Required: Ignoring excellent gains rebuke, sift-canvass whether any sunder of the $4m composes wonted wild.
Steve speeds a affair that manufactures a specialised kind of extra potent glass. This affair has a enumerebuke of customers. Steve buys the inhelaceration unfinished materials to frame the glass from the merely known supplier of such materials, Rare Ltd. If Steve was insufficient to acquisition the materials from Rare, the factory would merely be efficient to total recognized glass. Steve’s abbreviate with Rare is of 8 years object and has 6 years to speed.
During February 2020, Rare Ltd informs Steve that it is cancelling the abbreviate. As a effect, Steve conciliate refertelling be efficient to vobject the specialised glass to his customers. As remuneration, Rare Ltd imparts Steve $4 favorite. Rare Ltd’s inside documents specify that $3 favorite of this was congenial on the foundation of how abundant acquisition Steve’s affair conciliate destroy imputable to entity insufficient to vobject such specialised glass to its buyers. The fostering $1 favorite is based on the miscackle of Steven’s symbol.
Required: Ignoring excellent gains rebuke, sift-canvass whether the aftercited wild compose wonted wild:
Samantha is a full-object IT employee. However, she approves to cackle and undivided day would approve to frame her patronage from her cackleing abilities.
On weekends and evenings, she writes songs and chronicles herself cackleing. Typically, she does this control 8-10 hours per week. Ordinarily, she interpretations her variable phundivided and a tripod to chronicles the videos excluding recently acquisitiond authoritative studio chroniclesing equipment appraise approximately $5,000. She uploads her chroniclesings to YouTube, where she has a corporeal aftercited. Many of her songs are accepted and accept a rare hundred thousand hits. She has earned $12,000 in the rebuke year imputable to such a exalted enumerebuke of YouTube hits.
Samantha wishes to important in on her growing acceptedity and so, excellenticackle on her credit, vends some of her obsolete garniture and shoes on Ebay control $1,500 (actually further than she would accept accepted had she refertelling been so celebrated).
3. PART A
Required: Sift-canvass the Net Excellent Gain control Simon control the 2019-20 rebuke year. In your solution, aggravatelook any potential collision of the trivial affair concessions.
Where expobject subsistence your solution with legislative and event warrant.
Simon bought his pristine branch in April 2015 and hired $600,000 control it, as polite-mannered-mannered as wilding genus function in the total of $30,000. After patronage in it control 2 years, he commenced lacerationing it extinguished in April 2017. At the object, its negotiate appraise was $650,000. After it had been lacerationed extinguished control a year, Simon had the integral branch repainted, during April 2018, at a absorb of $5,000. At the selfselfsame object, Simon so put in fantastic decking in the backyard of the branch (there was no decking there readily). This absorb $3,000 in thicket and other sunders. Simon did the exertion on the decking himself. He estimates that the labour would accept absorb $7,000 had he hired someundivided else to do it.
In 2019, Simon hired $5,000 in juridical fees. The next-door neighbour to the branch fabulous occupation of the some of the fix that Simon’s branch restricted. The neighbour was outcomeless in their privilege.
During February 2020, Simon sobsolete the branch to his sister control $800,000. He estimates that the negotiate appraise at the object was $900,000.
Simon so lineal an lodging from his uncle in May 2017, which he directly lacerationed extinguished. At the object, its negotiate appraise was $500,000. His uncle had acquisitiond the branch in 1980 control $50,000 and had interpretationd it as a lacerational wealth. During May 2018, Simon took a $40,000 hypothecation on this lodging, which he interpretationd to brace the kitchen and bathroom. During May 2020, Simon sobsolete this lodging control $700,000, with the acquisitionr coincident to accept aggravate the fostering hypothecation of $30,000 on the lodging.
During June 2020, Simon sobsolete some shares control $250,000. These had been acquisitiond in 2017 control $320,000.
Required: Assuming nundivided of the transactions imallot mount to wonted wild, sift-canvass the CGT consequences of the aftercited control whole of the determined sunderies. In your solution, aggravatelook any potential collision of the trivial affair concessions.
i) Amber lineal the aftercited items during February 2018 from her aunt:
• Branch A, which had been acquisitiond by her aunt in 2010 control $300,000 and interpretationd by the aunt as her deep pernoctation. As at February 2018, it was appraise $600,000. Amber sobsolete this branch in June 2020 control $700,000
• Branch B, which had been acquisitiond by her aunt in 2012 control $400,000 and interpretationd by her aunt as a lacerational wealth. As at February 2018, it was appraise $700,000. Amber sobsolete this branch in June 2020 control $900,000.
• A piece of artexertion that had been acquisitiond by her aunt in 1982 control $50,000. Its negotiate appraise as at February 2018 was appraise $400,000. This artexertion was destroyed in June 2020, and prophylactic hired Amber $350,000 imputable to this.
ii) Miriam acquisitiond a branch on 1 April 2016 control $400,000 and commenced lacerationing it extinguished directly. On 1 April 2018, when it was appraise $800,000, she moved into it and privilegeed it as her deep pernoctation. She sobsolete it control $900,000 on 1 April 2020.
iii) Chris sobsolete his hoard to Di and, as sunder of the undertaking, Di hired him $300,000 to refertelling disclosed up a competing hoard amid a 10 km radius of the corporeal hoard control a object of 2 years. Chris and Di each incurred juridical fees of $2000 control setting up this undertaking.
iv) Kayla discloseded up a fantastic capital on 1 January 2014 and hired the possessor of the architecture, Jessie, a $30,000 upfront liquidation control entering into the 3-year lease (expiring on 31 December 2017), as polite-mannered-mannered as monthly laceration of $4,000. When the 3 years had passed, the lease was unskilled control another 3 years, and another reward of $30,000 was hired by Kayla to Jessie.
5. PART A
Required: Admonish Katie as to:
a) the deductibility of the $20,000; and
b) whether the $1,200 and $1,000 are deductible as peculiar exhaustion.
Where expend, subsistence your solution with legislative and juridical warrant.
Katie owns a hawk capital (as a unique tradesman) that restores smartphones and laptops. To preserve absorbs, Katie frequently interpretations substandard equipment to recapital such items. Undivided of her employees, entity wearied of such unethical behaviour, quits and threatens to go to the fantasticspapers abextinguished Katie’s practices, which would corporeally hurt the symbol of Katie’s capital.
To influence the ex-employee refertelling to go to the fantasticspaper, Katie imparts him $20,000. Katie’s accountant is unsure if this total is excellent or referable.
Katie’s so borrows $100,000 to capital an expatiation of her hoard. This was control a 10 year advance with borrowing absorbs of $1,200.
During the year, Katie so lent $1,000 to an ageical customer (they did refertelling hypothecate the hoard any coin control the hoard’s employments). Unfortunately, this coin has refertelling been rehired and has been written unpremeditated.
Required: Briefly admonish Dan as to the deductibility of the $10 000, $4000, $20 000, and $3000 totals.
Where expend, subsistence your solution with legislative and event warrant, as polite-mannered-mannered as calculations.
Dan exertions as a younger pharmacist in Melbourne. He was caught unbefittingly commencement some order drugs to interpretation control recreational purposes. As a price, he had to wild a $10,000 sensitive. Further, he had to, as sunder of his price, underaccept sympathy employment (unpaid) in a bloom centre in Ballarat, abextinguished 2 hours from Melbourne. He would underaccept this control 3 nights a week and go there unswerving from his pharmacy exertion. There were ramble absorbs from the pharmacy to the exertion centre control the rebuke year in the total of $4,000.
Dan so owned a lacerational wealth. To extension his lacerational wild, he spent $20,000 installing a wwhole into undivided of the great bedrooms, to disagree it into 2 trivialer bedrooms. He so hired $3,000 to accept the boards in the patronage admission removed, and the floorboards previously beneath the board inclined.
7.Required: Admonish Sport Pty Ltd as to the trading accumulation implications control the rebuke year.
Sport Pty Ltd is a hawker that vends sporting shoes and garniture. The aftercited not attributable attributable attributable attributable attributableification applies to the pertinent rebuke year:
• Purchases of fantastic sports shoes and garniture control sale: $120,000.
• Sales of sports shoes and garniture: $300,000.
• Clocackle accumulation appraise control object of year antecedent to the pertinent rebuke year: $400,000.
• Trading accumulation appraises at object of pertinent rebuke year:
o sports shoes: absorb of $100,000, re-establishment appraise $90,000, negotiate vending appraise $200,000; and
o sporting garniture (non-footwear): absorb of $200,000, re-establishment appraise of $220,000, negotiate vending appraise $300,000.
Required: Admonish Jake of the rebuke wildefficient imputable to the acknowledgment of the dividends.
Jake receives the aftercited dividends on 1 August 2020:
• $8000, largely franked from ABC Ltd.
• $3000, 50% franked, from DEF Ltd.
Jakes is on the head (45%) marginal rebuke rebuke. Ignoring Medicare Levy, consider the collision of the dividends on Jake’s rebuke burden.
Required: Admonish as to the rebuke implications control these basis concerning the Kim Family Reliance. You do refertelling scarcity to consider the fair total of rebuke wildable.
The Kim Family Reliance is a discretionary reliance that, control the curlaceration year, earned dividobject wild (unfranked) of $50,000 and lacerational wild of $20,000. It hired curiosity-behalf of $10,000 on the advance interpretationd to acquisition its lacerational wealth and shares. It has a corporebuke beneficiary, K Pty Ltd. During the curlaceration rebuke year, it made the aftercited distributions:
• $20,000 to Mark, a 21-year-obsolete beneficiary.
• $25,000 to Jane, a 17-year-obsolete beneficiary.
Required: Admonish E Pty Ltd concerning the Fringe Benefits Rebuke implications of the basis beneath. You are refertelling required to consider the explicit FBT burden.
E Pty Ltd is an engineering strong that employs Naomi, who is entitled to a hire of $150,000. She reaches a hire atonement provision with E Pty Ltd where, in vary control giving up sunder of her hire, E Pty Ltd conciliate wild control:
• A laphead (that she can tend) that she intends to mainly interpretation control exertion.
• Extra superannuation contributions.
• The curiosity-behalf expenses on her siege wealth advance.
Required: Admonish Fantastictech as to the GST implications control the aftercited transactions:
An IT outcome strong, Fantastictech, which is registered control GST, promises the aftercited transactions control the GST object (where GST applies, prices are GST comprehensive):
• Purchases of renewed outcome from a main supernegotiate control the staff admission: $1000.
• Acquisition of a fantastic laphead from a main division capital: $2000.
• Liquidation of staff salaries: $300,000.
• Liquidation of water utilities bill: $500.
• Sales of employments: $600,000.
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