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Taxation Law, Theory and Practice : Assignment

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Added on  2020-03-28

Taxation Law, Theory and Practice : Assignment

   Added on 2020-03-28

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Running head: TAXATION LAW, THEORY AND PRACTICETaxation Law, Theory and PracticeName of the Student:Name of the University:Author’s Note:Course ID:
Taxation Law, Theory and Practice : Assignment_1
1TAXATION LAW, THEORY AND PRACTICEAnswer to Question 1:Issue:In this case, the capital gain or loss is ascertained, as it is gathered from the overall sale ofasset, which complies with “Section 108-20 of the ITAA 1997”.Laws:a. “Section 108-10 of ITAA 1997”b. “Section 108-20 of ITAA 1997”
Taxation Law, Theory and Practice : Assignment_2
2TAXATION LAW, THEORY AND PRACTICEApplication:A loss of $1,000 has been suffered on the part of Eric and this loss is due to the sale ofthe sound system. In addition, set off is not possible in this case, as per the “Section 108-20 ofITAA 1997”. This is because there is no consideration of loss depending on the disposal of assetsfor personal use. The set off associated with collectible losses is not possible compared to thecommon profits in the form of share selling and this is in line with the “Section 108-20 of ITAA1997” (Alarie et al., 2014).In addition, such setoff is not possible to be considered, as per the“Section 108-10 of ITAA 1997”. Thus, Eric has managed to earn profit by disposing the ordinary
Taxation Law, Theory and Practice : Assignment_3
3TAXATION LAW, THEORY AND PRACTICEassets and there is absence of existing year ordinary capital or other types of applicableminimisations (Joseph, 2014). Moreover, the overall capital gain of Eric is obtained as $15,000. Conclusion:From the above evaluation, it could be inferred that Eric could not offset the overall lossaccumulated from collectibles, as the profit is made by disposing only the ordinary assets. Answer to Question 2:Issue:The provided case study primarily suggests the issue pertaining to the ascertainment of“Fringe Benefit Tax (FBT)” with special adherence to the “Taxation Ruling of TR 93/6”.Laws:a. Taxation Ruling of TR 93/6Application:Calculation of fringe tax benefits (FBT):
Taxation Law, Theory and Practice : Assignment_4

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