HI6028 Taxation Theory, Practice & Law Assignment Help

Australian Taxation Law

The individual assignment will assess students on the following learning outcomes:

1. Demonstrate an understanding of the Australian income tax system, the concepts of income and deductions, CGT, FBT, GST general anti-avoidance provisions and income tax administration.

2. Identify and critically analyse taxation issues. 

3. Interpret the relevant taxation legislations and case law. 

4. Apply taxation principles to real life problems. 

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Question 1

a) To evaluated on the basis of the Australian taxation office, it is important to understand how there can be the taxation law framework. It would best be applied in the given situation of the sale of any antique capital asset which would be attributed to the capital gain along with the application of the capital gain tax. As understood from the lens of the. Income Tax Assessment Act 1997, it would also be attributed to the designation and the interpretation of the term that has been advertised as the ‘Antique which has to abide by the Australian taxation office which would also call it as an ‘Antique thing' within the Collectable (Evans, 2019).

To evaluated on the basis of the given case, Helen who is one of the people that is owing the antique painting which would be bought by the father in February 1985 and then it was also sold during 2018. It was also thought how there can be an unprecedented sale that would make it a liable for taxation or not. it would be considering the provisions covered within the Australian Taxation Office, along with the basis for the asset that would be able to purchase the 20 September 1985 that would not make it liable. It would also be contributing on the basis of the purchase of asset considered in the month of February 1985 that would be done prior to the 20 September 1985 and it would be considered within the bracket of the Helen that would include to the sale of the antique painting making it not subject to tax and not to be held be liable for taxation.

b) It has been covered under the Australian taxation office, and it would be covering the vast resources of the sale of any historical sculpture that can include on the basis of the capital asset and it would be attributed to the capital gain along with the analysis of the capital gain tax that could be applied. From the evaluation of Division 40 along with the assumptions from the Income Tax Assessment Act 1997, this is also including on the basis with the artworks covering on the basis of the investment as well as Depreciable asset. It would be covered on the onset of the Australian taxation office which would be covering on the basis of the depreciation rate of artworks that would contextual to be lower than to assets within the framework of the 100 years.

There is a covered part of the historical sculpture within the Collectable purchased 1993 along with the relation to the personal use along with the basis of the year 2018. It would be dependent on the income which would be covering on the basis of the sale is liable for tax or not? It would be covered on the basis of the Australian Taxation Office, which can make the income generated in the line of the sale of historical sculpture which would be covered on the basis of the ordinary income as per the given Capital gain and all the extended income would be included in the capital gain tax. It would also dependent on the exemption with the basis of the asset along with the purchased 20 September 1985 along with the assets of the year 1993 including the exemption it would be also related to the income generated along with the sale of historical sculptures includes the capital gain tax of the $6,000 (Braithwaite, 2019).

It would be covered to the Australian taxation office, that would be including the jewelry along with the given relation to the capital asset along with the basis for the capital gain and it would be covered to make on the basis fo the capital gain tax. It would be dependent on the basis of the jewellery eventually be covered on the interpretation of the Collectable that can cover to the year 1987 sold 2018. To be dependent on the income generated along with the basis of the sale is liable for tax or not. It would be evaluated on the basis of the rules in relation to the Australian Taxation Office, that can never the states on the basis of the income that would be sale of jewellery along with the ordinary income and would be included under the basis of the Capital gain within the category of the capital gain tax and it would be further be connected on the basis of the purchase with the 20 September 1985 . It would be connected to the assets that would be connected to 1987 that can include the exemption of the income generated to be dependent on the sale of jewelry i.e. $13,000 that are part of the taxable for the basis of the capital gain tax.

c) Includes the Australian taxation office, it would be a relation to the given connection of the photograph is a capital asset included as a part of the capital gain. It would be further be included within the bracket of the capital gain tax and it would be including it as a part of the photograph that can attribute with the Collectable along with the basis for the personal use covering in relation to the purchased that can cover with the year 1987 and then eventually to be 2018. It would be dependent on which can cover on the basis of the Australian Taxation Office, making it liable under the heading of Capital gain and it would be further be covered in the scope of the capital gain tax. It would be including on the basis of the 20 September 1985 and can cover with the relation to 1987 that would include on the basis of the sale of photograph i.e. $5,000 eventually be covering on the relation with the given taxable within the basis of the head of capital gain tax.

Question 2

On the basis of the Barbara who is eventually be considered to be a commentator along with the relation to the researcher of economics that would be further be covering on the basis of the knowledge and skills. It would be covered on the relation to the write a book on the basis of the Eco Books Ltd. Here, that would further be writing a book or not that would have been relevant to her, but actually, it was without such knowledge in relation to the subject matter. This would be further be guided on the basis of the layman who would have not been able to write a book would be considered under her personal income.

It would be further be concluded on the basis of the Australian taxation office which would have also added value to the income generated attained from the personal skill, efforts along with the synchronization of the knowledge that would further be included form the personal income. It would be the attainment of the income from personal exertion that would cover on the basis of it. It would make the rationality of the personal income on the analysis of the income attained from the business, trade along with the commerce or profession (Braithwaite, 2019).

On the basis of it, is also related to the Court contributing to the case Tupicoff v/s FCT and would be further including the insurance agent leading to the contribution of the taxpayer with the relation of the commission on the basis of the sale of the insurance policies. It would further be including the hired relation to include the employee that has obliged the trust in salary basis that would be liable on the basis of the ordinary income.

It would be including the income that would be also be received by the Barbara would be included in the personal income liable for the tax,

It would further be including how their can be the Barbara and would be including on the basis for the book that would be worth $13,400, price of the copyright and would also include on the basis of the manuscript priced at the $4,350 along with the interviews of the manuscript to the given $3,200 which would be including on the basis of the knowledge and skill of Barbara. It would be the income that would be received on the basis of income from personal exertion and all the agreement has to adhere to the contract with the Eco books ltd on the basis of the receipt of income and as per the personal excretion along with the no tax (Burkhauser, 2015).

Question 3

With the given iconic relation of the Patrick that has even lent the sum of the money to be $52,000 which would be covering the business and would including the relation to the repay of five years. It would not be making Patrick to be borne per the interest amount and needs to abide by the informal relationship existing.

It would further be including how within the parameters of the two years David has a lot to be repaid per the loan interest and amount of the 5% and includes the below income.

With the Australian taxation office, it would be the gifts which would be more related to the close friends, family members along with the relation of the relatives that would not be under the tax and would be considering the part of the number of gifts which is indeed not huge. As per the conditions of the gift, it would be more dependable on the basis of the case per the given repayment and would be covering on the basis of the payment to include the loan on the basis of the income tax return. From the framework of the Australian taxation legislature, it would further be including the Patrick and David that has also been made as an income tax return. It would be a matter of the given computation statement includes and covers the Patrick i.e., which is the loan named and would include the given principal amount of $52000 along with the basis for the loan. It would be more like a legal income covering the filing the returns. To cover how the relation of the son to be paid with the insights of the additional amount capturing the interest of five percent making a legal obligation as per the given loan to evaluate how there can be the no interest rate leading to the accessible income within the income tax return.

Toe evaluate the given amount aligned with the David should be made a loan that would have to abide by the formal agreement along with the source of the extra income covered by the Patrick due to the loan interest (Evans, 2015).

CONCLUSION
Through the given paper, we have briefly evaluated how there has been a framework of the insight and knowledge in relation to the applied taxes. It would be further be examined how contextual it would be to examine such relations that would help to determine the given attribution and the income (Taylor, 2019).

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