Law

How to Write the HA3042 Taxation Law Individual Assessment Answer

HA3042 Taxation Law

Taxation law is a study that introduces university scholars to the basics of legislation concepts on taxation law and its application. Many students prefer to study the bachelor and masters program in law from Holmes Institute due to its excellent quality of modules and learned professors. Today, in this blog, we are going to talk about the unit, HA3042 Taxation Law. It covers topics like allowable taxation, taxation of trading stock, offsets, Income Tax Assessment Act (1997), Capital Gain Tax (CGT), Fringe Benefits Tax (FBT), and Goods and Services Tax (GST). In this unit, you will undergo various types of assessments and only a few of them are easy to deal with if you have a better understanding of the task, adequate knowledge of the unit, and writing skills. However, here are the essential details about HA3042 Taxation Law assignment as explained by our law experts.

HA3042 Taxation Law Individual Assessment Task

HA3042 Assignment Deals with Jasmine’s Capital Gains and Losses

Every assignment comes with few purposes and HA3042 – T2 assignment assign to students for the following reasons:

  • Develop knowledge and practical skills of tax law aspects
  • Check whether students can apply legal tax principles or not
  • Best ways to analyse issues related to tax laws

Students going to write their assignments on their own can follow the hints given below. All these steps are taken from our taxation law assignment sample.

The structure of the assignment will be like:

  • Introduction
  • First answer
  • Answer 2
  • Conclusion
  • References

Ideas To Write HA3042 – Taxation Law Assignment

HA3042 question

Based on the above figure, you are required to deal with Capital Gain Tax. You must answer the following questions:

  1. What is the capital gain about the family home?
  2. Capital loss or gain incurred from the car
  3. The capital gain related to the business sale
  4. The capital gain after selling furniture
  5. The capital gain concerned with the selling of paintings

Answer 1: With the above-given example, our taxation law assignment writing experts show that the given property was procured before September 28, 1985, thus, there will be no capital gain taxes applied over the sale, transfer, or disposal of the property.

Answer 2: We know that car falls under the personal moving asset and taxability of such assets transfer comes under the provisions Income Tax Assessment Act 1997. According to this act, every personal and movable asset does not levy any capital gain or loss as they are not categorised in capital assets. Our taxation law assignment writer comes to find that Jasmine bought the car in 2011 at $31K and sold it at $10,000. Also, the car was utilised for personal uses instead of business and later on, it was sold out at scrap value.

Answer 3: The third question is about the profit gain or loss after selling the business. Before proceeding, you must understand the nature of selling businesses. In general, selling off or transferring business in tax accounts comes under a sale of goodwill. Therefore, the question of capital loss or gain arises. Our assignment help experts say that as per tax rule 1999/16, it is said that a business’s effort value or goodwill is defined as a capital asset and it is different identity from other company’s assets which are taxed separately. According to a provision under section 118-250 of the Act, every capital asset which is depreciating in nature and used for business purposes will neither attract business loss nor business gain as they are set off against capital gains. In the same way, students are required to analyse the business sold by Jasmine and answer the question.

For instance –

provision under section 118-250 of the Act

Answer 4: To answer ” capital gain concerned with the selling of furniture” in case of the above-given case study, you must observe whether the selling of furniture attracts capital gain or loss or not. To know this, you should know every act concerned with capital asset gain or loss on personal assets. If you find difficulties in answering such questions, Sample Assignment is available with multiple samples for HA3042 – Taxation Law assessment.

Answer 5: We come to see that the assessee has sold and purchased different second-hand artworks. Here, you must discuss the taxability and whether artworks like jewels coins, paintings, etc. comes under the capital asset definition (Income Tax Assessment, 1997) inter alia section 118. When you will go through the given section, you will find that paintings fall under capital assets, therefore, if any gain arises then it will be taxable as per the Act. More details about Income Tax Assessment, 1997, you can consult with our law experts as they are well-versed with every taxation law Act.

HA3042 Taxation Law assessment Question

In the question #2 of HA3042 Taxation law Individual Assignment T2, you are asked to find and discuss the issues. For instance, you are asked to illustrate and explain the elements for the cost of a CNC machine and also find out the legal principles to be used to resolve the problem. In the end, articulate and provide the strongest argument to conclude your assignment. Finding difficulties in calculating the cost of the CNC machine to know the capital allowance or calculating the value of the asset or unable to find appropriate legislative references for your information, get in touch to Sample Assignment.

Contact Sample Assignment for the Best Help with HA3042 Taxation Law Individual Assignments

If you are a student at Australian Holmes University and need assistance in writing the HA3042 the Taxation Law assignment, then do contact Sample Assignment right away. We are engaged in offering multiple services that are quite helpful to deal with academic activities. These include dissertation writing services, case study assignment help, essay assignment help, and we can also provide the complete HA3042 Taxation Law Assessment Sample on request. All these services can be obtained at a low price from our teams.

So, to reach Sample Assignment, students can visit our official website and send queries via live chats or email id. You can also directly dial our customer support phone number.

About the author

Archer Wilson

Archer Wilson is an academic blogger who has been working with Sample Assignment for over five years, holding a Ph.D. degree in English Literature. Apart from being a blogger, he also works as an Australian assignment help expert for English in his idle time.

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