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Course Assignment s2 2010 - LEGT 2751 BUSINESS TAXATION...

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LEGT 2751 BUSINESS TAXATION – COURSE ASSIGNMENT S2 2010 DUE DATE: 5pm Monday 4 th October. All assignments are to be submitted electronically via Blackboard by 5pm on Monday 4 th October 2010. Students are also required to submit a hard copy of their assignment in the Assignment Box marked “LEGT2751 Business Taxation Assignment” by 5pm on Friday 8 th October. The hard copy assignment submitted must be identical with the electronic version submitted. Darby and Joan (both Australian residents for tax purposes) were married on 1 July 1985. On the same day they entered into a contract with Oz Constructions Pty Ltd (an Australian resident company) to purchase a vacant block of land in Hunter’s Hill in Sydney on which Oz Constructions Pty Ltd would build Darby and Joan’s dream home. The purchase price of the land was $200,000 and the price for building the home on the land was $300,000. Stamp Duty on the purchase of the land was $4,000. Legal costs associated with the purchase of the land were $800. Darby and Joan take out a loan of $550,000 from Big Bank Ltd (an Australian resident bank) at an interest rate of 7% per annum to finance the purchase of the land and the construction of the home. On 1 August 1985 a survey of the land was obtained and building plans were passed by the relevant local council. Before any physical work started on building
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