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Timber Sale and Income Tax Assessment

   

Added on  2020-02-18

10 Pages1439 Words32 Views
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Running head: LAWS OF TAXATIONLAWS OF TAXATIONName of student:Name of University:Author note:
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2LAWS OF TAXATIONTable of ContentsAnswer 1..........................................................................................................................................3Answer 2..........................................................................................................................................4Answer 3..........................................................................................................................................5Answer 4..........................................................................................................................................6Answer 5..........................................................................................................................................7References........................................................................................................................................8
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3LAWS OF TAXATIONAnswer 1Given the case, the main issue that arises here deals with the estimation of capital lossesand gains from sale of assets as per the rules and regulations defined “under section 108-20 ofthe ITAA 1997”Regulations Applicablei.“Section 108-20 of the ITAA 1997”ii.“Section 108-10 of ITAA 1997”The analysis has been done as per Taxation rules and regulations of Australia. Law“section 108-20 of the ITAA 1997”, shows that loss of $1,000 for the home sound system cannotbe taken as set off, because losses cannot be considered on dumping of personal assets for any
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