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Taxation Practices and Law Assignment | ITAA 1997

   

Added on  2020-04-07

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Running head: TAXATION PRACTICE AND LAWTaxation Practice and LawName of the Student: Name of the University: Author’s Note:
Taxation Practices and Law Assignment | ITAA 1997_1
1TAXATION PRACTICE AND LAWTable of ContentsQuestion No 1..................................................................................................................................3Scenario:......................................................................................................................................3Laws:............................................................................................................................................3Workings:....................................................................................................................................3Implementation:...........................................................................................................................4Conclusion...................................................................................................................................4Question 2........................................................................................................................................4Scenario:......................................................................................................................................4Laws:............................................................................................................................................4Workings:....................................................................................................................................5Implementation:...........................................................................................................................5Conclusion...................................................................................................................................6Question 3........................................................................................................................................6Scenario:......................................................................................................................................6Laws:............................................................................................................................................6Implementation:...........................................................................................................................6Conclusion:..................................................................................................................................8Question 4........................................................................................................................................8Question 5........................................................................................................................................9
Taxation Practices and Law Assignment | ITAA 1997_2
2TAXATION PRACTICE AND LAWScenario:......................................................................................................................................9Laws.............................................................................................................................................9Implementation:...........................................................................................................................9Conclusion.................................................................................................................................11Reference List and Bibliography...................................................................................................12
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3TAXATION PRACTICE AND LAWQuestion No 1Scenario:The main issue that is under consideration deals with the intention of discovering thecapital gains and the losses that have been obtained from the asset sales that has been explainedin “Section 108-20 of the ITAA 1997”. There are various laws that are associated with it andthey are given below: Laws:“Section 108-20 of the ITAA 1997”“Section 108-10 of the ITAA1997” Workings:Asset DescriptionCost BaseCapital ProceedsCapital gainsCapial lossAntique Vase200030001000Antique Chair300010002000Painting 900010008000Home Sound System12000110001000Shares in listed company50002000015000ParticularsAmount ($)Loss on sale of Antique Chair2000Loss on sale of Painting 8000Less: Gain on sale of Antique Vase1000Total Collectable loss to be carried forward9000Computation of net capital loss for the yearParticularsAmount ($)Gains on sale of shares$15,000Computation of Net capital gains for the year
Taxation Practices and Law Assignment | ITAA 1997_4

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