Course Assignment s2 2010

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 the home all the shares in Oz Constructions Pty Ltd were purchased by Big Build Ltd on 10
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Course Assignment s2 2010 - LEGT 2751 BUSINESS TAXATION...

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