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Taxation Law Assignment

   

Added on  2020-04-29

8 Pages1434 Words46 Views
Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID

1TAXATION LAWTable of ContentsAnswer to question 3:.................................................................................................................2Issue:..........................................................................................................................................2Laws:..........................................................................................................................................2Applications:..............................................................................................................................2Conclusion:................................................................................................................................3Answer to question 4:.................................................................................................................3Answer to question 5:.................................................................................................................4Issue:..........................................................................................................................................4Laws:..........................................................................................................................................4Application:................................................................................................................................4Conclusion:................................................................................................................................5References..................................................................................................................................6

2TAXATION LAW Answer to question 3:Issue: The identified issue has been related to the loss succumbed by taxpayer in the contextof joint ownership for the rental property.Laws:i.“FC of T v McDonald”ii.“Section 51 of the ITAA 1997”iii.“Taxation ruling TR 93/23”Applications: The “Taxation Ruling TR 93/32” conformity is complaint with rulings which havebeen able to state on the explanation defined with the division of the income or the varioustypes of the losses derived from the rented property. As per the given context both Jack andJill are seen to be evaluated based on the assessable position from the main property rentedby them. Jack is seen to be entitled for 10% and Jill on the other hand is seen to be entitledfor 90% of the profit derived from the property rented (Mann 2013).The various considerations has been defined as per “TR 92/32” joint ownershipdetermination from joint ownership of the rented property and the same has been identifiedwith the income tax concerns. This is further linked to the partnership which has been takeninto account under the notion of general law. The partnership of Jack and Jill are seen to becontaining either oral or written agreement which is not seen to be having any effect based onthe share of income and the various losses taken with the rented property. The various types

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