Advise Emma of the capital gain tax (CGT) consequences of

Assignment Detail:- Purpose of the assessment -with ULO Mapping- Students are required to follow the instructions by your lecturer to confirm any relevant information- You also need to follow any relevant announcement on Blackboard to confirm the due date and time of the assignment- The individual assignment will assess students on the following learning outcomes: 1- Demonstrate an understanding of the Australian income tax system, the concepts of income and deductions, CGT, FBT, GST general anti-avoidance provisions and income tax administration- -ULO 1--2- Identify and critically analyse taxation issues- -ULO 2--3- Interpret the relevant taxation legislations and case law- -ULO 3--4- Apply taxation principles to real life problems- -ULO 4-- Question 1: The goods and services tax -GST- Identification of material facts regarding The City Sky Co goods and services tax -GST- consequences discussed in the assignment question- Identification and analysis of legal issues / legal question and relevant laxation law- Thorough yet succinct application of tax law to material facts- Detailed and accurate conclusions are reached from the discussion- Correct information and taxation law have been used and properly cited- A detailed analysis has been performed- Shows excellent understanding of the cases and/or section of legislation, its context and application of taxation law- Question 2: Capital gains tax -CGT- Identification of consequences question- material facts regarding of Emma's transactions the capital discussed in gain the tax -CGT- assignment Identification and analysis of legal issues / legal question and relevant laxation law- Thorough yet succinct application of tax law to material facts- Detailed and accurate conclusions are reached from the discussion- Correct information and taxation law have been used and properly cited- A detailed analysis has been performed- Shows excellent understanding of the cases and/or section of legislation, its context and application of taxation law- Instructions and Requirements QUESTION 1 The City Sky Co is a property investment and development company- Recently the company purchased a vacant piece of land south of Brisbane on which it is planning to build 15 apartments to sell- The City Sky Co has engaged the services of the local lawyer, Maurice Blackburn, to provide the legal services required for the development for $33,000- Maurice Blackburn runs an established sole trader business and turns over revenue of $300,000 per year- Advise The City Sky Co of the input tax credit entitlements that they may be entitled to- Assume that The City Sky Co is registered for GST purposes- QUESTION 2 Emma has provided to you a listing of the transactions she has undertaken throughout the financial year to assist you in completing her 2015 income tax return- Sale of a block of land for $1,000,000: Emma purchased the land as an investment in 1991- The purchase price was $250,000, plus $5,000 in stamp duty, $10,000 in legal fees- To fund the purchase, she took out a loan on which she paid interest totalling $32,000- During the period of ownership her council rates, water rates and insurance totalled $22,000- In January 2005 a dispute occurred with a neighbour over the use of the land and legal fees incurred amounted to $5,000 in resolving this dispute- Before putting the property on the market $27,500 was spent to remove a number of large dangerous pine trees that were on the land- Advertising, legal fees and agent's fees on the sale of the land were $25,000- Sale of Emma's 1000 shares in Rio Tinto for $50-85 per share: Emma paid brokerage fee of 2% on the sale- Emma initially purchased the shares for $3-5 per share in 1982- Sale of a stamp collection Emma had purchased, from a private collector, in January 2015 for $60,000: Emma sold the collection at auction for $50,000- Auction fees totalled$5,000 for the sale- Sale of a grand piano for $30,000: It was initially bought for $80,000 in 2000- Advise Emma of the capital gain tax -CGT- consequences of her transitions- Ignore indexation- Your answer must include references to relevant tax law and or cases-
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