Basic Principles of Determining Existence of a Capital Gain & Exemptions - Law Assignment Help

Assignment Task:

Task:

Part A – 20 Multiple Choice Questions (32 marks)

Module 1 – No Questions

Module 2 – 1

Questions - General deductions for businesses

Module 3 – 3

Question - Basic principles of determining existence of a capital gain & exemptions

- Identifying CGT Events - Calculation of cost base and reduced cost base (not indexed cost base)

Module 4 – 9 Questions - Identifying Taxable, GST Free and Input Taxed supplies and imports - Identifying availability of input tax credits on acquisitions - Identifying Adjustment events - Calculation of GST payable or input tax credits on transactions - Calculation of net GST payable of refundable

Module 5 – 5 Questions - General partnership concepts, calculation of net income and distributions to partners - General company taxation concepts and determination of public vs private company status - General trust concepts, calculation of net income and distributions to beneficiaries

Module 6 – 2 Questions - Amendments/Appeals/reviews/objections process - Recordkeeping, ATO access and legal professional privilege

Part B – 2 written problem questions (18 marks)

Question 1 – (9 Marks) - Calculation of a net capital gain – from identifying CGT events, CGT Assets, calculating gains and losses, offsetting losses, applying discount and determining net capital gain or loss.

Question 2 – (9 Marks) - Taxable income calculation for an individual taxpayer - Tax payable calculation: o Basic income tax liability o Medicare/Medicare Levy Surcharge o Tax Offsets (not Zone or DICTO) and tax credits

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