Holmes Institute HI6028 Taxation Theory, Practice & Law Assignment

This assignment analyzes taxation theory, practice, and law, focusing on two key questions. The first question examines the Goods and Services Tax (GST) consequences for a property development company, City Sky Co, including the applicability of GST to land purchases, construction materials, and legal services. The analysis considers the reverse charge mechanism and input tax credits. The second question assesses the capital gains tax (CGT) implications of Emma's transactions, including the sale of land, shares, a stamp collection, and a piano. The assignment calculates capital gains and losses, identifies relevant tax laws, and determines the tax liabilities for each transaction, considering dates of purchase and sale, and relevant expenses. The assignment applies Australian tax regulations to real-world scenarios, demonstrating an understanding of income tax, deductions, and CGT.