This assignment solution analyzes assessable income under Australian tax law, covering key areas such as trading stock valuation, capital allowances, and depreciation. Part A examines different methods for valuing trading stock (cost, market selling value, and replacement value) and their impact on assessable income. Part B discusses capital allowances for fixed assets, specifically furniture and fittings, and the effect of relocation reimbursements. Part C addresses the tax implications of selling shares and land, distinguishing between taxable and non-taxable income. Part D explores depreciation methods and their impact on assessable income, including the treatment of losses on asset disposal. Finally, Part E analyzes allowable and disallowable expenses related to bank loans and travel, determining their effect on taxable income. The solution provides detailed calculations and references relevant tax laws and accounting principles.
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