TAXATION LAW OF AUSTRALIA.

Running head: TAXATION LAW OF AUSTRALIA
Taxation Law of Australia
Name of the Student:
Name of the University:
Author’s Note

TAXATION LAW OF AUSTRALIA
1
Table of Contents
Answer to Question 1................................................................................................................3
Part a......................................................................................................................................3
Part b......................................................................................................................................3
Part c......................................................................................................................................3
Part d......................................................................................................................................3
Part e......................................................................................................................................4
Part f......................................................................................................................................4
Part g..........................................................................................................................................4
Part h......................................................................................................................................5
Part i.......................................................................................................................................5
Answer to Question 2................................................................................................................5
Part a......................................................................................................................................5
Part b......................................................................................................................................6
Part c......................................................................................................................................6
Part d......................................................................................................................................7
Part e......................................................................................................................................7
Answer to Question 3................................................................................................................8
Part a......................................................................................................................................8
Part b......................................................................................................................................8

TAXATION LAW OF AUSTRALIA
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Part c......................................................................................................................................8
Part d......................................................................................................................................9
Answer to Question 4..............................................................................................................10
Part a....................................................................................................................................10
Part b....................................................................................................................................10
Part c....................................................................................................................................11
Part d....................................................................................................................................11
Part e....................................................................................................................................11
Answer to question 5...............................................................................................................12
Issues...................................................................................................................................12
Laws....................................................................................................................................12
Applications.........................................................................................................................13
Conclusion...........................................................................................................................14
Reference.................................................................................................................................15

TAXATION LAW OF AUSTRALIA
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Answer to Question 1
Part a
The provision of TR 2018/4 provides an explanation regarding the method which can be
used by the tax commissioner for assessing the effective life of the asset for the purpose of
computing depreciation under the provisions of “section 40-100 of the ITAA 1997”.
Part b
The tax offset details have been provided under the rulings of “Division 13 of the ITAA 1997”
Part c
The top tax rate which is applicable to a resident of Australia is provided below in details:
Taxable Income Bracket Tax (AUD$)
AUD $180,001 & over $54,097 plus 45c for each $1 over $180,000
Part d
As per the rulings of capital gain taxes, a taxpayer may be provided with exemptions
where the capital gains are reduced, deferred or even disregarded. As per the legal provisions of
“section 118-10(1) of the ITAA 1997” assets such as collectibles which are purchased for a cost
of $ 500 or even less are exempted from CGT1.
1 Jones, Sally, and Shelley Rhoades-Catanach. Principles of Taxation for Business and Investment Planning
2016 Edition. McGraw-Hill Education, 2015.