Taxation Theory, Practice, And Law

Taxation Theory, Practice, And Law

Introduction

Capital gain is considered as the enhance in the capital assets value, which provides this a higher-level worth instead of the purchasing power (Braithwaite, 2017). Capital gain may be long-term or short term as well as should be claimed over income taxes. Additionally, it allows increasing the value of the noncurrent assets, which will give more return value to the buyer after selling in the market place. This task will outline the net capital gain by the client for the assessment year ending on 30th June 2018 will be identified as well as calculated. In addition, Rapid Heat’s fringe benefit liability in two different situations will also be evaluated. Two different situations will be evaluated respectively in this report. However, suggestion will be provided to the Rapid Heat in relation to the methods required for minimising their overall fringe benefits liability.

Question 1

1. Block of vacant land.

On the 30th June of this year, a contract has been signed by the client in order to sell a block of a vacant land for $320000. In the same, she acquired this land for $100000 incurring $20000 in, local council, water, sewerages rates and land taxes during her land’s ownership. Contract states of the sale that deposit of $20000 would be paid during the contract signing with the balance to her is being billed on the 3rd January on the next year, after the registration of the changing ownership.

ParticularsAmounts
Local council taxes100000
Price of the vacant land21000
The exhaustive cost of the land121000
The appropriate cost of the land7500
Capital accomplished in the current year12,500
Capital earned through the land’s sale20,500
The exhaustive amount in the vacant land’s sale320,500

2. Antique bed

In addition, the client had the tradition of stealing a four-poster Louis XIV bed from her own home in this current year. Value and the value in the market is understood by her in this same year for the insurance purpose was $25500. By giving $3500 on 21st July 1986, she purchased the bed. In addition, there were some modifications or changes were done in the bed that had increased the cost and value to $1500. In this same year, she lodged a claim including her insurance firm looking for recovering her overall loss.

ParticularsAmount ($)
Antique bed’s cost price3500
Cost of alteration1500
The exhaustive cost price5000
The current value of the antique bed25000
Indexed cost of the antique bed13453.4
Total amount paid through the insurance organization11000
An indexed capital loss is-2453.4
As the asset was sold in the year 2018. Consequently, the CPI rate is113
As the asset was purchased in the year 1986. Consequently, the CPI rate is42

3. Painting

On the 2nd May, 1985, an Australian artist had paid $2000 to acquire a painting that increased in value in the market place after the death of its painter. On the 3rd April of this same year, she sold the painting for $125000. This is possible to understand this in a better manner through analyzing the table properly that is provided below:

ParticularsAmounts($)
Painting’s actual cost price2000
Painting’s Index cost price5942
Painting’s current price125000
CPI rate of the asset during selling on 3rd April 2018112.6
CPI rate of the asset during purchasing37.9
Painting’s Indexed gain119058
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Taxation Law

Taxation Law

As per the taxation Laws to Australia, a visitor visiting Australia is liable to pay tax. However, there are certain aspects of that are being checked to ensure the fact that the tax liability being imposed is at par the guidelines of Australian taxation laws.

About the Book
Taxation Law

Case Study 1

As per the taxation Laws to Australia, a visitor visiting Australia is liable to pay tax. However, there are certain aspects of that are being checked to ensure the fact that the tax liability being imposed is at par the guidelines of Australian taxation laws. As stated by Subedi (2016) one of the major aspects of the taxation laws for the visitors is the fact that the visitor needs to live in the country for more than six months. While a visitor lives for more than six months in Australia he is liable to pay taxes. As stated by Parker (2013) another important aspect is the fact that the visitors needs to stay in the same place for more than six months. While the person is changing his resident to different regions of Australia within this span of six months he is not liable to pay taxes. Another important fact is that a visitor in Australia needs to develop a local tie with the business in the place where he is residing. This is one of the most important aspects that is being considered while evaluation of tax.

Taxation Law

In the given case Kit has to visit Australia and has to stay there for four years with his wife and children. Kit is a resident of Chile but for the purpose of business, Kit needs to stay in Australia. While staying in Australia Kit buys a home. In the given case it is also mentioned that Kit had his wife has a joint account in the Westpac Bank. During the stay in Australia Kit has also made some investment in the share market receiving a dividend for the same. As stated by Deeming (2014) one of the main points that need to be evaluated for the resident status of Australia is the duration of his stay. While he spent three months in Australia he gets a break of a month after every third month. Which is being spent by him for meeting the family members. This is one of the most important parts that needs to be evaluated.
Details
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Series: Taxation Law
Genre: Taxation Law
Tag: Taxation Law
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