Assignment Task :

Question 1 (500 words)

On 1 October 2018 Edwin disposed of his tax consultancy practice (‘the practice’) for a significant capital gain. Edwin had owned the practice since July 2005. The practice was sold for $4 million. The 2017/208 tax year was a

Edwin also owns 45% of the shares in Edwin Pty Ltd (‘EPL’), a bookkeepingcompany. The other shares are held by Thomas Cross (45%) and Pamela Conti (10%). The assets of EPL are valued at $1 million.

During the 2017/208 tax year, the turnover of EPL was $200,000. Edwin’sshares in EPL are valued at $450,000. Edwin borrowed $250,000 to purchase his shares in EPL.

Edwin also owns a large piece of vacant land in Byron Bay on which heintends to construct a holiday house for him and his wife. The value of theland at the date Edwin disposed of the practice was $1.2m.

Required: Is Edwin entitled to any concessions in respect of the significantgain made on the disposal of his consultancy practice.

 

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  • Posted on : December 29th, 2018

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