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Taxability of Transactions and Capital Allowance Computation for Imported CNC Machine

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Added on 2022/10/19

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This article discusses the taxability of various transactions, including the sale of a home, car, small business, personal furniture, and collectables. It also covers the computation of capital allowance for an imported CNC machine, including the cost of the machine, start time for calculating the decline in value of the asset, and the capitalization of enhancements made to the asset. The article provides a conclusion based on the given scenario and relevant sections of the Income Tax Assessment Act, 1997.

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Taxability of Transactions and Capital Allowance Computation for Imported CNC Machine

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