Individual Taxation Assignment for HI6028 - Holmes Institute, T2 2019

This assignment solution addresses two key questions related to Australian taxation law. Question 1 examines the Goods and Services Tax (GST) implications for a property development company, analyzing the tax treatment of legal services and the eligibility for input tax credits under different scenarios, including the margin scheme. The analysis considers the turnover threshold for GST registration and the impact of the lawyer's status as a sole trader. Question 2 delves into Capital Gains Tax (CGT) implications for various transactions, including the sale of land, shares, a stamp collection, and a grand piano. The solution calculates CGT liabilities, considering factors such as purchase dates, costs, and relevant legal provisions, including exemptions for assets purchased before specific dates and the impact of depreciation. The assignment references relevant sections of the Australian tax legislation and provides a comprehensive application of tax principles to real-life scenarios.