Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Part 1: Case study
Janet (taxpayer) residing in Australia is named as the sole beneficiary of a property (1.85 hectares) with a large homestead as a result of the death of a relative on 7/10/2010. The property is not used for commercial purposes and at the date of death, the property was valued at $1.45million. Settlement took place on 21/12/2010. After moving into the homestead shortly after taking ownership, she planned to take a one-year trip which she had been planning for some time in late 2011. The taxpayer felt that the homestead was far too large for her (she is single), applied to the ATO for an exemption for ABN registration and some fourteen months later (16/2/2012), she obtained council approval to subdivide the property into three, with the intention of building three units, one she will take up as her own residence, the other two will be sold. Work commenced some weeks after approval and on 12th December that same year, the taxpayer returned and moved into one of the apartments. The other two were sold in March/April in 2013, one selling for $1.35m (24/3/2013), the other for $1.45m (9/4/2013).
You are to consider the CGT implications both from the relevant sections (ITAA), rulings, etc. and from the values (if/where applicable). Assume that the blocks are subdivided equally. For each determination that you make, you should clarify. You should also clarify what Capital Gains and CGT is in your answer
Part 2: Question
Explain using examples and relevant sections of the act, what the differences between Ordinary Income and Statutory income are. Use your own examples.
Discuss possible defences that could be argued by Big Bank and Cyclone, and what Big Bank and Cyclone should have done to limit their legal liability. For this assignment answer
gather and integrate your knowledge on the topics covered thus far; • investigate in depth the cases, rulings and legislation that are fundamental to taxation law; • demonstrate your ability to apply that knowledge to a hypothetical, practical situat..
What is the total tax revenue raised and deadweight loss following the imposition of the tax and
Chevron began an action to sue Fine Furniture for damages of $700,000, being compensation for the increased cost of having to buy its furniture elsewhere. The action by Chevron was discontinued when Fine Furniture paid to Chevron $400,000 to settle t..
Evaluate the cost of a 20-guest afternoon picnic and evaluate the cost of a 20-guest evening formal dinner.
he use made of appropriate legal sources, in particular primary legal sources: e.g., the Income Tax Assessment Act (1936) (Cth) and cases (it is appropriate to rely on the summaries of cases located in secondary sources)
What is the basis in the like-kind property received and what is the basis in the not like-kind property received
What is a highly compensated employee and what effect does a highly compensated employee have on the minimum vesting requirement?
Brief statement in your own words of the facts of the cases.
Prepare a form 1065 for ABC Partnership, including the Schedule K-1 for the partners and all other required schedules - information is missing make reasonable assumptions and attach a listing of those assumptions
At the end of 2013, the temporary difference is $70 million. Payne has no other temporary differences and no valuation allowance for the deferred tax asset. Taxable income for 2013 is $180 million and the tax rate is 40%.
Suppose a manager claims flexible budgets are useful because costs are difficult to predict and flexibility is needed to modify budgeted costs as input prices change.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd