This assignment delves into Australian taxation law, addressing two primary scenarios. The first part examines whether an international shipping company, directed by individuals in Singapore, Monaco, and Australia, qualifies as an Australian resident for tax purposes. It analyzes the incorporation test, controlling shareholder test, and central management and control test under the Income Tax Assessment Act, concluding the company is likely an Australian tax resident based on the shareholding test. The second part assesses the tax implications of Elwood's various asset sales, including a personal car, vacant land, shares, antiques, and business quotas. It determines capital gains tax liabilities, exemptions, and applicable discounts based on the acquisition dates, usage, and relevant sections of the Income Tax Assessment Act. Desklib provides study tools and resources for similar assignments.
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