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Taxation Answers to Question | Assignment

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Added on  2019-11-25

Taxation Answers to Question | Assignment

   Added on 2019-11-25

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Running head: TAXATION TaxationName of the StudentName of the UniversityAuthors NoteCourse ID
Taxation Answers to Question | Assignment_1
TAXATION1Table of ContentsQuestion 1:.................................................................................................................................2Question 2:.................................................................................................................................3Question 3:.................................................................................................................................5Question 4:.................................................................................................................................7Question 5:.................................................................................................................................8Reference List:.........................................................................................................................11
Taxation Answers to Question | Assignment_2
TAXATION2Question 1: Issue: The main issue in the current study is primarily dealing with the consequences of thecapital gains and losses that is occurred at time of selling the assets by Eric. The issue heredetermines whether Eric will allowed to offset the capital loss that is made from the sale ofassets. Rule: The capital asset usually consists of the assets in the form of property and sharesacquisition. The rule here is based on the “section 108-20(1) of the ITAA 1997” which statesthat when an individual tax payer works out the net capital gains or net capital loss generatedfor the income year or any form of capital losses that is made from the personal usage of theasset is generally disregarded (Handelman and Ellis 2016). Under “subdivision 108-B” of collectables capital losses that is made from thecollectables will be considered for offset only against the gains derived from the collectables.In “section 108-10 (1) of the ITAA 1997” an individual while working out the net capitalgains or net capital loss during the income year capital losses that is incurred by theindividual will be considered for use only for reducing the capital gains derived from thecollectibles. Applications: As it has been defined under the “section 108-10 (1) of the ITAA 1997” a person isbarred from setting off the capital loss from the gains generated from the collectables. Gainsproduced by Eric will be subjected to taxation (Manning et al. 2016). To gain tax benefit forthe Eric there are personal sale asset will be disallowed for taking into the considerations for
Taxation Answers to Question | Assignment_3
TAXATION3taxation purpose. In reference of “section 108-10 (1)” Eric is disallowed from setting off thelosses from collectables against the sale of shares. While working out the capital gains Ericwill be disallowed under section 108-20(1) from setting off the loss produced from the sale ofcollectables of personal asset (Belloc 2017). Computations of capital gains or losses: Conclusion: On bearing in mind the above discussion under “section 108-20” Eric is disallowedfrom offsetting the losses produced from the personal use of asset. Question 2: Issue:
Taxation Answers to Question | Assignment_4

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