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

The commissioner issues formal notices of assessment

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The Commissioner issues formal notices of  assessment to most taxpayers Full self-assessment taxpayers (companies and  trustees of superannuation funds)  Do not receive formal notices of assessment  Instead, tax return is deemed to be an  assessment made by the Commissioner 
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Foundations of Taxation Law [¶8.2](f) © CCH Australia Limited Payment of income tax Payment of income tax Full self-assessment entity Income tax is due and payable on the first day of  the sixth month after the income year Other entities Income tax is due and payable 21 days after the  return day, or If the taxpayer’s return is lodge before or on the  return day, and the Commissioner gives the  taxpayer a notice of assessment after the return  day, income tax is due and payable 21 days after  the giving of the notice
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Foundations of Taxation Law [¶8.3](a) © CCH Australia Limited Taxable income Taxable income Taxable income Assessable Income Deductions Ordinary income Specific deductions Statutory income General deductions
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Foundations of Taxation Law [¶8.3](b) © CCH Australia Limited Assessable income Assessable income Assessable Income Ordinary income Amounts that are income under the common law (eg salary, interest, rent) Statutory income Amounts that are specifically included in assessable income (Checklist in Div 10 ITAA97)
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Foundations of Taxation Law [¶8.3](c) © CCH Australia Limited Ordinary income Ordinary income Ordinary income is assessable under s 6-5 ITAA97  (subject to jurisdictional rules) Nature of ordinary income determined under the  common law Examples of ordinary income: Salary or wages Ordinary business receipts Interest Rent
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Foundations of Taxation Law [¶8.3](d) © CCH Australia Limited Statutory income Statutory income Statutory income consists of amounts that are 
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