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MBS614 Taxation Principles

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Questions:

Many years ago in the year nineteen hundred and eighty-four on the first of December, Mellisa L began the operation of a retailing business as a sole proprietor.

On this day she acquired capital assets totalling $100,000. On the first of July 2017, Mellisa transferred the entire operation to a new trading entity incorporated as Mel Lew Pty Ltd.

From the transfer, Mellisa L acquired a number of shares. In total 200,000 shares were acquired. Each share had a value of $1 per share as at the transfer date.

Required:

Assume your group were the Tax Accountants advising Mellisa L and responsible for preparing her tax return:

  1. Discuss the applicable tax issues citing relevant sections of the law.

  2. Discuss the applicable tax issues citing relevant sections of the law, if on 1 December 2017 Mellisa sold the shares for $250,000 and the capital assets were acquired on the first of December in the year nineteen hundred and eighty six.
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