hi,i have some questions regarding taxation law that i would like to ask. could you please help me.
1. Jason is a builder who is registered for the GST. He recently built a new residential home on a vacant block of land that he had purchased. Jason used a number of subcontractors to help him with the building works. The subcontractors are registered for the GST. Shortly after the building works were completed, Jason sold the home to Ivy. Ivy plans to lease the residential home to tenants. Advise both Jason and Ivy on how the GST law applies to each of them. Your answer must include a discussion of two (2) sections of relevant legislation.
2. Your friend is dissatisfied with a decision made by the ATO on their tax liability. Advise your friend on the steps they need to take if they wish to challenge the ATO.
3. Eve inherits $300,000 from her grandmother and uses the money to purchase an annuity from an insurance company. The annuity agreement gives her $15,000 per year, payable in instalments. Is the $15,000 ordinary income? Explain, using at least one (1) relevant section of legislation and one (1) relevant case.
4. What is a tax expenditure? In your answer use s. 4-10 ITAA97 and s. 4-15 ITAA97 to explain some of the different ways that tax expenditures can be structured.
5. What was the ‘temporary budget repair levy’ and how was it calculated?
6. A taxpayer sells jewellry for $10,000. In order to determine how income tax law will apply to the $10,000, you need further information. Explain. Support your explanation with the discussion of 1 relevant case and 2 relevant sections of legislation.