logo

Taxation Law Assignment

   

Added on  2020-12-09

9 Pages2980 Words77 Views
FinanceFilm and TheatreLaw
 | 
 | 
 | 
QUESTION OF TAXATION LAW
Taxation Law Assignment_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1QUESTION 1...................................................................................................................................11 Antique impressionism painting bought by Helen's father in February 1985 and sold on stDecember 2018...........................................................................................................................12.Selling of historical sculpture on 1st January 2018 which was purchased on December 1993.....................................................................................................................................................23. Antique jewellery purchased on October 1987 and sold on 20 march 2018..........................24. Sold picture on 1st July 2018 which was purchased by mother in March 1987.....................3QUESTION 2...................................................................................................................................3Discussing each payment to Barbara..........................................................................................3Tax implication of selling a book without a contract................................................................4QUESTION 3...................................................................................................................................4CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................6
Taxation Law Assignment_2

INTRODUCTIONTaxation is known as term when taxing authority usually government, imposes or leviestax. The present report will demonstrate concepts under Australian tax system on basis ofdeductions and income, Goods and service tax, Capital gain tax, Fringe benefit tax general antiavoidance provisions and income tax administration. It will analyse taxation issues andinterpretation or relevant taxation case law and legislation along with application of taxationprincipals in real life issues. Moreover, it will advise the capital gain tax consequences alongwith discussing income of Barbara;s personal exertion. Lastly, this report will provide briefdiscussion about impact of arrangement of assessable income.QUESTION 1Capital gain tax is referred as levy assess on positive variation among sale price ofparticular asset along with their original price. However, Long term capital gains tax is a levy onthe profits from asset sold held for more than a year. In the present scenario, it is very importantfor considering consequences of capital gain tax of sale of assets of fashion designer Helen.There is presence of disposal of Capital gain tax assets along with CGT event A1 happens as perIncome tax Assessment Act 1997 – Section 104.10 (Income tax assessment act 1997, section104-10 disposal of a CGT asset: CGT event a1, 2019). It is very vital for identifying that theassets are comprised in CGT assets, personal or collectable use assets. In the similar context,personal and collectable assets are classified in Income tax assessment Act 1997 – Section108.10. The dealing with every asset of Helen is classified below:1 Antique impressionism painting bought by Helen's father in February 1985 and sold on stDecember 2018Each of the asset gained as capital gains tax initiated as on 20th September 1985 and hasexcluded some specific items. Generally it applies to stocks, units and identical investments, realestate, leases, good will, foreign currency, licences, contractual rights along with variousimprovements in capital undertaken with land pre assets of pre CGT. In the same series, itapplied to various collectables and assets of personal use which are above certain value. Thereare some assets which had gained exemption from CGT like main residence, car or motor cycle,assets depreciation implied solely for taxable objective like equipments of business along withfitting in a rental property and any of the assets gained prior to 20th September 1985 (CGT assetsand exemptions, 2019).1
Taxation Law Assignment_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Taxation Law: Capital Gain Tax Consequences and Income from Personal Exertion
|11
|2159
|340

Taxation Law
|9
|2371
|45

Taxation Law: Capital Gain Tax Consequences
|10
|2193
|146

Taxation Law: Capital Gains Tax, Personal Exertion Income, and Interest on Loan
|8
|2920
|269

Taxation Law
|8
|2324
|235

Taxation Law: Capital Gain Tax, Personal Exertion Income, and Taxable Income
|10
|2212
|65