Australian Taxation Law : Sample Assignment

Added on - 21 Feb 2021

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Taxation law
Table of ContentsINTRODUCTION...........................................................................................................................1Question 1........................................................................................................................................1Question 2........................................................................................................................................4CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONAustralian tax law is created by statute and this becomes one of the primarysource lies in legislation. Legislations are the act of parliament that governs all thecountry to provided basis of implication of taxes. Legislations in Australia are interpretby decisions of various cases provided by courts and tribunals and they become secondsource for tax law in the country. The Australian Tax Office is responsible for ensuringindividuals, companies, trust and other entities lodge their returns appropriately. In thisproject report GST consequences of two cases will be discussed with relevant taxationlaw. Together with this material facts regarding Capital Gain Tax with all the materialfacts will be elaborated in this project report (Avi-Yonah, 2012).Question 1Identification of material facts:In the present case The City Sky Company made an investment in a vacant landfor business purpose. The company plans to build 15 apartments on that land and sellthem. To initiate all the activities in legal manner, services of a local lawyer areconsulted by the company that cost $33000. The company was registered under GSTand lawyer was a sole trader with annual revenue of $300000.Application of Tax legislations relating to GST:As per taxation law in Australia registration under GST Act 1999 as per section 17(5)(Goods and Service Tax) is required within 21 days. When GST turnover of businessesor enterprises exceeding the turnover (gross income minus GST) is of $75000 or more.In the present case scenario City Sky Co is a property investment and developmentcompany(Goods and Service Tax,2019). Vendors are required to registered for GSTpurpose when they fall under any of the following situations-the turnover from any of the property transactions and other transactions aremore than the GST registration thresholdactivities are registered as enterprise for buying a land with an intention ofdeveloping it for immediate resale at certain amount of profit.Application of tax law to material facts:1
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