$20 Bonus + 25% OFF
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

BUSN3014 Principles Of Tax Law

tag 0 Download7 Pages / 1,644 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT


1.Your client Tony and Hub run a building partnership called Cedars Building Partners (CBP).

  • CBP has an ABN.
  • CBP usually build residential houses for other people as contract builders.
  • CBP are not property developers and have never sold property.

Tony and Hub inherited a property at 35 Bright Street valued at $1,000,000 from their father Joe who passed away eighteen months ago.

  • The house at 35 Bright Street was built in 1974 on a block of land Joe already owned. Joe paid $70,000 to the builder for the house. Joe used the house as the family home and his principle place of residence up until he passed away.

  • Tony and Hub have leased the house out to residential tenants from for the past eight months and have received $12,000 rent.

  • The house at 35 Bright Street in the middle of a big block of land. The land is zone R2 meaning two dwellings may be built on the one block of land.

Tony and Hub request your advice as to the income and/or CGT consequences in relation to the following:  

  1. Keep renting out the property and leave everything as it is.

  2. Sell the house now and invest the money into either another development or into shares or an investment property. 

  3. Relocate the existing house to the back of the block, and then strip and completely renovate the house to a 'like new' status for an estimated cost of $200,000; and build a completely new house at the front of the block costing $250,000. 

  4. Tony and Hub then plan to either:
  • Divide the title and sell both houses, when the project is finished, each house is expected to sell for $1,200,000 each: OR

  • Retain both house on one title to rent out – maybe to sell some time in the future. It is predicted that in 5 years the houses would sell for $2,400,000 each

Tony and Hub would like to do the work themselves using CBP builder, to save money, as the total development cost cited above of $200,000 and $250,000 would likely double if they had to pay a builder to do it. Advise Tony and Hub on the consequences of doing the work themselves.

Required:  Answer the above questions with reference to relevant cases, legislation and/or rulings.  Show any relevant calculations.

2.You run a tax practice and a client, Monica, a financial advisor, comes to ask your advice in respect to a number of outgoings she incurred in this financial year:

  1. Purchase of a rental property for $500,000. 

  2. Obtained a principle & interest investment loan of $450,000, repaid over 25 years, to finance the rental property purchase and in relation to the loan:

    1. Paid $5,000 establishment fee that she paid before the loan was granted.

    2. Paid loan payments of $11,250 Interest and $10,000 principle on the above loan .

  3. Paid $45,000 expenditure to repairs and repaint the property prior to renting.

  4. During the year, her sister had asked for advice in managing her financial affairs. Monica gave her advice and charged her $500. She believes that her sister will not pay the bill and so, she has raised a provision for doubtful debts for $500.

  5. After work Monica teaches at the local University on one day per week. Monica expended $500 to travel between the financial advising work and her work as a lecturer.

  6. Monica paid $450 for her membership to the Australian Financial Planners Association and $600 to her local golf club. Monica is a keen golfer and also uses the club to entertain clients.

Required:  Answer the following questions with reference to relevant cases, legislation and/or rulings.  Show any relevant calculations.

Advise Monica of the tax deductibility of the above outgoings. You must refer to legislation and/or case law in your answer.

Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Unique Document

Under Evaluation

Get Money
into Your Wallet

Total 7 pages, 1 USD Per Page

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). Principles Of Tax Law. Retrieved from https://myassignmenthelp.com/free-samples/busn3014-principles-of-tax-law/cedars-building-partners.html.

My Assignment Help (2021) Principles Of Tax Law [Online]. Available from: https://myassignmenthelp.com/free-samples/busn3014-principles-of-tax-law/cedars-building-partners.html
[Accessed 18 April 2021].

My Assignment Help. 'Principles Of Tax Law' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/busn3014-principles-of-tax-law/cedars-building-partners.html> accessed 18 April 2021.

My Assignment Help. Principles Of Tax Law [Internet]. My Assignment Help. 2021 [cited 18 April 2021]. Available from: https://myassignmenthelp.com/free-samples/busn3014-principles-of-tax-law/cedars-building-partners.html.

With time, MyAssignmenthelp.com has become one of the best college essay writing services. Our all rounded services give students the confidence to overcome assignment related issues. Our services are fast enough to meet most urgent deadlines. We are capable of delivering fast essay writing services with the help of our specially designed provisions and writers' teams. Our urgent essay help services guarantee most rapid delivery of assignment solutions. Some of our most popular essay services are application essay help, exploratory essay help, literary review essay help and argumentative essay help.

Latest Tax Samples

LAWS20060 Taxation Law Of Australia

Download : 0 | Pages : 11

Answer: 1. (a) Block of vacant land: The selling of land could be adjudged as CGT event and in accordance with “Section 108-5 of ITAA 1997”; the land could be termed as CGT asset. When this is the case, the land sale triggers the event A1, which takes place at the time of signing the contract on 3rd June of the current tax year, which complies with “Section 104-10 of ITAA 1997”. The capital proceeds from this sale...

Read More arrow

HI6028 Taxation Theory Practice And Law

Download : 0 | Pages : 6

Answer 1. (a) FBT consequences FBT consequences will be imposed on employer and not on the employee when the employer has issued fringe benefits to employee. The potential taxation consequences are specified in “Fringe Benefits Tax Assessment Act 1986 or FBTAA 1986.” Further, the noticeable factor in this regards is that employer who provides benefits to employee but restrict the utilization of the benefits for personal usages wou...

Read More arrow

TAXX301 Taxation

Download : 0 | Pages : 30

Answer: Rhetorical analysis is used to gain an understanding of the writer or speaker success in communicating to the reader or the listener. Rhetorical analysis is a means of evaluating the work of another person to evaluate how he/she has successfully achieved the intended communication. The main objective of this paper is to explain what rhetorical analysis is and how it is done using various examples of rhetorical analysis. Basically, the ...

Read More arrow

LAW 6001 Taxation Law

Download : 0 | Pages : 3

Answer: Major historical landmarks for income tax Income tax was introduced in 1902 in Queensland (Australia 2018). Since then, many adjustments have been made depending on the historical event. For example, in 1915, during the wartime, income tax was expanded from territorial or state level to federal level Another major adjustment took place in  1942 during the Second World War During this time, Federal government took over raisi...

Read More arrow Tags: Australia Melbourne Law LAW 6001 Taxation Law  University of Melbourne 

PACC6006 Taxatation Law

Download : 0 | Pages : 13

Answer: Net trust income for Central Accounting Services for the year ended 30 June 2016 Over the given scenario of Central Accounting Services, this trust has been registered as Small Business Entity and it is also registered for the GST as well. In this business entity, there are two directors as Jim Lee and Mary Lee and the net trust income will be distributed in 50% each. The accounting information has been inferences from its accounting ...

Read More arrow

Save Time & improve Grade

Just share requirement and get customized Solution.

We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

Add File

Error goes here




Overall Rating



Our Amazing Features


On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.


Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.


24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.


Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.


Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

529 Order Completed

95% Response Time

Ivan Blank

PhD in Functional Human Biology

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

2109 Order Completed

99% Response Time

Emma Zhong

Ph.D in Project Management with Specialization in Project Communications Management

Singapore, Singapore

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

2632 Order Completed

100% Response Time

Albert Ambrosio

MSc in Nursing

London, United Kingdom

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

134 Order Completed

95% Response Time

Thomas Nelson

MS in Information Systems Technology with Specialization in Database Administration

New Jersey, United States

Hire Me

FREE Tools


Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.


Essay Typer

Get different kinds of essays typed in minutes with clicks.


GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.


Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.


Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability




Your Approx Earning

Live Review

Our Mission Client Satisfaction

Thanks for the quick discussion solutions. I am ahead in my classes with an A average


User Id: 332254 - 18 Apr 2021


student rating student rating student rating student rating student rating

satisfactory and reliable , was stated clearly . The words use are simple and straight


User Id: 577505 - 18 Apr 2021


student rating student rating student rating student rating student rating

Great work completed I am amazed at the work that the expert completed. I am satisfied with everything that was submitted to me. When I had an issue, the expert corrected and make sure everything was done correctly.


User Id: 497364 - 18 Apr 2021


student rating student rating student rating student rating student rating

Amazing and fast service, so friendly and reliable experts and live chats!! So good. Will definitely use again. Can\'t thank the team enough


User Id: 672247 - 18 Apr 2021


student rating student rating student rating student rating student rating

Order on the go!

Say hello to our new app

callback request mobile
Have any Query?