This assignment addresses two taxation scenarios. The first scenario involves a property development company, The City Sky Co., and its engagement of a lawyer. It analyzes the Goods and Services Tax (GST) implications of the legal services, including the application of the margin scheme for new residential premises. The assignment calculates the GST liability and the eligibility for input tax credits. The second scenario focuses on an individual, Emma, and her capital gains tax (CGT) obligations from the sale of various assets, including land, shares, a stamp collection, and a piano. The analysis includes the calculation of capital gains and losses, considering relevant costs, exemptions, and the 50% CGT discount for long-term assets. The assignment applies relevant sections of the Income Tax Assessment Act 1997 and provides a summary of Emma's total capital gain for the year, chargeable to CGT, with appropriate references to the Australian Tax Office guidelines.
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