$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

MIT613 Taxation Law

tag 0 Download9 Pages / 2,201 Words


Question 1:
Which of the following give rise to “Income”?
1.A dentist swapping dental work valued at $600 with a retailer for a video which has a market value of $550 (but only cost the retailer $300)
2.A pensioner swapping surplus eggs valued at $150. (for the year) with a neighbour for surplus vegetables grown in a home garden.
3.A builder helping you at weekends to erect your home, doing so on the basis that he can have your caravan (which cost you $10,500 on 1 January 1997) when you move into the home.  Assume the value of the builder’s work was $11,000 and the caravan had a market price of $12,000 when you handed it over on 1 January in the current income year.
4.Volunteering your accounting expertise to a local charity which in turn arranges for someone to clear rubbish from your yard. Would your answer be different if you were unaware of the charity’s intention to clear the rubbish?
Question 2:
Discuss whether the following amounts are assessable.  Include references to any relevant provisions in the ITAA 1997 or ITAA 1936.
1.A car valued at $15,000, given as a prize to a depositor of a building society.  The competition was open to all those who could maintain a minimum balance of $10,000 for the year.
2.An exchange gain (not of an income character) of $1 million made by a large industrial company on repayment of long-term loans.
3.A travel allowance of $4,500 (paid at 45 cents per kilometre 10,000 km travel) paid to an employee by an employer because the employee was carrying out tasks required by the employer.
Question 3: 
In your hurry to get to a tax lecture, you park your car poorly and, in the process, badly damage the Vice Chancellor’s car.  As the accident is clearly your fault and you do not have any insurance, you agree to meet the costs of any necessary repairs.  After obtaining three quotes, the Vice Chancellor informs you that the cost will be $2,000, which you pay to her when the work is complete.
Required: Is it possible that this transaction could have any Capital Gains tax implications for the Vice Chancellor?
Question 4:
Mr & Mrs Martin each hold two shares in a family company.  The company was established in 1980 for the purposes of conducting a retail business premises in Bendigo.  The Martins have twins (a boy and a girl) who will turn 18 on 1 July.  Present plans are for each of the twins to receive one of the shares in the family company with Mr Martin transferring one of his shares to his son and Mrs Martin transferring one of her shares to her daughter.
1.What capital gains issues, if any, arise?  How would your answer differ if, instead of the above share transfer arrangement, the share transfer occurred on Mr Martin’s death, one share being transferred to each of his children? (Mrs Martin would retain both of her shares).
2.What are the implications for the family company if the Martins are considering:
(a) Buying vacant land in Bendigo; or
(b) Buying a retail business (operating through leased premises) in Queensland
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 9 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). Taxation Law. Retrieved from https://myassignmenthelp.com/free-samples/mit613-taxation-law/capital-income-tax.html.

My Assignment Help (2021) Taxation Law [Online]. Available from: https://myassignmenthelp.com/free-samples/mit613-taxation-law/capital-income-tax.html
[Accessed 26 October 2021].

My Assignment Help. 'Taxation Law' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/mit613-taxation-law/capital-income-tax.html> accessed 26 October 2021.

My Assignment Help. Taxation Law [Internet]. My Assignment Help. 2021 [cited 26 October 2021]. Available from: https://myassignmenthelp.com/free-samples/mit613-taxation-law/capital-income-tax.html.

If you do not know how to write a term paper, simply hire us and receive exemplary solutions on the go. Our term paper writing service is effective, affordable and deadline-oriented. We will also help you with interesting topics to research for your term paper assignment. In addition to it, we are committed to sending across 100% original papers. Wondering how? We use advanced plagiarism checkers to look through each and every critical plagiarism issues. So, you need to check plagiarism online for your term papers. We shall send across comprehensive solutions on time.

Latest Tax Samples

HA3042 Taxation Law

Download : 0 | Pages : 8

Answers: 1. Issue As per the highlighted details of the case, a renowned mountaineer Hilary has been given the following payments. Proceeds for selling the copyrights associated with the story amounting to $ 10,0000 Proceeds for selling the manuscript associated with the story amounting to $ 5,000 Proceeds for selling the photographs clicked on expeditions amounting to $ 2,000 The payments above need to be analysed with relation to th...

Read More arrow

HA3042 Taxation Law

Download : 0 | Pages : 8

Answers: Question 1 Under Section 8-1 of Income Tax Assessment Act 1997: The cost of moving machinery to a new site will be allowed as deduction because it has been incurred while producing or gaining the assessable income. The cost of revaluing assets to effect insurance cover will not be allowed as a deduction because it has been incurred while producing or gaining the exempt income or non-assessable income (Tran-Nam & Evans, 2012)....

Read More arrow Tags: Australia Fairfield Management Safty  University of New South Wales 

ACFI3004 Taxation

Download : 0 | Pages : 6

Answers: Answer to Question 1: Answer to Question 1a: In order to ascertain the “Fringe Benefits Tax (FBT) liability” of ABC Private Limited from the perspective of Alan, it is crucial to undertake the below-stated assumptions: Salaries and wages: FBT does not take into account the salaries and wages that are paid to the staffs working in an organisation (Barkoczy 2016). Therefore, for calculating the FBT liability, the salary ...

Read More arrow

LAWS6016 Taxation Law

Download : 0 | Pages : 2

Answer: Introduction: According to the case study, Peta mainly bought the house two years ago, where it holds two old tennis courts. The intention of Peta was mainly to reside in the houses, while generating income from nearby tennis courts. Nevertheless, later in some point Peta sold the tennis courts for $600,000, which is mainly termed as the assessable income. However, the overall motive of Peta was to reside in the property and earn from t...

Read More arrow Tags: Australia Hurstville Humanities principlesof finacial markets University of New South Wales 

LAWS19033 Taxation Law And Practice

Download : 0 | Pages : 7

Answers Part A 1. The inspector general for the taxation is an independent officer for the statutory office who recognizes the concerns related to the law management. Generally, they are concerned regarding the management issues that are not in favour for managing the administration of good tax. The inspector general provides an independent suggestion to the government officials. 2. The following legislation governs the authority of the taxati...

Read More arrow Tags: Australia Tullamarine Management Safty  University of New South Wales Managemnt 

5% Cashback

On APP - grab it while it lasts!

Download app now

*Offer eligible for first 3 orders ordered through app!

callback request mobile
Have any Query?