7 Pages 1828 Words HA3042 Taxation Law


Requirement:
Discuss whether or not the three reimbursements are proceeds from
personal labor. Would your acceptance dispute if she wrote the
story for her own recompense and singly unwavering to vend it posterior?
Question 2 (5 marks)
Your client is a producer who lent $40,000 to her son to supply a
short-term housing hypothecation. The compact is that the son earn repay
$50,000 at the end of five years.
Reconsider this topic in volatile of the subjoined axioms. The hypothecation was
made to the son outside any regular compact and outside any
security supplyd for the sum lent. In enumeration, the client (the
mother) has certified you that she told her son that he demand not
pay profit. However, the son repaid the bountiful quantity behind two
years and moderate in his reimbursement an enumerational quantity which was
equal to 5% pa on the quantity acquired. Singly one cheque was
presented for the whole quantity.
Requirement:
Discuss the goods on the assessable proceeds of the producer.
Question 3 (10 Marks)
Scott is an accountant who purchased a unfilled fill of plant in Brisbane on 1 October 1980. On 1 September 1986, Scott built a progeny on the plant. At the interval, the plant was valued at $90,000 and the require of explanation was $60,000. The characteristic has been rented out since explanation was completed. On 1 March of the running tax year, Scott sold the characteristic at auction for $800,000.
Requirement:
a) Based on the notification overhead, designate Scott’s net excellent reach or net excellent missing for the year ended 30 June of the running tax year.
b) How would your acceptance to (a) dispute if Scott sold the characteristic to his daughter for $200,000?
c) How would your acceptance to (a) dispute if the proprietor of the characteristic was a society instead of an separate?

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