1.Your client Tony and Hub run a building partnership called Cedars Building Partners (CBP).
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.
Tony and Hub request your advice as to the income and/or CGT consequences in relation to the following:
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:
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.
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