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ACC3TAX Taxation Law
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ACC3TAX Taxation Law
0 Download2 Pages / 353 Words
Course Code: ACC3TAX
University: La Trobe University
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Questions:
1) Applying the relevant legislation, identify and discuss the tax implications related to the sale of Brent Wilson’s house, and calculate any net capital gain which may arise thereof.
2) Applying legislation and case law, advise Brent Wilson on whether he could claim a deduction in relation to the legal fees incurred in May 2019.
3) Considering the information provided by Brent Wilson as well as your answer to items 1 and 2 above, prepare Brent Wilson’s statement of taxable income and calculate his final tax liability including Medicare Levy for the year ending 30 June 2019, stating the applicable legislation and case law (note: calculation of private health insurance rebate not required).
Answer:
As a general rule taxpayers are allowed deductions for all forms of expenditure that they report at the time of deriving the taxable income. Under the negative limbs of “section 8-1 (2) of the ITAA” a deductions is not permitted to the taxpayer for expenses that holds the characteristics of private, domestic and capital type.
The court in “Snowden & Willson Pty Ltd v FC of T (1958)” allowed the company to claim the permissible deductions relating to the expenses reported for defending its business activities (Morgan, Mortimer and Pinto 2017). In general, legal expenditure are treated to as permissible deductions it is found that the expenses bears the outcome of the taxpayers income deriving activities given that the outgoings are not capital or domestic in nature.
The court in “Hallstorms Pty Ltd v FC of T (1946)” The legal expenditure can be categorized as the revenue account or in the form of capital outgoings depending on the basis through which the outgoings have been occurred (Sadiq 2018). Likewise in the event of “Magna Alloys & Research Pty Ltd v FC of T (1980)” the company was permitted to claim the allowable deductions by the commissioner of taxation relating to the legal expenses that are occurred in defending the directors against the claims of receiving secret commission. The taxpayer here essentially incurred the legal expenses in order to carry on its business activities with the objective of deriving the assessable income.
The evidences established by Brent suggest that he has occurred legal expenditure in defending the claims of negligible medical. Denoting the judgement made in “Magna Alloys & Research Pty Ltd v FC of T (1980)” the legal expenditure in this case would be allowed for deductions because it was occurred while carrying on the business activities. The expenses have been incurred on revenue account and eligible for deduction under “section 8-1, ITAA 1997”.
References:
Morgan, A., Mortimer, C. and Pinto, D. 2017. A practical introduction to Australian taxation law.
Sadiq, K. 2018. Australian taxation law cases 2018. Pyrmont, NSW: Thomson Reuters.
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