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Taxation Theory Practice and Law

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Added on  2020-10-22

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In first case the client is an antique collector and investor, and sold different assets, and in second case advice is provided to the company, tax consultant is required to calculate tax liability for both the cases. In first case the client is an antique collector and investor, and sold different assets, and in second case advice is provided to the company, tax consultant is required to calculate tax liability for both the cases. It is a liability of a tax consultant to calculate the taxable amount and payable taxes

Taxation Theory Practice and Law

   Added on 2020-10-22

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Taxation Theory practiceand law
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1a. Block of vacant land................................................................................................................1b. Antique bed.............................................................................................................................2c. Painting....................................................................................................................................4d. Shares......................................................................................................................................4e. Violin.......................................................................................................................................6TASK 2............................................................................................................................................7Advise on FBT consequences and calculation of FBT liability on Rapid Heat..........................7Variation in FBT liability............................................................................................................9CONCLUSIONS..............................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONTaxation theory is the set of rules, regulations and policies that are formulated by thegovernment for companies, individuals, firms and others. It should be followed by the taxconsultant while calculating tax liability and total tax payable by the company or individual. Thisis decided by the government or the legal authority of the country (Baldwin, Cave and Lodge,2012). Australian government has also declared different taxations law that are implementedwithin the country. In this project report two different taxation systems are followed one iscapital gain and another is fringe benefit. The main purpose of this project reports is to gatherknowledge of Australian taxation law and its regulations.This report is based on a calculation of tax which is done by a tax consultant in Mayfield,New South Wales Australia. In first case the client is an antique collector and investor, and solddifferent assets, and in second case advice is provided to the company, tax consultant is requiredto calculate tax liability for both the cases. TASK 1Australian taxation laws are applied in Mayfield, New South Wales which is anAustralian Community. It is a liability of a tax consultant to calculate the taxable amount andpayable taxes. In this case the clients is an antique collector and an investor too. In year 2017,many assets are bought and sold by the client and the tax consultant is hired to calculate the taxliability. For this purpose all the Australian taxation laws are followed, such as income tax andGST taxation (Boll, 2014). As the amount received or paid while selling or purchasing assets isconsidered as capital gain or loss. Hence, in this particular case the taxation will be calculatedunder capital gain head. The client is not running a business hence, the tax liability will becalculated on individual basis. In this particular case, capital gain and insurance claim tax will befollowed.a. Block of vacant landIn this case the client in a contract to sell a vacant land for $320000, which waspurchased in January 2001 for $100000 and the additional expenses that are feature by the clientare $20000 for water and sewerage. Selling of land is an investment activity which will betaxable under capital gain head. 1
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