Assignment Task:

QUESTION 1

In Greig v Federal Commissioner of Taxation [2020] FCAFC 25, the Full Federal Court, by majority, allowed the taxpayer a deduction for losses from the disposal of shares he held in Nexus. In so doing, the majority overturned the decision at first instance of Thawley J in Greig v Federal Commissioner of Taxation [2018] FCA 1084. 

Required: 

(i) Why did the Full Federal Court judges disagree? Your answer must include discussion of the relevant facts and the law, including the finding of the primary judge and each of the appellate judges (15 Marks) 

(ii) In your opinion, what would be the prospects of any proposed appeal to the High Court in the event the Commissioner appeals and is granted special leave to appeal? (5 Marks) 

QUESTION 3 – (20 Marks) (1250 Words) 

Both Parts A and B (below) are compulsory 

PART A (10 Marks) 

Enid bought a house on 12 February 1999 for $250,000 that she used solely as a rental property. When she died on 17 November 2015, the house became the main residence of her beneficiary, Pamela. Pamela disposed of the property on 27 November 2017 for $550,000. The market value of the house at the time of Enid’s death was $450,000. 

Required: 

(i) Calculate net capital gains, if any, to be included in Pamela’s assessable income in respect of the disposal of the above property. 

(ii) Would your answer to (i) above differ and, if so, how, if instead of buying the house Enid inherited it from her aunt, Sophia, on 12 February 1999.

 

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  • Posted on : July 04th, 2019
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