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Subject Code : 200186
Country : Australia
Assignment Task:
200186: Advanced Tax Law Assignment Help

QUESTION 1 – TAXATION TREATMENT OF CRYPTO-CURRENCY 

Compare and contrast the taxation of crypto-currency in Australia and the United States, including measures introduced in both countries to ensure compliance by taxpayers. Your answer must include discussion of what is crypto-currency and whether it satisfies the definition of ‘money’.

QUESTION 2 – AUSTRALIAN TAXATION OF NON-RESIDENTS and CGT SMALL BUSINESS CONCESSION
Part A. Taxation of Non-residents (Suggested length 1500 words)

(1) Discuss the factors considered relevant in determining the source of income from (a) the sale of shares, and (b) dividends.

(2) How are non-residents taxed in Australia on income from (a) the sale of shares, and (b) dividends?

 

Part B – Small Business Concessions

Melanie owns a large supermarket in Paddington, Sydney and operates it as a sole trader. Melanie acquired the supermarket on 1 January 2000 for $1.5 million with a loan on which $350,000 remains outstanding. Last year, the supermarket turned over $2,200,000. As at 30 June 2018, the supermarket had the following assets:

 

200186: Advanced Tax Law Assignment Help

 

200186: Advanced Tax Law Assignment Help

Melanie also owns outright the house in which she lives, which is situated in Rose Bay and valued at $2.3 million. She also owns a holiday house at Wategos Beach in Byron Bay, currently valued at $1.4 million.

Melanie’s husband, who occasionally helps with the running of the supermarket, owns 90% of the shares in a property development company, Boldcorp Pty Ltd (BPL), with Melanie owning the other 10% of the shares in BPL.

The shares in BPL are currently valued at $5.4 million. The turnover of BPL
for the financial year ended 30 June 2018 was $2.6 million. This was made
from the sale and development of residential units in Castle Hill.

Melanie is 55 years of age. She wishes to spend more time with her family and is considering selling the supermarket, including the land on which it is situated. In October 2017 a potential buyer made an offer of $7 million for the supermarket and land. This offer included an amount of $100,000 for Melanie signing a contract not to open another business within a 10 Km radius of the supermarket for the next 5 years.

Melanie now seeks your advice about whether and, if so, how much capital gains tax she would have to pay if she accepts the offer of $7 million.

 

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  • Posted on : December 11th, 2018

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