Personal Tax CBA

Vini Registered Posts: 2 New contributor 🐸
Hi guys, I am really scared . I have exam next week . I would like to know that there is any eamil or memos.

Can any one help me with few questions.

Capital gain: If somebody gives an asset to his friend then it should be actual proceeds but in Osborne book they said it is Deemed proceed. I am really confuse can any one help me.

Employment Income: If employer provides any assetsfor e.g. furniture or home cinema then wehave to do time apportioned. yes or no. Becuase in Osborne there is no time apportioned for this activity.


  • antevans1
    antevans1 Registered Posts: 5 New contributor 🐸
    Capital Gains: To a friend i.e. A non-connected person, it is actual proceeds. To a connected person, it is the higher of actual proceeds or market value, (deemed proceeds).

    Employment Income/Benefits: Yes, you have to time apportion them. That is, unless the employee purchase the asset during that tax year.

    In which case you subtract the actual purchase price paid from the higher of a) Market Value on the date of sale, or, Market value on date of initial provision - total of previous annual assessments. The remainder is the only taxable benefit for that asset in the tax year. You do not make two charges.
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