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

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 ‘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