This assignment delves into the application of Australian taxation laws concerning Capital Gains Tax (CGT) and the treatment of depreciable assets. It analyzes various scenarios involving Jasmine, an Australian resident, and John, a business owner, focusing on the tax implications of selling a home, personal car, small business, furniture, and collectibles, as well as the capitalization and depreciation of a CNC machine. The analysis references specific sections of the Income Tax Assessment Act 1997 to determine tax liabilities and exemptions, providing a comprehensive understanding of CGT and depreciation principles. The assignment concludes with a determination of taxable amounts and the appropriate treatment of asset costs for tax purposes.
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