LAWS3101 Study Guide - Midterm Guide: Medicare (Australia), Concurrent Estate, Proper Records
Document Summary
A contribution levied on persons, property or business in support of government. Compulsory exaction of money by a public authority for public purposes, enforceable by law, and is not a payment for services rendered . Tax is levied by all three tiers of government in australia: States or territories impact of stamp duties in qld is huge! Equity, certainty, convenience or ease of use, economic tax administration. Applies to companies and individuals | prepayment of tax based on estimate of tax payable. Carrying on a business salary, wages, bonus, tips, allowances sales, consulting income, services rent, interest, dividends. Income tax= (taxable income * tax rate) - tax offsets. Assessable income = ordinary income + statutory income. Ordinary income = income from employment + income from property + income from business. Deductions = general deductions (not capital) + speci c deductions. General deductions = expenses to earn: income from employment + expenses to earn: income from property +
