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Business Taxation - Exam Notes

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Covers relevant topics in the exam ranging from week 2 to week 12. It is concise yet detailed enough to provide a sound basis for study. Please enjoy these notes. This course was completed Semester 2, 2015.

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46 Pages Complete Study Notes > 2 Years old
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Topics this document covers:
Economy Government Taxation in Australia Taxation in the United Kingdom Taxation in Canada Taxation in the Netherlands Income tax in Australia Income tax in the United States Income tax in India Income tax Capital gains tax Tax
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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:
Economy Government Taxation in Australia Taxation in the United Kingdom Taxation in Canada Taxation in the Netherlands Income tax in Australia Income tax in the United States Income tax in India Income tax Capital gains tax Tax
Sample Text:
No statutory definition. • Statutory income (s6-10): specifically specified in legislation • Exempt income (s6-20): not assessable. Made exempt by a provision of the legislation. • Non-assessable non-exempt income (s6-23): provision of the legislation states an amount is non-assessable non-exempt (NANE). • An amount of ordinary income or statutory income is EXEMPT income if it is made exempt from income tax by a provision. If an amount is exempt income, it is not assessable income. • Where an item is made exempt, the exemption extends only to the original or specified recipient of the income and not to payments made out of that income unless the Acts make specific provision for the exemption to continue • For capital gains purposes, gains or losses made from assets used wholly for the generation of exempt income are themselves exempt from tax Exempt Income ...
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