This assignment delves into various aspects of taxation law, providing detailed analysis of income tax deductions and GST. The solution addresses several key issues, including the deductibility of relocation costs for machinery, revaluation expenses, and legal costs related to business operations. It examines the application of relevant legislation, such as the ITAA 1997 and the GST Act 1999, and relevant case law like British Insulated and Helsby Cables v Atherton (1926) and Ronpibon Tin NL v F C of T. The assignment also explores the entitlements to input tax credits for financial supplies, specifically focusing on the scenario of a bank and its advertising expenditure. The analysis considers the creditable purpose of expenses, the threshold limits for GST registration, and the apportionment of GST under the relevant rulings. The document provides a comprehensive understanding of how these tax principles apply in practical business situations.
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