Deakin

Semester 1, 2018


HD Income Tax Law Exam Notes - Table of Contents & Colour Coded

47 pages

13,000 words

$34.00

28

Description

I have collated every bit of information learned throughout the unit, and have collated it into a 50 page, 13,000 word document.

It is colour coded with the relevant case studies for each area, and have all the sections and acts needed for the exam.

It has a table of contents, very useful given it is an open book exam.

I spent the whole semester putting this document together, and it could seriously help you get a good mark.

Topic List:

Topic 1
Introduction
Topic 2 4
Ordinary Income 4
Ordinary Income from Personal Services 5
Gifts 5
Prizes & Gambling 7
Capital Receipt or Personal Exertion 8
Ordinary Income from Property 9
Interest 9
Dividends 10
Annuities 10
Royalties 10
Ordinary income from Carrying On a Business 11
Scope of the Business Activities 11
Carrying On Business (COB) 12
Isolated Transactions 13
Extraordinary Transaction 15
Myer Strand 1 16
Myer Strand 2 17
Statutory Income 18
Income Tax Assessment 18
Royalties 18
Dividends 19
Non-Cash Business Benefits 19
Topic 3 19
Capital Gains Tax 19
CGT Event 20
CGT Assets 22
Timing of the Event 22
Capital Proceeds (CP) 23
Cost Base (CB) 24
Reduced Cost Base (RCB) 24
Cost Base Modifications 24
General Discount 25
50% Discount 25
Exemptions and Concessions 25
Main Residence Exemption 25
Disposals Resulting from Death 26
Roll-over Concessions 26
Topic 4 27
General Deductions 27
Positive Limbs: 27
Nexus with Income 27
Incurred / Necessarily Incurred 29
Apportionment 30
Carrying on Business 31
Negative Limbs: 32
Capital or of a Capital Nature 32
Private or Domestic Expenses 33
Travel Expenses 33
Self-Education Expenses 34
Clothing Expenses 34
Home Office Expenses 34
Losses or Outgoings in Relation to Exempt Income 35
Specific Provisions Preventing Deductions 35
Specific Deductions 36
Tax Related Expenses 36
Repairs 36
Borrowing expenses 37
Bad debts 37
Travel between workplaces 37
Gifts to Charity 37
Tax Losses 37
Capital Expenditure Allowances (Depreciation) 38
Black Hole Expenses 39
Topic 5 39
Trading Stock 39
Trading Stock Definition 39
What is Trading Stock β€˜on hand?’ 40
Valuation of Trading Stocks 41
Topic 6 42
Taxation of individuals, shareholders, beneficiaries and partners 42
Individuals 42
Companies 42
Trustees and Beneficiaries 43
Partnerships 44
Topic 7 45
Fringe Benefits Tax (FBT) 45
Step 1: Determine whether a benefit has been provided to an employee or associate 45
Step 2: Determine the type of fringe benefit 45
Step 3: Calculate the taxable value of the benefits and calculate the FBT liability 45
Overview of GST 46
Taxable Supply 46
GST Free Supply 47
Input Taxed Supply 47