Hollmes Institute Taxation Law Assignment Analysis T2 2019

This assignment analyzes two taxation scenarios under Australian law. The first scenario examines the tax implications for Jasmine, an Australian resident, involving the sale of her primary residence, a car, a small cleaning business, personal furniture, and collectable paintings. It assesses the applicability of Capital Gains Tax (CGT), small business retirement exemptions, and the treatment of personal-use assets. The second scenario focuses on John's company, which imports a CNC machine. It determines the cost basis for depreciation calculations, considering import costs, installation expenses, and subsequent enhancements, and identifies the start date for calculating capital allowances based on the Income Tax Assessment Act 1997. The assignment provides detailed explanations of relevant sections of the Act and their application to each case.