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HI6028 : Taxation Theory, Practice and Law

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Added on  2019-10-31

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This report will be based on Taxation Theory, Practice and Law and will contain the answer to numerous questions. The questions should be first solved in excel and then it is needed to be classified in word. While solving the questions it is important to mention relevant sections that have been used in the questions. Every question is based on taxation law and with the help of those sections; the question can be solved easily. Some questions are practical and some of them are theoretical in which appropriate laws and sections will be used in taxation law. For helping the author in solving the questions several sections have been mentioned in the brief from which they can take the help and can solve the questions easily. 

HI6028 : Taxation Theory, Practice and Law

   Added on 2019-10-31

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Running head: TAXATION THEORY, PRACTICE AND LAWTaxation Theory, Practice and LawName of the StudentName of the UniversityAuthor’s Note
HI6028 : Taxation Theory, Practice and Law_1
1TAXATION THEORY, PRACTICE AND LAWTable of ContentsAnswer to Question 1......................................................................................................................2Answer to Question 2......................................................................................................................3Answer to Question 3......................................................................................................................5Answer to Question 4......................................................................................................................6Answer to Question 5......................................................................................................................7References......................................................................................................................................10
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2TAXATION THEORY, PRACTICE AND LAWAnswer to Question 1Issues: The issue is to measure Eric’s sustained amount from the capital gain or loss for set offunder ‘Section 108-10 of the ITAA 1997’.Laws:The relevant laws in this case are provided below:i.Section 108-20 of the ITAA 1997ii.Section 108-10 of ITAA 1997Application: As per the current situation, it can be said that the loss from the sales of the sound systemwill not be considered for set off, as the sound system of the taxpayer is personal asset in nature.It is stated in ‘Section 108-10 of the ITAA 1997’ that collectable nature of loss is not considered
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3TAXATION THEORY, PRACTICE AND LAWfor offset against the ordinary gains and thus, the profit from the sale of the shares will not beconsidered for set off (Barnes and Stephens 2012). Again, as per ‘Section 108-10 of the ITAA1997’, Eric’s profit from the sale of ordinary assets is raised from no assets of the current years.Thus, the total amount of Eric’s capital gain is $15,000 (Jorgensen 2017).Conclusion: Thus, it can be concluded that Eric is not able to set off the collectable loss as it isgenerated from the ordinary nature of asserts.Answer to Question 2Issue: The main issue is the calculation of Brian’s Fringe Benefit Tax as per ‘Fringe BenefitTax act 1986’.Laws: The relevant laws are provided below:i.Fringe Benefit Tax Act 1986ii.Taxation Rulings TR 93/6 (Thomas 2012)Application:
HI6028 : Taxation Theory, Practice and Law_4

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