科技进步策略

《科技进步策略》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、CO5120TaxationLawModule2DerivationofTaxableIncomeModuleObjectivesApplyconceptsofordinaryandstatutoryincome.Understandtheconceptof“derivation〞ofincome.Understandthegenerallawprinciplesfordeterminingincome–andtheirstatutorymodifications.Understandthedifferencesbetweenincome,capitalr

2、eceipts,windfallgainsandmutualpayments.Understandtherulesgoverningnon-cashreceipts.Understandtherulesgoverningincomesubstitutionandcompensationpayments.Understandthetaxeffectofreceiptsfromillegalactivity.TheAustralianTaxSystemThreeCriticalQuestions:Whodowetax?Whatdowetax?Howmuchdowet

3、ax?TheTaxationEquationsAssessableIncome=Grossincome–(Exemptincome+Non-assessablenon-exemptincome)(sees6-1).TaxableIncome=Assessableincome-Deductions(sees4-15).TaxPayable=(TaxableincomexRate)-TaxOffsets(sees4-10(3)).Grossincome=Allincome(fromanysource)“Allincome〞includesboth:‘exemptin

4、come’;and‘non-assessable,non-exemptincome’.Therefore(becauseofs6-15)AssessableIncome=All“ordinaryincome〞PLUSAll“statutoryincome〞LESSAny“exemptincome〞ANDAny“non-assessablenon-exemptincome〞.OrdinaryandStatutoryIncomeSections6-5(1):“ordinaryincome〞is“incomeaccordingtoordinaryconcepts〞.S

5、ection6-10(2)“statutoryincome〞includes“amountsthatarenotordinaryincomebutareincludedinyourassessableincomebyprovisions[intheAct]aboutassessableincome〞.Therefore:WhetheraparticularreceiptisINCOMEthatistaxableinthehandsofataxpayerdependsonwhetheritis:a.INCOMEONORDINARYCONCEPTS(‘Ordinar

6、yincome’);orb.IncomeundersomeSPECIFICSTATUTORYPROVISION(‘Statutoryincome’).ANDWhetherithasbeenderivedIncomeonOrdinaryConceptsTheITAAdoesnotdefinetheterm“income〞;Section6(1)(ITAA1936)doesdefine:incomefrompersonalexertion;Incomefromproperty;Incomefromcarryingonabusiness.TheITAAalsodeem

7、ssomereceiptstobe“income〞fortaxationpurposes(egnon-cashbusinessbenefits,tipsandgratuities,post-1985capitalgainsetc).Thesereceiptsarecalled‘statutoryincome’;BUT,apartfromthosereceipts,determiningwhetheraparticularreceiptis“income〞hasbeenlargelydeterminedbythecou