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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 (not from MTG or Barkoczy text)
Application of LIFO, FIFO and Weighted Average method of Inventory System and evaluate the cost assigned to ending inventory and to cost of goods sold using a) specific identification
Affects the bank or book side of bank reconciliation and (ii) represents an addition or a subtraction in bank reconciliation
i need help calculating the subsequent problem on 1st july 2012 ted age 73 and single sells his personal residence of
question a company has two employees. the companys net salaries for the month of january were 8000. the federal income
Explain briefly what is revealed by the ratios and other calculations in the context of the company's profitability, efficiency, liquidity, gearing (leverage) and investment performance. In particular, any important changes from 2010 to 2011 shou..
Nemani wants to maintain a balance of at least $25,000 cash at the end of each quarter and complete the cash budget for the first quarter.
She believes 10% is the more accurate estimate but knows that both the corporation's internal and external auditors allow some flexibility in estimates. Does Mary Beth's proposal present an ethical dilemma?
Prepare a balance sheet - John Paul is the bookkeeper for Gabelli Company. John has been trying to get the balance sheet of Gabelli Company to balance.
midwest corp completed the following transactions in 2012 the first year of operation.1. issued 20000 shares of 10 par
Find what would incomplete units physically look like at the end of any given part of the process? For example, at end of the distillation process and then at end of the final bottling process
Cougar, Inc., is a calendar year S corporation. Cougar's Form 1120S shows nonseparately stated ordinary income of $80,000 for the year. Johnny owns 40% of the Cougar stock throughout the year. The following information is obtained from the corpora..
A concerned citizen provides resources and establishes a trust with the local government. What factors should be considered in determining which fund to report the trust activities?
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