This document presents a comprehensive solution to a Taxation Law assignment, addressing various aspects of Australian taxation. The assignment covers topics such as depreciating assets, tax offsets, marginal tax rates, and consumption taxes. It includes detailed analyses of specific scenarios involving expenses, including loan interest, mobile phone charges, and employee theft, determining their deductibility under relevant sections of the ITAA 1997. The solution also examines CGT implications for events like lease extensions, granting options, and the sale of a main residence, along with calculations of capital gains. Furthermore, it explores the tax treatment of prize money, employer payments for business expenses, and gifts, referencing relevant tax rulings and case law to support its arguments. This document is a valuable resource for students studying taxation law, offering practical examples and interpretations of key tax principles.
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