科技进步策略.ppt

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1、CO5120TaxationLawModule2DerivationofTaxableIncomeModuleObjectivesApplyconceptsofordinaryandstatutoryincome.Understandtheconceptof“derivation”ofincome.Understandthegenerallawprinciplesfordeterminingincome–andtheirstatutorymodifications.Understandthedifferencesbetwee

2、nincome,capitalreceipts,windfallgainsandmutualpayments.Understandtherulesgoverningnon-cashreceipts.Understandtherulesgoverningincomesubstitutionandcompensationpayments.Understandthetaxeffectofreceiptsfromillegalactivity.TheAustralianTaxSystemThreeCriticalQuestions:Who

3、dowetax?Whatdowetax?Howmuchdowetax?TheTaxationEquationsAssessableIncome=Grossincome–(Exemptincome+Non-assessablenon-exemptincome)(sees6-1).TaxableIncome=Assessableincome-Deductions(sees4-15).TaxPayable=(TaxableincomexRate)-TaxOffsets(sees4-10(3)).Grossincome=Allincome

4、(fromanysource)“Allincome”includesboth:‘exemptincome’;and‘non-assessable,non-exemptincome’.Therefore(becauseofs6-15)AssessableIncome=All“ordinaryincome”PLUSAll“statutoryincome”LESSAny“exemptincome”ANDAny“non-assessablenon-exemptincome”.OrdinaryandStatutoryIncomeSectio

5、ns6-5(1):“ordinaryincome”is“incomeaccordingtoordinaryconcepts”.Section6-10(2)“statutoryincome”includes“amountsthatarenotordinaryincomebutareincludedinyourassessableincomebyprovisions[intheAct]aboutassessableincome”.Therefore:WhetheraparticularreceiptisINCOMEthatistaxa

6、bleinthehandsofataxpayerdependsonwhetheritis:a.INCOMEONORDINARYCONCEPTS(‘Ordinaryincome’);orb.IncomeundersomeSPECIFICSTATUTORYPROVISION(‘Statutoryincome’).ANDWhetherithasbeenderivedIncomeonOrdinaryConceptsTheITAAdoesnotdefinetheterm“income”;Section6(1)(ITAA1936)doesde

7、fine:incomefrompersonalexertion;Incomefromproperty;Incomefromcarryingonabusiness.TheITAAalsodeemssomereceiptstobe“income”fortaxationpurposes(egnon-cashbusinessbenefits,tipsandgratuities,post-1985capitalgainsetc).Thesereceiptsarecalled‘statutoryincome’;BUT,apartfromtho

8、sereceipts,determiningwhetheraparticularreceiptis“income”hasbeenlargelydeterminedbythecourts.Section6(1)ITAA1936Defines:Inco