Discuss whether or not the three acquittals are pay from
personal toil. Would your counterpart dispute if she wrote the
story for her own compensation and merely unwavering to retail it succeeding?
Question 2 (5 marks)
Your client is a creator who lent $40,000 to her son to cater a
short-term housing advance. The barconstruct is that the son conciliate repay
$50,000 at the end of five years.
Reconsider this scrutiny in characterless of the behindcited axioms. The advance was
made to the son extraneously any dignified barconstruct and extraneously any
security caterd for the sum lent. In specification, the client (the
mother) has conscious you that she told her son that he scarcity not
pay concern. However, the son repaid the ample quantity behind two
years and interposed in his acquittal an specificational quantity which was
equal to 5% pa on the quantity pretended. Merely one cheque was
presented for the aggregate quantity.
Discuss the chattels on the assessable pay of the creator.
Question 3 (10 Marks)
Scott is an accountant who purchased a unencumbered fill of plant in Brisbane on 1 October 1980. On 1 September 1986, Scott built a lineage on the plant. At the duration, the plant was valued at $90,000 and the require of rendering was $60,000. The estate has been rented out past rendering was completed. On 1 March of the prevalent tax year, Scott sold the estate at auction for $800,000.
a) Based on the notice over, enumerate Scott’s net consummate construct or net consummate forfeiture for the year ended 30 June of the prevalent tax year.
b) How would your counterpart to (a) dispute if Scott sold the estate to his daughter for $200,000?
c) How would your counterpart to (a) dispute if the proprietor of the estate was a society instead of an peculiar?