tax.docx - Student name Student ID Assignment Title HI6028 Taxation Date Word count 2439 Contents Introduction.3 Question 1.4 Calculation of net capital

tax.docx - Student name Student ID Assignment Title HI6028...

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Student name: Student ID: Assignment Title: HI6028 Taxation Date: Word count: 2439
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Contents Introduction ................................................................................................................................................. 3 Question 1 ................................................................................................................................................... 4 Calculation of net capital gain or loss of the client for the current tax year ending on 30 June ............... 4 Question 2 ................................................................................................................................................. 11 (a) FBT consequences and calculation of FBT Liability for the year ending 31 March 2018 ................... 11 (b) If Jasmine used $50,000 to purchase shares herself rather than lending to husband ...................... 14 Conclusion ................................................................................................................................................. 15 References ................................................................................................................................................. 16
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Introduction: The task is carried out in the context of taxation theory, law and practice. This task manages the ideas of capital gain and fringe benefit tax that identifies with the pay of taxpayers in diverse scenarios in Australia. The capital gain tax has been figured for a customer who is an individual taxpayer. The capital gain for various sorts of benefits, for example, land, shares, antique bed, paintings, violin and so forth are incorporated into this task. These estimations are made under various situations keeping in mind the end goal to apply an assortment of ideas and matters of capital gain. The fringe benefits tax counts identify with the organization under two unique situations. The task will be providing an overall learning on the taxation theories.
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Question 1 Calculation of net capital gain or loss of the client for the current tax year ending on 30 June At the time when a taxpayer sells a capital asset that is produced by him capital gain or loss arises. Capital gain or loss is the measure of distinction between the sum paid on the securing of the advantage and the sum got on the transfer of the benefit. A person is required to incorporate the capital gain or loss in his Income Tax return and make good on the tax obligation appropriate on such sum. The capital gain charge is a piece of Income tax. At the point when a person brings about capital gain, it is included the aggregate pay and, in this way, expands the taxation rate of the person. On the off chance that person acquires capital loss, it can't be set off against another salary yet can be utilized to lessen the measure of capital gain whether in present or future years ( Harding, 2013). Every one of the advantages procured after 20 September 1985 is qualified for CGT barring individual resources and depreciable resources held for tax purposes. If there should arise an occurrence of individual person capital gain rebate of the half on capital gain is accessible sue to which the capital gain charge risk of the individual is decreased to half. This markdown is 33.33% for SMSF and there is no such rebate for organizations. Anyway, indexation technique is likewise accessible for resources obtained before 21 September 1999. The person can receive any strategy which gives him the best expense results. Likewise, the rebate strategy and indexation technique can't be connected to resources held for under a year prior to the deal.
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