This assignment analyzes two key scenarios in Australian taxation law. The first part examines Jasmine's asset sales, including her main residence, car, small business, furniture, and paintings, determining their capital gains tax (CGT) implications based on relevant sections of the Income Tax Assessment Act 1997. The analysis considers exemptions for personal assets, pre-CGT assets, and small business concessions. The second part addresses John's motor vehicle parts manufacturing company, focusing on the cost and depreciation of a CNC machine. It calculates the cost of the machine, including import costs, installation, and the addition of a guiding rod, and determines the start date for calculating depreciation, referencing relevant sections of the Income Tax Assessment Act. The assignment uses case law and statutory provisions to support its conclusions, providing a comprehensive overview of CGT and depreciation principles.
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