HA3042 - Taxation - Taxation Law - Capital Gains Tax - Capital Allowance - Assignment Help

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Taxation Law Assignment Help online in Australia

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Taxation Law Assignment Help online

• Question 1 Capital Gains Tax Weighting A. The
  capital gain in relation to the family home.B.
  Capital gain or loss made from the car.C. The
  capital gain in relation to the sale of the
  business.D. The capital gain in relation to
  selling the furniture.E. The capital gain in
  relation to selling the paintings.

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• Question 2 Capital Allowance Weighting Issue
  Identify and discuss the problem. Law and
  Application Discussion of the first element of
  the cost of the CNC machine. Set out the legal
  principles that will be used to address the
  problem. Source legal principles from cases and
  legislation.

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• Law and Application Discussion of the second
  element of the assets cost, i.e. the start time
  for calculating the decline in the value of the
  CNC machine. Set out the legal principles that
  will be used to address the problem. Source legal
  principles from cases and legislation.
• Concluding discussions Concluding discussions
  regarding the exact start time of holding the CNC
  machine for depreciation purposes, and the total
  cost of the machine. Set out the legal principles
  that will be used to address the problem. Source
  legal principles from cases and legislation.

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• Conclusion Stand back and play the judge.
  Choose the argument and conclusions you think is
  the strongest and articulate what you believe to
  be the appropriate answer.
• Task 1. Jasmine is an Australian resident. She
  is 65 years old and born in the UK, is now
  selling her Australian assets as she is retiring
  from her business as a cleaner and going back to
  the UK. Jasmine is selling the following
  assetsA. Jasmines home was purchased in 1981
  for 40,000 and now worth 650,000. This home was
  Jasmines main residence since she purchased the
  house.B. Jasmine purchased a car in 2011 for
  31,000 and is now worth around 10,000.C.
  Jasmine commenced her small cleaning business
  herself and now found a buyer to take over the
  cleaning business for 125,000. The sale price
  includes 65,000 for all of the business
  equipment, which cost 75,000, and 60,000 for
  goodwill.D. Jasmine is also selling her
  furniture for 5,000. No single item offered for
  sale cost more than 2,000.E. Jasmine has
  several paintings and is now selling them all for
  35,000. All of her paintings were purchased in
  second hand shops or markets and no single
  paintingcost more than 500. The one exception
  was a painting she purchased direct from an
  artist for 1,000. This painting is being sold
  for 5,000. Advise Jasmine of the CGT
  consequences of the above sales. Include relevant
  legislative references to support your answer.

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• Task 2. John owns a motor vehicle parts and
  accessories manufacturing company. The business
  produces certified BMW parts. John purchased an
  industrial computer numerical control (CNC)
  machine imported from Germany on 1 November 2014
  for 300,000. John visited the CNC factory to
  inspect the CNC machines and place his order. The
  only reason for his visit to Germany was to
  purchase the CNC machine. The trip to Germany
  cost John 12,000. The CNC machine needed to be
  installed by specialists and bolted to his
  factory floor. The installation of the CNC
  machine was completed on 15 January at a cost of
  25,000. Once the CNC machine was installed and
  John started using the CNC machine he discovered
  that the CNC machine required an additional
  guiding rod to make it more effective. This
  guiding rod was installed on 1 February at a cost
  of 5,000. Calculate the cost of the CNC machine
  for the purpose of calculating the capital
  allowance.

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