Final Tax Exam Notes

Description

These notes cover the following topics including legislation and case summaries; 1. General Principles (concept of invoice, receipt of money or money's worth; individual/company resident of Australia incl. central management and control test; introduction to the following - interest; dividends; royalties; methods of derivation incl. cash and accrual method.) 2. Income from personal services (gifts; employment termination payments; Fringe Benefits Tax) 3. Income from Property (Annuities; Royalties; Interest; Lease and rental income) 4. Income from a Business (concept of 'business'; taxation of business income - normal, isolated transaction or undertaking - extraordinary ; trading stock; compensation; cancellation of a 'structural' agreement; restrictions on ability to carry on a business ) 5. Capital Gains Tax (GCT events; meaning of CGT assets - collectibles, personal use assets; capital improvement to land incl. pre-GST assets; cost base and modification rules to cost base; Discount for CGT; capital proceeds; exemptions; Anti-avoidance provisions.) 6. Allowable deductions (general deductions and determinative tests of deductibility; relevant of purpose; apportionment; meaning of incurred; non-deductibles (negative limbs capital outgoings and private outgoings; repairs; capital allowances (diminishing value method and prime cost method; bad debts; Leases) 7. Taxation of Companies and Shareholders (Franking credits; operation of imputation) 8. Taxation of Partnerships 9. Concept of a Trust (types of trusts, creation of trusts, termination of trusts; entitlement under trusts; Div 6AA plus exam question steps) 10. Returns, Assessments, Objections and Appeals. 11. Collection and recovery (limited to PAYG legislation only)