TABL5551 Tax Law Assignment
14 Pages1832 Words78 Views
Added on 2020-05-28
TABL5551 Tax Law Assignment
Added on 2020-05-28
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TAXATION LAW1Taxation LawName of the StudentName of the UniversityAuthors NoteCourse IDTABLE OF CONTENT
S1.workpapers....................................................................................................................................1assessable Income associated to work...................................................................................................1Capital Gains.....................................................................................................................................1Capital gains tax (CGT) schedule2017................................................................................................5Rental Property..................................................................................................................................8Tax payable, offsets and Levies.........................................................................................................9Depreciation Worksheet....................................................................................................................9References:..........................................................................................................................................11
1.WORKPAPERSASSESSABLE INCOME ASSOCIATED TO WORKParticularsAmount in ($)Earnings of Spouse$64000Compensation from Medical expenditure$8000Superannuation $10000Total$82000According to “section 6-5 of the Income Tax Assessment Act 1997” an individualtaxpayer deriving income directly from the employment would be considered for assessmentsince these income is directly during or in course of employment by the taxpayer (Barkoczy,2016). Additionally, any form expenditure that is directly related in the course of gaining thetaxable income of the taxpayer would be considered as an allowable deduction. Indetermining the taxable income of the taxpayer in the present context there are three elementsthat is taken into the considerations they are namely the income of spouse generated from theremunerations, medical compensation and superannuation contribution which an employermakes as the portion of salary sacrifice value. The above stated three elements is viewed asthe assessable income the reason behind this is that the remuneration of other half would beconsidered to be assessable in the hands of the husband (Collins et al. 2015). In addition tothese the expenditure that is incurred in the form of medical expenses, compensation receivedfor medical expenses and superannuation would be additionally determined at the time ofderiving the taxable income of the individual taxpayer. Capital GainsCapital Gains Worksheet2017DescriptionBHP%100SHARES -AUSTAcquisition:01-06-2016BHPshares2,50012,5002112,500Disposal:01-12-20162,50050,925Cost base12,500Frozen12,5001
- Allowable deductions+ Assessable income on disposalAssessable AmountReduced cost base0GainDiscountable (Individual - subject todiscount)38,425/Frozen Indexation38,425/%100SHARES -AUSTAcquisition:01-01-2016CBA2,00010,8002110,800Disposal:01-12-20162,0001,51,880Cost base10,800Frozen10,800- Allowable deductions+ Assessable income on disposalAssessable AmountReduced cost base0GainDiscountable (Individual - subject todiscount)1,41,080/Frozen Indexation1,41,080/COH%100SHARES -AUSTAcquisition:01-01-2016COH1,0002,900212,900Disposal:01-12-20161,0001,24,770Cost base2,900Frozen2,9002
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