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LML4804 Assignment 3 Semester 2 2023 Unique Number: 209708 Due Date: 22 October 2023 (complete Answers) π π π π πΒ
LML4804 Assignment 03 Semester 02 2023 Complete Answers: All Answers are correct and adhere to all the questions provided in your assignment
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QUESTIONΒ 1Β (CAPITALΒ GAINSΒ TAX)
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Section 26A provides that the taxable capital gain must be included in a person9sΒ taxableΒ incomeΒ forΒ theΒ relevantΒ yearΒ ofΒ assessment.Β TheΒ pointΒ ofΒ departureΒ inΒ thisΒ caseΒ would be to determine the taxable capital gain of the taxpayer or person as requiredΒ by the section. In determining the taxable capital gain, the first step is to make sureΒ thatΒ allΒ theΒ fourΒ keyΒ elementsΒ areΒ present.Β MentionΒ EighthΒ schedule/Β IssueΒ ofΒ residency
AnΒ assetΒ isΒ definedΒ veryΒ widelyΒ inΒ paragraphΒ 1Β andΒ includes,Β forΒ purposesΒ ofΒ CGT,
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(a)Β property of whatever nature, whether movable or immovable, corporeal orΒ incorporeal, excluding any currency, but including any coin made mainly fromΒ goldΒ or platinum; and
(b)Β aΒ rightΒ orΒ interestΒ ofΒ whateverΒ natureΒ toΒ orΒ inΒ suchΒ property.
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