This taxation law assignment solution addresses several key areas of Australian tax law. The first part examines the deductibility of various expenses, including the relocation of machinery, asset revaluation costs, and legal expenses related to business operations and opposing a winding-up petition, referencing relevant sections of the ITAA 1997 and case law such as British Insulated & Helsby Cables v. Atherton (1926) and Sun Newspapers Ltd v F C of T (1938). The second part analyzes the entitlement to input tax credits for financial supplies under the GST Act 1999, focusing on the concept of creditable purpose and the application of GST Ruling GSTR 2006/3, with reference to cases like Ronpibon Tin NL v F C of T. The assignment also includes computations of taxable income and net income from a partnership, providing a comprehensive overview of tax principles and their application in various business scenarios. The solution provides detailed explanations, legal arguments, and conclusions for each issue addressed.
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