TAXATION, THEORY, PRACTICE AND LAW

Added on - 22 Sep 2019

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Table of ContentsAbstract............................................................................................................................................................3Introduction......................................................................................................................................................4Body of Assignment..........................................................................................................................................4Answer 1.......................................................................................................................................................5Sale of Impressionism Paintings...................................................................................................................5Sale of Historical Sculpture...........................................................................................................................5Sale of Jewellery...........................................................................................................................................6Sale of Picture...............................................................................................................................................6Answer 2...........................................................................................................................................................6Tax implication when Income is from Barbara’s Self Exertion......................................................................6Stanton vs. FCT.........................................................................................................................................7Tax Implication when Barbara sells its copyright to Eco Book......................................................................7McCauley vs. FCT......................................................................................................................................7Answer 3.......................................................................................................................................................8Barry and Lorraine Vs his son (Murry Berghan)........................................................................................8References........................................................................................................................................................9
AbstractIn this paper, we are going to discuss the effect of different provision of taxation ondifferent types of income as per the Australian law for personal income. Generally, thereare three types of income, which includes Business income, Personal income and capitalgain income. Income tax is payable on the income. The tax rate on the income isdepending on the type of income and also in case of personal income, the tax rate isdepending on your income. Generally, Income tax rate would be higher on higher incomeand lower on lower income. Here, we are going to discuss the provisions relating to Capitalgain, taxability of Royalty income and Loan to family members. We are also going todiscuss case study relating to royalty income and loan to family member.
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