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HI6028 - Taxation Theory, Practice & Law - Assignment

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Holmes Institute Sydney

   

HI6028 Taxation Theory, Practice & Law (HI6028)

   

Added on  2020-03-07

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In this document, we covered some 6,,7 questions related to Income Tax. Topics like determination of net capital and loss, fringe benefits tax. The taxation status of the loss incurred from the rental property is determined in a Jack and Jill situation. The customers are not held of paying any sum of interest concerning the benefit generated from the account. Therefore, in compliance with the Taxation Rulings ofTR 93/6 if bank discharges Brian from repaying interest on loan then no liability of paying income tax will be required to pay.

HI6028 - Taxation Theory, Practice & Law - Assignment

   

Holmes Institute Sydney

   

HI6028 Taxation Theory, Practice & Law (HI6028)

   Added on 2020-03-07

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Running head: TAXATION LAWTaxationName of the StudentName of the UniversityAuthors NoteCourse ID
HI6028 - Taxation Theory, Practice & Law - Assignment_1
1TAXATION LAWTable of ContentsAnswer to question 1:.................................................................................................................2Answer to question 2:.................................................................................................................3Answer to question 3:.................................................................................................................5Answer to question 4:.................................................................................................................7Answer to question 5:.................................................................................................................8Reference List:.........................................................................................................................11
HI6028 - Taxation Theory, Practice & Law - Assignment_2
2TAXATION LAWAnswer to question 1:Issues: The present issues is concerned with the determination of net capital gains or lossesderived by the taxpayer under the ITAA 1997. Legislation: a.Section 108-20 of the Income Tax Assessment Act 1997b.Section 108-10 of the Income Tax Assessment Act 1997Computation of net capital loss for the yearParticularsAmount ($)Loss on sale of Antique Chair$2,000Loss on sale of Painting $8,000Less: Gain on sale of Antique Vase$1,000Total Collectable loss to be carried forward$9,000Asset DescriptionCost BaseCapital ProceedsCapital gainsCapital lossAntique Vase$2,000$3,000$1,000Antique Chair$3,000$1,000$2,000Painting $9,000$1,000$8,000Home Sound System$12,000$11,000$1,000Shares in listed company$5,000$20,000$15,000Computation of Net capital gains for the year ParticularsAmount ($)Gains on sale of shares$15,000Applications: a.As defined under section 108-20 of the Income Tax Assessment Act 1997, no losscan be allowed for offset from the disposal of assets that are for personal use. Eric
HI6028 - Taxation Theory, Practice & Law - Assignment_3
3TAXATION LAWsuffered a loss of $1,000 from the disposal of home sound system and it cannot beallowed for offset since the asset was personal use in nature. b.As stated under section 108-10 of the Income Tax Assessment Act 1997, collectiblelosses are not allowed to be offset against the ordinary gains from the sale of shares.The same can be only offset against the collectible gains under section 108-10 of theIncome Tax Assessment Act 1997 (Barkoczy 2016). c.As Eric has generated gains from the disposal of ordinary assets and there are nopresent year ordinary, capital or any form of applicable discounts therefore the netcapital gains for Eric stands $15,000. Conclusions: It can be concluded that no loss can be allowed for offset from the disposal of assetsthat are for personal use. Therefore, Eric had derived gains from the disposal of ordinaryassets. Answer to question 2:Issue: The following is concerned with the determination of Fringe Benefit Tax of thetaxpayer under the Fringe Benefit Act 1986. Legislations: a.Fringe Benefit Tax Assessment Act 1986b.taxation rulings of TR 93/6 Applications: Computation of Fringe Benefit Tax
HI6028 - Taxation Theory, Practice & Law - Assignment_4

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