Answer: 1. In the present case, client is an investor and also collects antique items and has made numerous transactions involving disposal of various assets. Here, the main task is to find whether the proceeds received from the disposal of assets would amount to Capital Gain Tax (CGT) or not. Further, the net capital loss or capital gains would be calculated for the incurred capital gains or losses for the given financial year. Transaction...Read More >>
Answers: Question 1: Assessable Income of Partnership Business Division 5 of Pt of III ITAA deals with the principles concerning partnership taxation. These are applicable to all types of partnership exclusive of limited corporate partnership. It is stated by Morse and Deutsch (2015), that, the main purpose of this division is to inflict the tax on the partners rather than partnership which is obliged to be the individual taxpayer. Furthe...Read More >>
Answer: Introduction: Income tax assessment act 1997, Section 995-1(1), describe the partnership as an association of the two or more persons running business as a partner in lieu of statutory income. In the layman language, it can be said that partnership is the relationship between the two or more than two people carrying out the commercial activity with the view of earning a profit (Burkhauser, Hahn, and Wilkins, 2015). The partnership is ...Read More >>
Answer: Answer to question 1: Issues: The main issues that the current case study is concerned relates to the determination of the net income of the partnership within the meaning of “section 90, ITAA 1936”. Rule: An explanation has been made under the “division 4 of the ITAA 1936”, which clarifies that the partnership is not treated as the separate legal entity under the meaning of general law and no taxes ...Read More >>
Answers: Question 1 Provisions related with partnership firm Statement showing the computation of the net income of the partnership for the year ended 30June 2017 Particulars Amount ($) Total sales (cash and credit) &nbs...Read More >>
Answer: Introduction: The taxpayer involved within this case is licensed from United States as the company which organized the lessons for dancing for the pupil situated in Sydney and Melbourne. Now the taxpayer has given the students which will ensure that they are getting proper lessons for the dancing skills (Athanasiou, 2014). The time period for these lessons was scheduled for fifteen hours and this time period was distributed within a w...Read More >>
Question 1 Your client Helen wants to fund her business as a fashion designer, therefore she has sold some of the assets as follows: 1- An antique impressionism painting Helen’s father bought in February 1985 for $4,000. Helen sold the painting on 1 December 2018 for $12,000. 2- Helen sold her historical sculpture on 1 January 2018 for $6,000. She has purchased the piece on December 1993 for $5,500 3- An antique jewellery piece purchase...Read More >>
In-text: ((Blakelock, and King, 2017))
Your Bibliography: Blakelock, S. and King, P., 2017. Taxation law: The advance of ATO data matching. Proctor, The, 37(6), p.18.
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