Taxation Law Assignment- Assessable Income
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Added on 2020-05-28
Taxation Law Assignment- Assessable Income
Added on 2020-05-28
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TAXATION LAW1Taxation LawName of the StudentName of the UniversityAuthors NoteCourse IDTABLE OF CONTENT
S1.workpapers....................................................................................................................................1assessable Income associated to work...................................................................................................1Capital Gains.....................................................................................................................................1Capital gains tax (CGT) schedule2017................................................................................................5Rental Property..................................................................................................................................8Tax payable, offsets and Levies.........................................................................................................9Depreciation Worksheet....................................................................................................................9References:..........................................................................................................................................11
1.WORKPAPERSASSESSABLE INCOME ASSOCIATED TO WORKParticularsAmount in ($)Earnings of Spouse$64000Compensation from Medical expenditure$8000Superannuation $10000Total$82000As it has been defined under the “section 6-5 of the Income Tax Assessment Act 1997” a person generating income from theemployment income of from the business or profession directly would be considered as the assessable income (Barkoczy 2016). Importantconsiderations in this regard the individual taxpayer would be able to claim the deductions for the expenditure that are directly incurred ingaining the assessable income of the taxpayer. At the time of ascertaining the assessable income there are three important factors that must be considered. Evident these three factorsinclude the income derived by the spouse in the form of salary or wages, compensation relating to the medical and contribution from thesuperannuation fund would be regarded as the portion of salary sacrifice made by the employer. The aforesaid mentioned three factors isgenerally regarded as the taxable income this is because the salary or the wages of the spouse would be to regarded as the assessable incomeunder section 8-1 of the ITAA 1997 (Braithwaite 2017).Capital GainsCapital Gains Worksheet20171
DescriptionBHP%100.00SHARES - AUSTAcquisition:01/06/2016BHP shares2,50012,50021.00012,500Disposal:01/12/20162,50050,925Cost base12,500Frozen12,500- Allowable deductions+ Assessable income on disposalAssessable AmountReduced cost base0GainDiscountable (Individual - subject to discount)38,425/Frozen Indexation38,425/CBA%100.00SHARES - AUSTAcquisition:01/01/2016CBA2,00010,80021.00010,800Disposal:2
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