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Assignment on Taxation Law Issues

   

Added on  2020-04-07

10 Pages1671 Words60 Views
Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID
Assignment on Taxation Law Issues_1
TAXATION LAW1Answer to question 1: Issue: The contemporary problem statement based on working out the net capital gains ornet capital loss for the income year made by Eric. Laws: 1.“Section 108-20 (1) of the ITAA 1997”2.“Section 108-10 of the ITAA 1997”Applications: In accordance with the section 108-20 (1) of the ITAA 1997 it provides guidance inworking out the amount of net capital gains or net capital loss for the year in which theincome is derived (Pope, Rupert and Anderson 2016). Additionally, the section disregardsany form of capital loss than a person makes from the personal use of asset. Eric has suffereda loss from the sale of personal asset of home sound system and only derived gains from thesale of shares. With respect to section 108-20 (1) of the ITAA 1997 Eric will not be able toset-off loss from the sale of personal assets (Miller and Oats 2016). Additionally, Eric is alsosuffered a loss from collectables hence, under section 108-10 of the ITAA 1997 Eric will notbe able to set off collectable loss.
Assignment on Taxation Law Issues_2
TAXATION LAW2Conclusion:As assumed Eric is disallowed from setting off loss of personal asset under section108-20 (1) of the ITAA 1997. Answer to question 2: Issue: The present issue outlines the issue of loan account offset arrangement made by thefinancial institutions. Legislation: 1.Section 16 of the ITAA 19862.FBTAA 1986
Assignment on Taxation Law Issues_3

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