Taxation Theory Practice Law
Introduction
Capital tax gain depends on the profit which gets generated from a specific type of assets. This gets calculated based on the profit margin and the positive difference that gets occurred by the difference in the sale price and the original purchase price of the assets. In the Australian taxation system, the main three considered pillars are Personal earning, business earning and Capital gain, which gets conducted by the sale of assets. Australia has developed its taxation in a better and strict way so that everyone goes through maintaining proper tax. In this way, the proper balance gets maintained in Australia and it is said that people come under the taxation part if the income is more than $18200. In this study, three case studies have been given that helps in developing an understanding of the taxation part of Australia. The purpose of the study is to understand the tax that gets applied based on the situation. The aim is to analyse over the case studies so that the taxation part can be understood properly.
Question 1
Capital Gain Tax for antique impressionism painting
Capital Tax gain gets applied when asset get disposed of so that gain can be conducted over a certain margin. It is also said that the person conducts a discount of 50 per cent so that the asset can be held for over 2 months (Cleartax, 2018). Initial sale contract also gets developed by the agreement of the Australian taxation department in order to look after the gain margin. Thus, in order to conduct gain, Helen needs to follow the rules so that the Gain margin can be maintained in a proper way.
Helen’s father has purchased an antique painting for the amount of $4000 in the year of 1985. Subsequently, Helen sold the painting for a value of $12,000. The assessment value of the long-term capital and short-term capital can be termed as Capital Gain Tax. Hence, from the above transaction has provided the profit of ($12,000-$4000) $8,000 to Helen on capital gain on tax. As per Section 108-10 Subsection 2 of the Income Tax Assessment Act 1997 provides the antique painting have been termed as an asset (Legislation.gov.au, 2017). Moreover, any interest acquired by the material should be provided to the taxpayer. The disregard value of the antique painting is around $500 or less than that. Therefore, in the current situation, Helen acquired a huge profit through selling painting and it would impact on the assessable income of her. In the case of Whittington v. Lilleyman [2016] WASC 173, the honourable court provides that taxpayer should acquire the capital gain on tax from, the material acquired by the material (Jade.io, 2016). Therefore, any interest arising from the antique painting would be provided to Helen.
Capital Gain Tax for historical sculpture
Helen has purchased a historical sculpture for $5500 in the year of 1993. In 2018, Helen sold the sculpture for the amount of $6,000. The historical sculpture has included in the term of asset under Section 108-10 (2) of the Income Tax Assessment Act 1997 (Legislation.gov.au, 2017). The disregard value of the historical sculpture has been $500 or less than that. A taxpayer has been liable for acquiring the interest arising from any materials. In the current situation, Helen acquires profit of ($6000-$5,500) $500. However the profit margins of selling and disregards value are equal therefore, the profit arising from selling of historical sculpture would not provide any reflection on the assessable amount of Helen.
Capital Gain Tax for an antique jewellery piece
In the year of 1987, antique jewellery has been purchased for an amount of $14,000. Subsequently, Helen has sold the jewellery for an amount of $13,000. Section 108-10 Subsection 2 of the Income Tax Assessment Act 1997 has included antique jewellery as an asset (Legislation.gov.au, 2017). Moreover, the interest arising from the material should be provided to the taxpayer of the material, if privately issue. The disregard value of the material has $500 or less than that. Moreover, it has been seen that the value of antique jewellery has been facing depreciation. In case of Tay v Chief Commissioner of State Revenue [2017] NSWSC 338, the honourable court has provided that any loss or gain from any material should be acquired by the taxpayer of the material (Jade.io, 2017). Similarly, in the current situation Helen has acquired a loss of $1000 which should be procured by her and creates an adverse impact on the taxable amount of her.
Capital Gain Tax for the picture
Helen’s father has purchased a picture for an amount of $470 in the year of 1987 and the picture has been sold by Helen in the year 2018 for an amount of $5000. After assessment of long-term capital and short-term capital, it has been seen that Helen acquires a profit of ($5000-$470) $4530 on the tax. Under the provision of the Income Tax Assessment ACT 1997, the picture has been included in the term of assets (Legislation.gov.au, 2017). Moreover, the Taxpayer has been liable to acquire interest arising from the material. The disregard value of the material has been around $500 or less than that. In the current circumstance, Helen acquires huge profit, which reflects on the income status of her. Moreover, any interest arising from the selling of the picture should be assessed as a capital gain of Helen on
tax.
Question 2
Analysing Barbara’s income according to the case
In the instant case, Barbara has written a book on the demand of the publishers and can acquire $13000 after the book is published. Moreover, she sold a few of the manuscript to the publisher for an amount of $4350 and received the amount of loyalty from the copyrighted material. From the above transaction, Barbara acquired a profit of ($13000 + $4350 + $3200) $20500. It can be stated as the capital gain of Barbara on the assessment of the tax. According to section 31 subsections, one of the Copyright Act 1968 provides that any individual can calculate his or her rewards as their capital gain on tax. Under the statutory of the Copyright Act 1968 any literary work has been protected and any unauthorised use of the work can provide an opportunity for the copyright holder to seek legal relief. Similarly, Barbara can claim her amount of rewards as her capital gain and she can protect her work under the provision of the Copyright Act 1968 (Legislation.gov.au, 2017). Moreover, it has been analysed that Barbara can express her ideas through various communication methods and acquire money from it. In addition, the profit margin can be calculated as her capital gain. Barbara’s dedication for her works has made liable for achieving the copyrights. Moreover, no economic transactions should be performed without the acknowledgment of Barbara. It would also reflect on the assessment of income of Barbara and increases the profit margin
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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.
