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The present circumstances would be analysed and the tax advice would be provided to the client on the account of the received capital gains/losses from the disposal of the assets. The imperative aspect is that taxpayer is not running a business involving trading of asset or engagement in selling or buying the assets to generate revenue receipts and hence, the only available scenario for the sale proceeds is capital receipts...
1.Based on the given information, the task is to determine the net capital gain or net capital loss of the client for year ended 30 June of the existing tax year.
Calculation of capital gains or loss derived from selling of block of land
Pre-CGT assets are those assets which are acquired by the concerned taxpayer earlier than 20 September 1985 and are not taken for the Capital Gain Tax (CGT) under the provision of 149(10) of I...
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The report is developed with an aim for attaining knowledge related to the concepts of financial accounting. Net capital loss or gain has been evaluated in the report as per the scenario provided. The transactions provided in the scenario are considered for the evaluation purpose. The report is beneficial in developing the knowledge of treatment required for evaluating net loss or profit for different transactions. In add...
Answer to question 1:
According to the “section 102-5 of the ITAA 1997” an individual taxpayer is required to include in the net amount of capital gains for the income year in their taxable income (Baldassar, Pyke and Ben-Moshe 2017). If an individual incurs capital loss that can be only offset against the capital gains. The capital gains tax is applicable to the assets that are acquired after 20 September 1985....
The common issue to the problems is to implement the general concepts of the ordinary income and determine the total taxable income of the partnership business.
The focus of the “sec 6-5, Income Tax Assessment Act 1997” is to understand the general concepts ordinary income (Slemrod and Bakija 2017). Upon making the taxable income, those incomes are considered into the taxable income on the basis of ordinary concepts...
The case introduces the issues that is related to the calculation of the net income from the partnership made by the partners during the year.
As per the “division 5 of the ITAA 1936”, a partnership is not treated as the separate business under the general law and partnerships is not required to the tax. Instead the partners pay the tax on the profits that is distributed to the partners (Arnold,...
For the purpose of income tax under “section 995-1, ITAA 1997” the definition of partnership comprises of including the receipts made from the joint incomes of the property, service contracts and business agreements (Tondani 2016). Conferring to the “section 995-1”, partnership is better understood as the conducting of business activities as the partners or getting the ordinary income and the statutory...
The basic functions of taxations are as follows;
Funding government expenditure: The most important vital function of tax is to fund the expenditure of government. It provides varying amount of justifications and explanation for taxes that has been offered all through the history. Previously, taxes were used in supporting the “ruling classes”, increase armies and create defences (Saez and Stantcheva 2018). Later exp...
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