Pogge, Thomas, and Krishen Mehta, eds. Global tax fairness. Oxford University Press,
2016.
4 Buenker, John D. The Income Tax and the Progressive Era. Routledge, 2018.