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...
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...
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...
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 ...
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 ...
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 ...
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...
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...
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...
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...
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...
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...
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...
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...
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]...
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