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Tax Law Notes

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The notes include the relevant cases and structures. And relevant topics are 1 Ordinary Income: General Concepts; 2 Income from Personal Services and Employment. 3 Ordinary Income (Continued): Income from Property. Income from Business - Business v Hobby, Normal Proceeds of a Business, NonCash Business Benefits. Tax Accounting for Receipts. 4 Ordinary Income (Continued): Extraordinary and Isolated Transactions. Compensation for Business Losses. 5 Statutory Income: Capital Gains Tax - CGT Events; CGT Assets; Concessions; Exemptions; Calculating CGT Liability. 6 International Aspects: Residency and Source. Tax Offsets. Case Study on Assessable Income. 7 General Deductions. 8 General Deductions Specific Deductions: Repairs 9 Specific Deductions Capital Allowances; Capital Works. Other Deductibles. Provisions Limiting Deductibility: Non-Commercial Business Losses, Related Parties, Substantiation. 10 Goods and Services Tax. 11 Fringe Benefits Tax.

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8 Pages Complete Study Notes > 2 Years old
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Tax Law Notes
Topics this document covers:
Taxation in Australia Economy Taxation in the United States Income tax in Australia Taxation in New Zealand Taxation in the United Kingdom Money Income tax in the United States Income tax in India Income tax Dividend imputation Tax
This is a Complete Set of Study Notes

Complete Study Notes typically cover at least half a semester’s content or several topics in greater depth. They are typically greater than 20 pages in length and go into more detail when covering topics.

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Topics this document covers:
Taxation in Australia Economy Taxation in the United States Income tax in Australia Taxation in New Zealand Taxation in the United Kingdom Money Income tax in the United States Income tax in India Income tax Dividend imputation Tax
Sample Text:
5%) if no health insurance and > than thresholds Medicare levy, low income earner, 10% for 2011-12: lower threshold + $18,839 upper threshold $22,163 If income was $20,000 for 2011-12 : 20,000-18,839= 1,161 x 10% = $116.10 FLOOD LEVY for 2011-12 only If taxable income > $50,000, flood levy applies. Example: $53,000 for 2011-12 : ($53,000-50,000) x 0.5% = $15 Look up legn for rates for $100,000 + ---a Topic 1 The Australian tax system (ch1,3,4) gain that is regular or periodic is more likely to be ordinary income than a gain that is a lump sum : ▪ The income tax formula: FCT v Blake(1984): income, regular payments. Vs FCT v Harris(1980): capital, one-off payments. S4-10(3) Income tax liability = taxable income * tax rate – tax offsets 2. Flow(income flowed from the capital) S4-15(1) Taxable income = assessable income – deductions Eisn...
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