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(PDF) Australian Taxation Law | Assignment

Added on - 23 Nov 2020

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TAXATION LAW OFAUSTRALIA
Table of ContentsQUESTION 3...................................................................................................................................3A..................................................................................................................................................3B..................................................................................................................................................3C..................................................................................................................................................4D..................................................................................................................................................4QUESTION 4...................................................................................................................................5A. Taxable ascertainment for the Prized TV...............................................................................5B. Employee expenses and taxable consequences......................................................................5C. I-phone expenses by a client...................................................................................................6D. Expenses awarded as personal injuries incurred by an individual.........................................6E. Taxation liabilities for an individual regarding purchasing of shares....................................6QUESTION 5...................................................................................................................................6Income Tax citizen of Australia..................................................................................................6REFERENCES................................................................................................................................8
QUESTION 3A.On the basis of cited case situation Andy invested in land and leased it to Brian for theperiod of five years. In this regard, premium of $5000 also obtained by Andy. As per AustralianTaxation Office (ATO), in the case of lease with premium capital gain tax implies for thedifference addition amount received and expenditure incurred (CGT events involving leases,2019). In other words, in such case, variations which take place between any premium receivedand expenditure incurred for lease is considered as capital gain. Thus, in the current situationpertaining to Andy there is no information regarding to expenses. Referring all such aspects, itcan be presented that CGT implications are allowed on the premium figure of $5000 in relationto lease. Along with this, it has found that CGT discounts does not apply on such events. Hence,CGT will be charged on the figure of lease premium $5000 respectively.B.Computation of capital gain for year 2018-2019Indexation method:ParticularsFigureIndexation value:112.6 / 90.3= 1.25Current value of land (after indexation)40000 * 1.25= 49878.18Capital gain800000- 49878.18= 750121.81
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