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BULAW 5916 Taxation Law And Practice

tag 0 Download 17 Pages / 4,093 Words tag 18-06-2021
  • Course Code: BULAW5916
  • University: Federation University
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  • Country: Australia


  • The question predominantly relates to the principles of compensation and in particular insurance recoveries
  • The main issue for discussion is how will the amounts be treated for taxation purposes ie. will the amounts be assessable How will the proceeds be treated Will they be on revenue or capital account
  • Each of the components of the settlement should be dealt with both individually as the tax treatment may differ for each amount and also how the treatment may differ if a reduced lump sum amount is settled on
  • Answers should be based on legal authority
  • This question predominantly deals with capital gains tax issues
  • You need to address parts (a) and (b) of the question separately as they are two different issues
  • Both parts are of equal value so factor that in when answering this question
  • Part (a) deals with the disposal of a house that was inherited by Amy, so you need to look at the rules relating to capital gains tax and deceased estates
  • This house was also lived in by Robert, so you need to consider whether the main residence exemption has any application here
  • Part (b) deals with a property also inherited on death
  • You need to consider that this property was not where the deceased primarily lived
  • Also what are the implications, if any, of the farming activity conducted on the property
  • When you are advising Amy, remember that she has not as yet disposed of the property.
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Total 17 pages

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