Taxation, Theory, Practice & Law

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2016 ASSIGNMENT 2

Due date: Week 11

Maximum marks: 10 (10%)

Instructions:

This assignment is to be submitted by the due date in both soft-copy

(Safeassign – Bb) and hard copy.

The assignment is to be submitted in accordance with assessment

policy stated in the Subject Outline and Student Handbook.

It is the responsibility of the student submitting the work to ensure

that the work is in fact his/her own work. Ensure that when

incorporating the works of others into your submission that it

appropriately acknowledged.

Case study 1: Capital Gains Tax

Fred is a resident who signed a contract to sell his holiday home in the Blue Mountains in August last year. The sale was settled in February this year when Fred received $800,000 from the purchaser. Fred incurred legal fees of $1100 (Inclusive of GST) and real estate agent’s commission of $9,900 (Inclusive of GST) in relation to the sale. Fred purchased the holiday home in March 1987 for $100,000 and paid $2,000in stamp duty on the transfer and $1000 in legal fees. In January 1990, Fred engaged a builder to build a garage on the property for $20,000,

Calculate Fred’s net capital gain for the current year. Assume he also has a net capital loss from last year of $10,000 arising from the sale of shares.

Would your answer be different if the loss arose from the sale of an antique vase?

(10 marks, max. 1000 words)

Requirement of Assignment:

1: Required calculation, Please write section and sub section of Australian taxation law and cases.

(Please do your best)

2. At least 8 Reference should be taken from Case book, Australian Tax law, paired referral Academics Articles of Australia, Tax office report. Reference list should be in Harvard referencing (in-text referencing and separate reference list.) with book name, author name, page number, paragraph number, volume number if any. If from online than please provide web link as well.

3. Font 12, Times new roman, paragraph spacing 2.

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