8 (Income Tax Formula and Tax Base)[1]

Included in assessable income under specific

Info icon This preview shows pages 11–16. Sign up to view the full content.

included in assessable income under specific  provisions in the ITAA36 or ITAA97 Checklist contained in Div 10 ITAA97 Examples of statutory income: Annuities Work in progress payments Net capital gains Dividends Franking credits
Image of page 11

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Foundations of Taxation Law [¶8.3](e) © CCH Australia Limited Exempt & non-assessable non- Exempt & non-assessable non- exempt income exempt income Assessable income does not include ordinary income  or statutory income that is:  Exempt income – ie income made exempt by a  provision in the ITAA36, ITAA97, or another  Commonwealth law (see Checklist in Subdiv 11-A  ITAA97)  Non-assessable non-exempt income – ie income  stated to be NANEI by a provision in the ITAA36,  ITAA97, or another Commonwealth law (see  Checklist in Subdiv 11-B ITAA97)
Image of page 12
Foundations of Taxation Law [¶8.3](f) © CCH Australia Limited Deductions Deductions Deductions General deductions Losses or outgoings that satisfy the requirements of the general deduction provision in s 8-1 Specific deductions Losses or outgoings that satisfy the requirements of a specific deduction provision (Checklist in Div 12 ITAA97)
Image of page 13

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Foundations of Taxation Law [¶8.3](g) © CCH Australia Limited General deductions General deductions General deduction provision contained in s 8-1  ITAA97 Allows deductions for losses and outgoings to the  extent they are: Incurred in gaining or producing the taxpayer’s  assessable income, or  Necessarily incurred in carrying on a business  for the purpose of gaining or producing the  taxpayer’s assessable income Certain losses or outgoings are not deductible, eg: Capital losses and outgoings Private and domestic losses and outgoings
Image of page 14
Foundations of Taxation Law [¶8.3](h) © CCH Australia Limited Specific deductions Specific deductions Specific deductions are available under ITAA36 and 
Image of page 15

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 16
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern