Taxation Law Assignment Report

Added on - 22 Jul 2020

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Taxation Law
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1QUESTION 1...................................................................................................................................1QUESTION 2...................................................................................................................................2QUESTION 3...................................................................................................................................3QUESTION 4...................................................................................................................................4QUESTION 5...................................................................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONFederal commission and Australian taxation office has formed various acts and theirsupportive regulations that have impact over fair taxation in country. The present report is basedon various case situations which will describe several laws, rulings and sections that have beenawarded by federal legislation related to taxation methods in Australia.QUESTION 1Issue:Eric has purchased various assets and sold them.Capital gains or loss can be acquired by him on the sales.Rules:Section 6 (5 & 10), (6-20)Section 8(1-10)CGT u/s 104.5-110TR 92/3Arthur Murray (NSW) Pty. Ltd. V. Federal commission of taxation.Application:ParticularsPurchase priceSelling priceGain / lossAntique vase200030001000Antique chair30001000(2000)Painting90001000(8000)Home sound system1200011000(1000)Shares of a listedcompany50002000015000Net capital gain5000As per section 6(5& 10) Eric can be liable for theassessableincome he gain on the salesof various assets. These assets can be ordinarily or statutory as per ITAA 97. there can beexemptions allowed to him on the basis of section 6-20 and deduction under section (8-1) over
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