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ACCT2331 Chapter Notes - Chapter 41,42: Tax Avoidance, Nature One, Double Taxation
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Chapter 41 TAX EVASION, TAX AVOIDANCE AND TAX PLANNING [P1021] Evasion, avoidance and planning [P1022] Tax evasion: involves the illegal underpayment of tax, typically by failing to disclose liabilities or wrongly claiming...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter Notes - Chapter 45: Administrative Appeals Tribunal
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Chapter 45 INCOME TAX RETURNS, ASSESSMENTS, RULINGS, APPEALS AND AUDITS 45.2 Income tax returns Income tax returns [P1090] Taxpayers must lodge returns if required to do so by the Commissioner (s161 ITAA36) Commissioner sp...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter Notes - Chapter 46: Australian Business Number, Financial Transaction
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Chapter 46 Identification and Payment System Introduction Australias tax system is underpinned by the following identification and payment systems: - TFN system - ABN system - PAYG system In addition, the financial transac...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter Notes - Chapter 47&48: Income Tax, Kim Junsu, Withholding Tax
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Chapter 47 TAX RECORD-KEEPING, REPORTING AND RECOVERY Record keeping [P1123] Taxpayers must retain records about their tax affairs Income tax business records and records required to be maintained under the substantiation ...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter 21: Chapter 21
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Chapter 21 Partnership 21.1 Introduction [P589] General partnership taxation rules contained in Div 5 of Part III ITAA36 Under these rules: - Partnerships do not pay any tax - Partnership income and losses flow through to ...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter Notes - Chapter 34,35,38: Official Development Assistance, Double Taxation, Vale Limited
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Chapter 34 International Taxation Preventing double taxation Double taxation of international transactions may dteer: [P933] - Resident companies expanding overseas - Foreign investment in Australia Double taxation may be ...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter Notes - Chapter 24: Employee Stock Ownership Plan, Housing Benefit, Cost Basis
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Chapter 24 FRINGE BENEFITS TAX 24.1 Introduction [P664] FBT is a separate Commonwealth tax payable by employers on fringe benefits (include most non-salary benefits) provided to their employees. Even though employees do no...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter Notes - Chapter 18: Capital Allowance, Ordinary Income, Small Business
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Chapter 18 General treatment of trading stock 18.1 Introduction [P462] Trading stock is a revenue asset Trading stock transactions are therefore dealt with under the general tax rules: - Proceeds from the sale of trading s...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter Notes - Chapter 17: Capital Allowance, Capital Expenditure, Small Business
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Chapter 17 - CAPITAL WRITE-OFFS AND ALLOWANCES 17.1 Introduction [P445] Capital expenditure is not deductible under general deduction provision in s 8-1 ITAA97. Hence it can only be deducted due to specific deduction provi...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter 19: Chapter 19
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19.1 Introduction [P473] CGT introduced on 20 September 1985 Originally contained in Part IIIA ITAA36 Now contained in Parts 3-1 and 3-3 ITAA97 Purpose of CGT regime: includes a net capital gain in a taxpayers assessable i...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter Notes - Chapter 20: Dividend Imputation, Turnbull Government, Double Taxation
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Chapter 20 20.1 Introduction [P537] Companies are treated as distinct taxpayers. Companies are treated as separate legal entities that are distinct from the persons who own interests in them The shareholders in a company o...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter 22: Chapter 22
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Chapter 22 Trusts 22.2 Nature of trust Nature of trust [P607] A trust is an equitable obligation under which: - A person (the trustee) - Holds property (the trust property) - For the benefit of one or more other persons (t...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter 23: Chapter 23
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Chapter 23 Tax Loss 23.1 Tax losses (Div 36 ITAA97) A tax loss can be carried forward into subsequent income years and claimed as a DEDUCTION (note: not tax offset) Div 36 is Subject to special restriction (Div 165 and Sch...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter Notes - Chapter 9: International Taxation, Ordinary Income, De Beers
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Chapter 9 Residence and Source 9.1 Introduction General jurisdiction rule, [P237] - Apply to ordinary income and statutory income - Residents assessed on income from all sources (s6-5(2), s6-10(4) ITAA97) - Foreign residen...

Accounting
ACCT2331
Mark Holub
ACCT2331 Chapter Notes - Chapter 13: Coles Group, Macquarie Group, Protection Racket
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13.1 Introduction This chapter examines the operation of the general deduction provision Also the extensive case laws involved concern former 51(1) related to s8-1 Positive limbs in 8-1(1) allow deductions where: [335-336]...

Accounting
ACCT2331
Mark Holub

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