Ask a question from expert

Ask now

(PDF) Australian Taxation Law | Assignment

8 Pages2066 Words301 Views
   

Added on  2020-11-23

(PDF) Australian Taxation Law | Assignment

   Added on 2020-11-23

BookmarkShareRelated Documents
TAXATION LAW OFAUSTRALIA
(PDF) Australian Taxation Law | Assignment_1
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
(PDF) Australian Taxation Law | Assignment_2
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:Particulars FigureIndexation value:112.6 / 90.3= 1.25Current value of land (after indexation)40000 * 1.25= 49878.18Capital gain800000- 49878.18= 750121.81
(PDF) Australian Taxation Law | Assignment_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Australian Tax Law - Income Deduction, FBT, GST, CGT, Anti-Avoidance Provisions and Income Administration
|13
|2820
|137

Tax Advice for J & D Partners, Joanne Tran, and Haufmann Pty Ltd
|6
|1789
|63

Taxation Theory, Practice & Law Assignment (Solved)
|16
|2943
|65

Australian Income Taxation System and Rules
|13
|2855
|485

Taxation Law Of Australia
|14
|3968
|303

Taxation Law - Assignment PDF
|8
|887
|28