13 Pages 3486 Words HA3042 Taxation Law


Question 1:

Which of the restraintthcoming bestow loosen to “Income”?

1.    A dentist swapping dental operation computed at $600 with a vender restraint a video which has a barconstruct compute of $550 (notwithstanding merely require the vender $300)
2.    A pensioner swapping etplus eggs computed at $150. (restraint the year) with a neighbour restraint etplus vegetables aged in a settlement oasis.
3.    A builder helpful you at weekends to found your settlement, doing so on the basis that he can possess your march (which require you $10,500 on 1 January 1997) when you progress into the settlement.  Assume the compute of the builder’s operation was $11,000 and the march had a barconstruct appraisement of $12,000 when you handed it et on 1 January in the exoteric integralowance year.
4.    Volunteering your accounting expertise to a persomal kindness which in transform arranges restraint someundivided to transparent debris from your yard.  Would your retort be incongruous if you were unconscious of the kindness’s intent to transparent the debris?

Question 2:

Discuss whether the restraintthcoming amounts are assessable.  Include references to any pertinent conditions in the ITAA 1997 or ITAA 1936.

1.    A car computed at $15,000, bestown as a ovation to a depositor of a structure intercourse.  The emulation was referableorious to integral those who could adhere-to a narrowness et of $10,000 restraint the year.
2.    An diversify construct (referable of an integralowance figure) of $1 favorite made by a wide industrial troop on reciprocation of long-term loans.
3.    A trip integralowance of $4,500 (hired at 45 cents per kilometre 10,000 km trip) hired to an employee by an master owing the employee was carrying extinguished tasks required by the master.

Question 3: 

In your speed to achieve to a duty dissertation, you park your car out-of-sorts and, in the mode, badly impairment the Vice Chancellor’s car.  As the garb is transparently your defect and you do referable possess any protection, you fit to converge the requires of any needful repairs.  After obtaining three quotes, the Vice Chancellor informs you that the require succeed be $2,000, which you stable to her when the operation is accomplished.

Required: Is it likely that this vocation could possess any High Constructs duty implications restraint the Vice Chancellor?

Question 4:

Mr & Mrs Martin each halt brace distributes in a nativity troop.  The troop was established in 1980 restraint the purposes of conducting a vend vocation antecedent in Bendigo.  The Martins possess twins (a juvenility and a spinster) who succeed transform 18 on 1 July.  Present plans are restraint each of the twins to accept undivided of the distributes in the nativity troop with Mr Martin givering undivided of his distributes to his son and Mrs Martin givering undivided of her distributes to her daughter.

1.    What high constructs issues, if any, prepare?  How would your retort disagree if, instead of the overhead distribute give preparation, the distribute give occurred on Mr Martin’s departure, undivided distribute entity givered to each of his end? (Mrs Martin would hold twain of her distributes).

2.    What are the implications restraint the nativity troop if the Martins are considering:

(a)     Buying unfilled place in Bendigo; or
(b)     Buying a vend vocation (unimpeded through leased antecedent) in Queensland

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