This assignment solution addresses two taxation scenarios. The first case examines the Goods and Services Tax (GST) implications for a city development company availing legal services from a sole trader lawyer, considering GST registration thresholds, input tax credits, and the margin scheme. The second case delves into Capital Gains Tax (CGT) implications for various asset transactions, including land sales, share sales, a stamp collection sale, and the sale of a piano. The analysis incorporates relevant sections of the Income Tax Assessment Act 1997, calculating capital gains and losses, and determining tax liabilities based on the specific facts of each case, considering costs, exemptions, and allowable deductions. The solution provides a detailed breakdown of each transaction, applying the law to the facts and providing a final conclusion.
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