AYB240 Lecture Notes - Dmg Media, Flat Rate, Odometer

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5 Jul 2013
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Two general types of tax: direct taxes taxes are levied on the person who is liable to pay the tax, e. g. income tax. Indirect taxes tax is passed onto consumers by incorporating the taxes into the price of goods & services, e. g. gst. Historical background of tax: 1902-1915: queensland levied personal income tax, 1915-1942: both state and commonwealth governments levied income tax, 1942: commonwealth government gained sole control of income tax under the income tax. Constitutional basis of taxation: s51 of constitution. Laws imposing taxation shall deal only with the imposition of taxation, and any provision therein dealing with any other matter shall be of no effect. Laws imposing taxation shall deal with one subject of taxation only . Deals with incidence, assessment & collection of tax. Determines taxable income on which income tax is levied. The itaa 1997 overrules the itaa 1936.

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