Australian-taxation-law-notes-澳大利亚税法概要.doc
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1、_Topic 2 Ordinary Income1. Assessable income = ordinary income + statutory income (s. 6-1(1) Taxable income = assessable income - deduction (s. 995-1(1) & s. 4-15)2. Ordinary income: a. Periodicity, recurrence & regularity (Harris, Dixon) b. Income must be money or convertible into money c. Receipts
2、 from income producing activities will be regarded as ordinary income & income earning activity (Harris, Dixon)3. Income earning activities: a. Personal exertion (personal services, employment, one-off services) b. Property (interest, rent, dividend) c. Carrying on a business (sales, services)4. S.
3、21A enables value of benefit, non-cash benefit, to be assessed as ordinary income under s. 6-5. FCT v Cooke & Sherden5. S.21A does not operate in an employment relationship. If employment, the benefit is taxed under FBT.6. Non-cash benefit: property or services provided wholly or partly in respect o
4、f a business relationship, or for or in relation directly or indirectly to a business relationship. S. 21A(5)7. S. 21A(3): the value of the benefit is reduced to the extent that the taxpayer would have been entitled to a once only deduction if the taxpayer had incurred the cost.8. Entertainment is n
5、on-deductible per s. 32-5.9. If a receipt is ordinary income under s. 6-5, a receipt that substitutes for it will also be ordinary income under s. 6-5.FCT v Dixon10. Receipts generally not considered as ordinary income include capital, windfall gains, hobby receipts and mutual receipts.11. Purely gi
6、ft from friend or family cannot be treated as ordinary income.FCT v Harris12. The compensation for the cancellation of business contracts is income. Heavy Minerals Pty Ltd v FCT13. Amount received for the sterilisation of assets are treated as capital (loss of use of asset or income producing capaci
7、ty).Glenboig Union Fireclay Co Ltd v IRC14. Payments received for entering into restrictive agreements are capital. Dickenson v FCT15. Compensation for loss of trading stock is considered as income.CIR v Newcastle Breweries Ltd16. Sales of knowledge or know-how are income.Rolls-Royce Ltd v Jeffrey17
8、. Sale or assignment of income streams should be treated as income, and the lump sum is assesable under s. 25(1).Myer Emporium18. Undissected lump sum, where lump sum amounts comprising both income and capital, but without dissection into their actual components, should be treated as capital.Mclauri
9、n v FCT19. Lottery prize are not income in the Australian jurisdiction.20. Gambling wins will only constitute deduction and assessable income, if they may be seen as proceeds of a business.Trautwein v FCT21. Receipts form gambling wins are not assessable. (Martin v FCT)22. No liability to tax arises
10、 where a person participates casually in a competition and wins a prize. However, a professional quiz player regular appearances on quiz programs the prizes may constitute assessable income.Case T1423. Receipts or proceeds form hobbies, as distinguished from business, are deemed not to be assessable
11、 income. Also, expenses and losses from hobbies are not deductibel.24. Organizations have no identity separate from their members, thus subscriptions and other contributions form members cannot be treated as income, they are mutual in character.The Bohemians Club v Acting FCT25. Income from illegal
12、activities are assessable.Partridge v Mallandaine26. Profits arising from ultra vires actions of company directors may be assessable of the company.England v WebbTopic 3 Derivation of Income1. S 6-5(2) & (3): assessable income include ordinary income derived during the income year.2. The cash basis:
13、 used mostly by individuals, eg salary or wage earners The accruals basis: generally used in business3. Cash basis: income is derived when the cash is received. Brent v FCT Accruals basis: the income is derived when it has been earned, when an invoice has been issued.J Rowe & Son v FCT4. Large chart
14、ered accounting firm should use accruals basis, because the income is not personal services income, it is the result of many accountants. Henderson v FCT5. The income derived by a solicitor in sole practice with one secretary should be treated as personal services income and cash basis appropriate.F
15、CT v Firstenberg6. Services can be provided by many people - Accrual Services provided by one person - Cash Selling shoes by one or many people - trading business - Accrual Income from rental property - Cash7. For a business selling goods or supplying services, amounts received in advance are not re
16、garded as income. Arthur Murray v FCT8. S. 6-5(4): the case where the taxpayer, though he has not received the money itself, has had the benefit of it, or of something which is substantially equivalent to it. (cash basis only)9. Brent v FCT: Wife of the Great in not in business instead providing per
17、sonal services - Cash basis S. 6-5(4) did not apply, and only the money actually received was derived. 10. Asking for a cash payment to be delayed is not dealing with the income. (cash basis only)Brent v FCTTopic 4 Statutory Income and Exempt Income1. Dividends paid by a company to a shareholder are
18、 included in the shareholders assessable income under s. 44(1).2. Tax paid on the profits from which a dividend was paid and passed onto the shareholder is also assessable under s. 207-20(1), which is called franking.从税后利润付股利给股东,这部分利润所含的已交公司所得税称为franking credit。股东应申报(股利franking credit)为总股利,按照自己的税率,再
19、减去franking credit,就是这部分收入应交的个人所得税。3. S. 15-2(1): includes the value to the taxpayer of allowances, gratuities, compensations, benefits, bonuses and premiums provided, directly or indirectly, with respect to employment or services.4. S. 15-2(2): does not have to be in the form of money.5. S. 15-2(3)(
20、d): if the allowance etc is ordinary income under s. 6-5, then s. 15-2 will not operate.6. S. 6-25(2): cannot assess income twice.7. S. 15-3: payments only made to induce a resumption of work are included in assessable income.8. S. 15-10: your assessable income includes a bounty or subsidy that is p
21、aid a government to assist in the carrying on of a business, where the amount is not ordinary income assessable under s. 6-5.9. S. 15-15: profits arising form the carrying on or carrying out of a profit-making undertaking or plan is included in assessable income, except where the profit is ordinary
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- Australian taxation law notes 澳大利亚 税法 概要
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