Taxation Law

Running head: TAXATION LAW
Taxation Law
Name of the Student:
Name of the University:
Author’s Note

TAXATION LAW
1
Table of Contents
Answer to Question 1................................................................................................................3
Requirement A...........................................................................................................................3
Requirement B.......................................................................................................................3
Requirement C.......................................................................................................................3
Requirement D.......................................................................................................................3
Requirement E.......................................................................................................................4
Requirement F.......................................................................................................................4
Requirement G.......................................................................................................................4
Requirement H.......................................................................................................................5
Requirement I........................................................................................................................5
Answer to question 2.................................................................................................................5
Requirement A.......................................................................................................................5
Requirement B.......................................................................................................................6
Requirement C.......................................................................................................................6
Requirement D.......................................................................................................................7
Requirement E.......................................................................................................................7
Answer to Question 3................................................................................................................8
Requirement A.......................................................................................................................8
Requirement B.......................................................................................................................8

TAXATION LAW
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Requirement C.......................................................................................................................8
Requirement D.......................................................................................................................9
Answer to question 4:..............................................................................................................10
Answer A:............................................................................................................................10
Answer B:............................................................................................................................10
Answer C:............................................................................................................................11
Answer to D:........................................................................................................................11
Answer to E:........................................................................................................................12
Answer to question 5:..............................................................................................................12
Issues:..................................................................................................................................12
Laws:...................................................................................................................................12
Application:.........................................................................................................................13
Conclusion:..........................................................................................................................14
Reference.................................................................................................................................15

TAXATION LAW
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Answer to Question 1
Requirement A
The provisions of taxation rulings of TR 2018/4 deals with the methods which can be
applied by the commissioner of taxation for the purpose of determining effective asset life for the
purpose of charging depreciation within the provisions of “section 40-100 of the ITAA 1997”.
Requirement B
The provisions of “Division 13 of the ITAA 1997” shows disclosures regarding the tax
offsets which is applicable on taxable income of the individual.
Requirement C
As per the taxation rulings applicable in Australia, the top tax rate which is charged on a
resident of Australia is listed below in details1.
Income Tax Bracket Tax Charged (AUD$)
AUD $180,001 & over $54,097 plus 45c for each $1 over $180,000
Requirement D
In case of Capital gains or losses which is reduced or deferred or disregarded, taxpayer
are eligible for exemptions. The provisions which are stated under “section 118-10(1) of the
ITAA 1997” reflect that assets such as collectibles which are purchased for an amount lower
than $ 500 or equal to the same would be exempted from the purview of CGT2.
1 "Individual Income Tax Rates." Ato.gov.au. N. p., 2019. Web. 9 May 2019.
2 Mangioni, Vince. Land Tax in Australia: Fiscal reform of sub-national government. Routledge, 2015.