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Taxation: Income Tax Law

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Question: Discuss about the Taxation for Income Tax Law.   Answer: 1: Capital gain refers to the difference between the acquisition costs and proceeds from capital of the capital gain tax. There are three methods that can be used for the calculation of capital gain tax. The first method is the discount methods that are applied for more than twelve months before the event of the capital gain tax (Newnham, 2012).  The second method...

Read More arrow Tags: Australia Hallam Finance HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

Case Study: Taxation, Theory, Practice & Law

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Question:  Describe about the taxation, theory, practice & law.    Answer: Case Study – 1 Issue Based on the Kit’s case information, the central issue is to ascertain if for the given assessment year, Kit is indeed a tax resident of Australia. A secondary concern is to opine on the tax implications of the income that Kit earns from various sources. Rule Determination of tax residency is pivotal since the t...

Read More arrow Tags: Australia Glenroy Law HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

Taxation, Theory And Practice Law

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Question: Describe about the Taxation, Theory and Practice Law.    Answer: Issue: To analyse Chilean citizen Kit's tax residency status and to guide him to get the suitable taxation treatment from his received income. Rule: The tax residency status of a tax player is discussed through section6 (1) of ITAA, 1936. In the Tax Ruling TR 98/17, many tests are available (August 2013). It significantly helps the taxpayer (ATO, 19...

Read More arrow Tags: Australia Sydney Law HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

Taxation Law

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Questions: Case Study  1. Residence and source 2. Ordinary Income.    Answers: Case Study 1   Issue The issue of the case study is to evaluate and appraise the Chilean citizen  Kit’s residential status for tax purposes and this would allow for appropriate recommendations to be made for taxation treatment for the income received. Rule Section 6(1) of ITAA, 1936 is the determining force for the residential ...

Read More arrow Tags: Australia Glen Waverley Management HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

Residence And Source

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Question: Case Study: Residence and Source    Answer: Issue According to this case study, it is understood that that Kit is an inhabitant of Australia. In Australia, he works for an American company. His salary is paid through an Australian Bank ‘Westpac Bank'. That is why Kit creates an account in this Australian Bank. He also has a joint account with his wife in an Australian bank. In spite of this Australian citizenship...

Read More arrow Tags: Australia Carrum Downs Law HI6028 Taxation  Theory  Practice & Law  Melbourne Institute of Business and Technology 

Tax Law

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Question: Case study: Capital Gains Tax.    Answer: The term capital gain means the difference between the capital proceeds and the cost of acquisition of the capital gain tax asset. There are three methods by which capital gain can be calculated (a) The Discount Method: this method is applied at least 12 months before the capital gain tax event; (b) The Indexation Method: applied for assets acquired before 21st September and he...

Read More arrow Tags: Australia Laverton Management HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

Capital Gains Tax Assignment

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Questions: Dave Solomon is 59 years of age and is planning for his retirement. Following a visit to his financial adviser in March of the current tax year, Dave wants to contribute funds to his personal superannuation fund before 30 June of the current tax year. He has decided to sell the majority of his assets to raise the $1,000,000. He then intends to rent a city apartment and withdraw tax-free amounts from his personal superannuation account...

Read More arrow Tags: Australia Hurstville Law HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

Net Realization Of A Capital Asset

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Question: Write an essay on the cost of acquisition and net realization of a capital asset.   Answer: The capital gain can be measured by the difference between the cost of acquisition and net realization of a capital asset. As per Australian Taxation Office there are three options for deriving taxable value of capital gains. The Discount method is used for the capital assets that is believed to be held for more than a year. The Residu...

Read More arrow Tags: Australia Melbourne Management Taxation Melbourne Institute of Business and Technology HI6028 Taxation  Theory  Practice & Law  

Case Study On Capital Gains Tax And Fringe Benefits Tax

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Questions: Case study  1: Capital Gains Tax.    2: Fringe Benefits Tax.    Answers: Answer to Case Study 1:- a) Calculation of Net Capital Gain/ Loss of Individual Taxpayer:- It is assumed that Dave Solomon, is an individual, whose main source of income is the salary, paid by his employer. He is not involved any kind of trading business. The assets sold by him in the current tax year can be considered, complete...

Read More arrow Tags: Australia Sydney Law HI6028 Taxation  Theory  Practice & Law  Holmes Institute 

Taxation, Theory, Practice And Law Analysis

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Question: Describe about the taxation, theory, practice and Law.    Answer: Capital increase is an extension in the estimation of a capital asset either land or venture that gives it a higher worth than the initial price. The change is not acknowledged until the advantage is sold. A capital increment may be more than one year that is long term or less than one year that is short term, which must be guaranteed on pay charges. A...

Read More arrow Tags: Australia Lakemba Law HI6028 Taxation  Theory  Practice & Law  Holmes Institute 
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