HA3042 : Various Types of Taxation Including Income Tax Consumption Taxes - Law Assignment Help

Assignment Task :

Purpose of the   assessment   (with ULO Mapping) 
Students are required to follow the instructions provided by the Unit Co-ordinator to  confirm any relevant information. You also need to refer to the relevant  announcement(s) on Blackboard to confirm the due date and the time of the  assignment.  
The individual assignment will assess students on the following three learning  outcomes, as listed below: 
1. Identify the sources of taxation law and the framework in which taxation is  administered  
2. Identify various types of taxation including income tax, consumption taxes,  goods and services tax, taxes on capital and fringe benefits tax   
3. Identify and apply the fundamentals of calculating the taxable income and tax  payable for individuals and business entities  
4. Communicate knowledge of taxation law, through written and/or  Oral communication, and be able to demonstrate critical thinking and  legal analytical skills.  

 QUESTION 1 
Arashdeep is a computer programmer who has purchased a block of land in Point Cook, Melbourne on 1  January 1983. On 30 September 1987, Arashdeep built a two-storey house on the land. At the time, the  land was valued at $120,000 and the cost of construction was $80,000. The property has been rented out  since construction was completed (Not a primary residence of Arashdeep). On 30 March 2020, Arashdeep  sold the property at auction for $950,000.  
(a) Based on the information above, determine Arashdeep’s net capital gain or net capital loss for the  year ended 30 June of the current tax year (19/20). 
(b) How would your answer to (a) differ if Arashdeep sold the property to his Son for $200,000?  
(c) How would your answer to (a) differ if the owner of the property was a company instead of an  individual? 

QUESTION 2   
Kelly is an employee at Holmes Pty Ltd (Holmes). She has negotiated the following remuneration package  with Holmes: 
• Salary of $220,000;  
• Payment of Kelly's mobile phone bill ($119 per month, including GST). Kelly is under a two-year contract  whereby she is required to pay a fixed sum each month for unlimited usage of his phone. Kelly uses the  phone for work-related purposes only; 
• Payment of Kelly's children's school fees ($35,000 per year). The school fees are GST free.  

This Law Assignment has been solved by our Law Experts at onlineassignmentbank. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.