Analysis of CGT, Input Tax Credit Entitlements and Legal Issues

This case study provides an analysis of Capital Gains Tax (CGT) and input tax credit entitlements in Australia. It examines City Sky Co's GST input tax credit entitlements, focusing on legal precedents and the applicability of GST to land development costs and legal services. Furthermore, the study assesses Emma's total taxable amount for CGT in 2015, detailing the tax implications of selling shares, a stamp collection, a piano, and land, while referencing relevant sections of the Income Tax Assessment Act 1997 (ITAA 1997) and Taxation Determinations. The document also discusses the legal issues and case laws related to CGT consequences.