Principles of Taxation Law Assignment

Added on - 28 May 2020

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TAXATION LAW1Taxation LawName of the StudentName of the UniversityAuthors NoteCourse IDTABLE OF CONTENT
S1.workpapers..........................................................................................................................1Income Related to Work............................................................................................................1Capital Gains..........................................................................................................................1Rental Property.......................................................................................................................8Tax payable, offsets and Levies.............................................................................................9Depreciation Worksheet.........................................................................................................9Reference and bibiliography:...................................................................................................11
1.WORKPAPERSWORK INCOMEExpenditures which are in relation to work are treated as taxable income of taxpayers withrespect to the specific year of assessment and the year ended 2017. There are three elementswhich are considered for the purpose of identifying the income (Wilkins 2015). They includespouse’s income as salary and wages, superannuation compensation which is done by theemployer in relation to a sacrificed value of salary and compensation resulting out of medicalexpenses. The three elements are treated as taxable income as spouse’s salary can be accessed bythe husband. In addition expenses resulting out of medical treatment and superannuation are alsotaken into account for assessing the income which assessable. The income from employment isregarded as the primary source of income which is derived by the person in a specific period sothat the present position can be boosted (Vann 2016.).1
Capital gainsAccording to the provisions of “taxation ruling of 95/35” any sort of capital gain which is madein relation to the ruling is going to be treated as a capital gain tax. The provisions are particularlyin relation to consequences of CGT towards the compensation amount receipt (James 2016).Inaddition with respect to these provisions any kind of compensation which the tax payer hasreceived totally in relation to tax payer ‘s compensation or sale of underlying assets it is going tobe treated as those considerations which are received for disposing the asset (Findeisen andSachs 2016)The compensation which the tax payer has received with respect to any money arising out ofvarious options such as revenue collected from court proceedings, sale of underlying assets orthe sale of property or dissected assets is going to be treated as compensation. In addition asdepicted from the situation in hand it can be said that the share transfer on the part of the taxpayer which arises when the shareholder dies is going to be considered as the assets real owner.As stated byBecker, Reimer and Rust(2015), the shares which have been held in fiveorganizations which are MYR, COH, BHP,TLS and CBA whose sale price along with presentmarket value as stated by the tax payer in case of death has been used to determine the saleproceeds. According to the case of“Inspector of Taxes v. Bensons Hosiery (Holdings) Pty ltd”it had been provided by the court that any form of legally enforceable rights can be used toaccount the asset in relation to the CGT legislation as perBankman et al, (2017)2
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