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Taxation Law Comprehensive Semester Notes

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These notes also include the taxation tables need in the first assessment in addition to information regarding each topic.

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33 Pages Complete Study Notes 1-2 Years old
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Topics this document covers:
Economy Tax Taxation in Australia Money Corporate tax Taxation in the United States Income tax in the United States Income tax in Australia Dividend imputation Tax deduction Taxable income Income 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:
Economy Tax Taxation in Australia Money Corporate tax Taxation in the United States Income tax in the United States Income tax in Australia Dividend imputation Tax deduction Taxable income Income tax
Sample Text:
) Calculate assessable income 2) Subtract any deductions 3) Calculate taxable income 4) Calculate BITL 5) Calculate LIR (If applicable) 6) Calculate other offsets 7) Calculate net tax payable / refundable - LIR first, followed by non-refundable offsets, refundable offsets and PAYG Type of Ordinary Income 1) General category 2) Income from Personal Exertion – Salary, wages, commissions, tips 3) Income from Property – Interest, dividends, royalties, annuities 4) Income from Business – Act of carrying on a business Resident Non-Resident Individual Company Individual Company LIR Yes No No No Refundable No No No No Franking Credit Yes Yes No No Refundable Yes No No No Month Days January 31 February 28 or 29 in a leap year March 31 April 30 May 31 June 30 July 31 August 31 September 30 October 31 November 30 December 31 • Tax Year = 1 July – 30 June • FBT Tax Year = 1 Apri...
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