TAX2601 Assignment 1 (COMPETE ANSWERS) Semeser 2 2025 –
DUE 15 September 2025
Capital Gains Tax (CGT)
Tax on profits from asset disposal.
Taxable Capital Gain
Gain subject to taxation under CGT.
Eighth Schedule
Contains CGT rules and provisions.
Gross Income Definition
Criteria for income subject to tax.
Proceeds
Total amount received from asset sale. Base Cost
Initial value of an asset for CGT.
Capital Loss
Loss incurred from asset disposal.
,Capital Gains Tax (CGT)
Tax on profits from asset disposal.
Taxable Capital Gain
Gain subject to taxation under CGT.
Eighth Schedule
Contains CGT rules and provisions.
Gross Income Definition
Criteria for income subject to tax.
Revenue Nature
Income from regular business operations.
Capital Nature
Income from asset appreciation or sale.
Disposal
Selling or transferring ownership of an asset.
,Proceeds
Total amount received from asset sale.
Base Cost
Initial value of an asset for CGT.
Capital Loss
Loss incurred from asset disposal.
Exclusions
Assets or gains not subject to CGT.
Taxable Income Calculation
Process of determining total taxable income.
Applicable CGT Cases
Situations where CGT is relevant.
Minimum Study Hours
27 hours recommended for this unit.
Asset Acquisition Date
, Date when the asset was purchased.
Asset Disposal Date
Date when the asset was sold.
Court Test
Legal criteria to assess capital nature.
CGT Rates
Percentage applied to taxable capital gains.
Tax Framework Component
Part of overall income tax structure.
Taxpayer
Individual or entity subject to taxation.
Profit
Financial gain from asset sale.
Taxable Amount
Total gain subject to CGT.
DUE 15 September 2025
Capital Gains Tax (CGT)
Tax on profits from asset disposal.
Taxable Capital Gain
Gain subject to taxation under CGT.
Eighth Schedule
Contains CGT rules and provisions.
Gross Income Definition
Criteria for income subject to tax.
Proceeds
Total amount received from asset sale. Base Cost
Initial value of an asset for CGT.
Capital Loss
Loss incurred from asset disposal.
,Capital Gains Tax (CGT)
Tax on profits from asset disposal.
Taxable Capital Gain
Gain subject to taxation under CGT.
Eighth Schedule
Contains CGT rules and provisions.
Gross Income Definition
Criteria for income subject to tax.
Revenue Nature
Income from regular business operations.
Capital Nature
Income from asset appreciation or sale.
Disposal
Selling or transferring ownership of an asset.
,Proceeds
Total amount received from asset sale.
Base Cost
Initial value of an asset for CGT.
Capital Loss
Loss incurred from asset disposal.
Exclusions
Assets or gains not subject to CGT.
Taxable Income Calculation
Process of determining total taxable income.
Applicable CGT Cases
Situations where CGT is relevant.
Minimum Study Hours
27 hours recommended for this unit.
Asset Acquisition Date
, Date when the asset was purchased.
Asset Disposal Date
Date when the asset was sold.
Court Test
Legal criteria to assess capital nature.
CGT Rates
Percentage applied to taxable capital gains.
Tax Framework Component
Part of overall income tax structure.
Taxpayer
Individual or entity subject to taxation.
Profit
Financial gain from asset sale.
Taxable Amount
Total gain subject to CGT.
