Students must complete all questions in the assignment. With reference to all questions - support the analysis in your answers where appropriate to the ITAA97, ITAA36, Tax Rulings and/or case law.

QUESTION 1

a) What topic does Taxation Ruling TR 2019/1 cover?

b) Which Division of the Income Tax Assessment Act 1997 outlines the legislation regarding deductibility of gifts or contributions?

c) What is the top tax rate applicable to a resident taxpayer in the current tax year?

d) Is a car or motorcycle exempt from capital gains tax?

e) What does the CGT event C1 s104-20 tax?

f) What is the current tax-free threshold for a resident individual?

g) Explain the significance of the High Court case, Hayes v FCT (1956) 96 CLR 47 with reference to assessable income?

h) Explain in your own words the difference between Ordinary income and Statutory income?

i) Explain the difference between Medicare levy and Medicare levy surcharge?