AYB320 Lecture Notes - Lecture 9: Remittance, Sole Proprietorship, Exchange Rate

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The assessable income of an australian resident includes the ordinary and statutory income derived by the entity from all sources during the year (s 6-5(2) itaa1997). An example of this rule is the cgt provisions that bring to account the capital gains or losses realized by a foreign residents as a result of cgt events relating to assets that constitute taxable australian property (s 855-10(1)). An individual will be an australian resident if he or she is satisfies the test of residence according to ordinary concepts. If this test is not satisfied, the individual will be a resident if he or she satisfies one of the three statutory tests set out in s 6(1) itaa 1936: domicile test, the 183-day rule, the superannuation test. The definition of resident" in s 6(1) provides three alternative tests for the determination of the residence of a company. Partnership is not taxed as a separate taxpayer - not necessary to determine its residency.

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