tax advance index

8/13/2019 Tax Advance Index

1/38

Topics Page No. Note

Income tax self assessment 1.04 post assessment checking through ATO audit

Returns 1.04 tax return lodgment 31 Oct

Assessment 1.05 Ordinary, default or special. NOA by CommissionerAmendment of assessment: anytime iffraud/evasion 1.05 within 2 years after NOA (4 for large co. & complex affairs)

Objection 1.06 2 & 4 years or within 60 after amended notice

review and appeal 1.07 60 days of decision. AAT, Federal court, STCT (


2/38

Topics Page No.

Tax equation 2.04

Assessable income 2.05

Ordinary income: ordinary concepts 2.05

Statutory income s 6.10 2.06

Exempt income 2.07

Non assessable non exempt income 2.08

Ordinary income: common law concepts- 3types: from

personal services; carrying on business; property 2.09

Distinguishing between income & capital 2.12

Source of income 2.13

Residence: Individuals 2.14

Residence: Company 2.15

Income: Cash or accruals basis 2.17

Income: Instalment sales 2.18

Income: From property 2.18

Income: Wage/salary 2.18

Income: Amount receive in advance/unearned rev. 2.18

Income: long-term construction contracts IT2450 2.20

Income: Redirection of income 2.20

Esixtence of business 2.22

Commencement of a business 2.22

Income from business 2.23

Income from business: Isolated transaction 2.25

Income from business: Realisation of Investment 2.28Non-cash business benefits: As a result of business includedin ass. inc. 2.28


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Topics Page No.

Compensation: same character of the item which it replaces 2.30Compensation: loss of profit/trading stock 2.31

Compensation: loss of contract 2.31

Compensation: loss of agency 2.32

Compensation: Restrictive covenants 2.32

Compensation: Apportionment 2.32

Compensation: recoupment/ unliquidated damage 2.32

Royalties 3.34

Foreign exchange gains and losses 2.36

Foreign exchange events 2.38

Assessible income: Other specific sections 2.40

Trading stock 2.41

Trading stock: definition 2.42

Trading stock on hand 2.43

Trading stock: accounting & valuation 2.44Trading stock: Cost price (full absorption costing- fix +

variable) 2.45

Trading stock: Replacement value 2.47

Trading stock: Market selling price 2.47

Trading stock: Asset become trading stock 2.48Trading stock: Obsolete stock 2.48

Trading stock: Disposal 2.49Trading stock: Notional disposal- s.70.100 - the transferor is

not the sole owner but an entity 2.49

Trading stock: Cease to hold as trading stock (still own) 2.49

Trading stock: lost or destroyed 2.49

Death of owner 2.51

Trading stock: SBEs 2.51


4/38

Note

Income tax payable = taxable income x rate - tax offset

Taxable income = assessable income - deduction

s 6.1 = ordinary income + statutory income

s 6.5: Aust res.: all source; foreign res: Australia source

s 10.5, Dev.15 list of statutory income; prevail ordinary income in term of provision precedence

s 6.20, Div. 11 ITAA97 list of classes of exempt income

s 6.23 ex: repayable amount; trading stock sold outside ordinary course; GST collected

must be realised; monetary form or convertible; has income charactes; regular; except windfallgains; compensation for loss of income; not of capital nature, not mutual receipts, can include

receipts from illegal activities

Flow concepts (Ex: rent flows from ownership of property)

Wage/salary: where-perform; business income: contract place, where- perform; where-payment;Interest: where- payment obligation arise; dividends: where- profit earn; royalties: where it arose

s. 6.5: reside in Aust; Domicile test; 183 day test (no need to be consecutive)

incorporate in Aust; central mngmt/control in Aust; voting power controlled by Aust residenceLarge professional practices & business: accrual/earning is almostmandatory; Non business

activity providing skill or knowledge (wage/salary)- cash

Income earned when good were sold & delivered

Derive when it is paid & received: cash basis

Not regarded as being derived until its received

Income derive when service/good are supplied

Basic approach' or 'estimate orifuts method'

s. 6.5 (4) income derived as soos as it is applied or dealth with in any way on taxpayer's behalf oras taxpayer's direct

Degree of system & org. used; activities scale; repetitive; profit factor; time spend; type of activity

have to have sign of commercial production /activity being undertaken

s.6-5 of ITAA 97; Scottish Australian Mining v. FC of T (1950); FC of T v. Merv Brown; FC of T v.Whitfords Beach PL

FC of T v. Myer Emporium: isolate transaction can be included in ass.income if theintention/purpose is to make profit/gain/ in the courseof carrying on a business>< Westfield Ltd v.FC of T; Selleck v. FC of T and other cases

Not include in ass. income if of capital nature. But if it realised in the ordinary course of business,

it's included. (bank, insurance co...s 21.A Not assessible if claimable as a deduction/


5/38

Note

Form: loss of profits, trading stock; contract; agency; restrictive convenants. Have to look at casecircumtances

s 15-30 & 70-115Contract is of ordinary business or of a capital nature?? If the loss severely disrupts

structure/capital, then compensation may be of a capital nature

The importanc of the agency. Same as loss of contract

Higg v. Olivier- Pmt received for entering into a restrictive covenant are on capital account

If compensation can't be dissect into income & capital components, the whole amount is treated ascapital. Mclaurin v. FC of T (1961)

included as income whole/partly

s 6-5 s15-20 (cover what is outsine s 6-5)- royalty chart

960C, 960D: rate as when on hold/ deducted or time of receipts

event & examples

compensation in respect of employment & services (not being a fringe benefit); to encourage

work; loss of trading stock/profit/income; bonus

Div 70 ITAA97

s 70.10; good can be included as trading stock even taxpayer does not have legal title

s 70.15 Deduction only available when it is on hand; purchased undelivered maybe on hand

s 70-35 End -Start: excess, assessable >< otherwise, deductable. S 70.45 EOY Valuation at a)

costs, b) market value, c) replacement value. Can adopt different basis for different stockCost that including all charges in getting to existing condition and being on hand. Accepted method:

FIFO, average cost, retail inventory & standard cost

Using comparable items

Value from sale in ordinary business course (not include selling & delivery expenses)

s 70.30 Original cost or market values 70.50 Can write down stock to lower reasonable value

Sale price; market value on disposal day if out of ordinary business coursemarket value or elective to choose tax value if date of disposal is identical to tax year end date

(change ownership form)

treat as sold and bought back at arm length value

ass. inc includes amount received as compensation but not assessable as ordinary

ass. Inc includes market value of trading stock or avoid by elect to continue the business

SBEs concessions Div 328 ITAA97; SBEs eligibility (


6/38

Topics age No

Profit making plan 3.05Capital Gain Tax Decision chart 3.08

CGT Step 1: Involved CGT event 3.09

CGT Step 1: A1 Disposal of a CGT asset 3.10CGT Step 1: B1 Use & Enjoyment of a CGT assetbefor title pass 3.11

CGT Step 1: C1 Loss or destruction of a CGT Asset 3.12CGT Step 1: C2 Cancellation and surrender of a CGTasset 3.12

CGT Step 1: C3 End of an option to acquire shares 3.13CGT Step 1: D1 Creation of contractual or othersrights in another entity 3.14CGT Step 1: D2 Granting an option to an entity 3.15CGT Step 1: D3 Granting a right to income frommining 3.15CGT Step 1: D4 Conservation covenants 3.15CGT Step 1: E1-E9 Events relating to trusts 3.16CGT Step 1: F1-F5 Events relating to leases 3.20

CGT Step 1: G1 and G3 Events relating to shares 3.22CGT Step 1: H1-H2 Special capital receipts 3.24

CGT Step 1: I1-I2 Australian residency ends 3.24CGT Step 1: J1,2,4,5,6 Events relating to rollovers 3.29

CGT Step 1: K2-K12 Other CGT events 3.30CGT Step 1: L1-L8 Events relating to consolidatedgroups 3.34

CGT Step 2: CGT asset or capital receipts 3.35

CAP


7/38

Topics age No

CGT Step 2: CGT Asset & Classification 3.35

CGT Step 2: Collectables 3.35CGT Step 2: Personal use asset 3.36CGT Step 2: Other assets 3.36

CGT Step 2: Separate CGT assets 3.37CGT Step 3: Exemption- PreCGT acquired assets 3.37

CGT Step 3: Exemption- Specific exemption 3.39CGT Step 4: Rollover apply? 3.40

CGT Step 4: Rollover apply? 3.40CGT Step 4: Rollover apply? - Demerger relief 3.41

CGT Step 4: Rollover apply? - Same asset rollover 3.42

CGT Step 4: Rollover apply? - Small business rollover 3.42CGT Step 4: Rollover apply? - Effect 3.42

CGT Step 5: Calculation gain/loss 3.43

CGT Step 5: Calculation: Captital proceed 3.44

CGT Step 5: Calculation: Cost base 3.45CGT Step 5: Calculation: Cost base 3.47

CGT Step 5: Calculation: Cost base- Index 3.47

CGT Step 5: Calculation: Reduced cost base 3.49CGT Step 5: Calculation: Capital losses 3.50


8/38

Topics age No

CGT Step 6: Assesable capital gain- Individual 3.52CGT Step 6: Assesable capital gain- Compyingsuperannuation fund 3.53CGT Step 6: Assesable capital gain- Trust 3.53CGT Step 6: Assesable capital gain- Company 3.54CGT 12 month rule 3.55

Adminitration: record 3.56Adminitration: asset register 3.56Special circumtances: Partnership 3.57

Special circumtances: Deceased estates 3.58

Relief from CGT: Main residence 3.60

Relief from CGT: Different main residence 3.62Relief from CGT: Partial exemption 3.63

Relief from CGT: Mariage breakdown 3.63Relief from CGT: Deceased estates 3.64

Relief from CGT: SBEs relief 2011/2012 3.65

Relief from CGT: SBEs- Active asset test 3.66

Relief from CGT: SBEs- CGT concession stakeholder& significant individual 3.67

Relief from CGT: SBEs 15 year exemption 3.68

Relief from CGT: SBEs 50% reduction 3.68Relief from CGT: SBEs retirement exemption 3.69

Relief from CGT: SBEs Rollover 3.69


9/38

Note

s 25A ITAA36 s 15-15 ITAA97- Ass.income includes profit from carrying on/outof profit making plan but not apply if it is ordinary income or from assetacquired after 19-9-85 (CGT applied in this case)Part IIIA ITAA 96; Part III ITAA97

Div104; Step to determine appropriate CGT event (CGT event then D1, H2)Timing: Date of contract or change of ownership. Exception for compulsoryacquisition; Earliest of pmt, ownership, took possession or entering

Timing: When first obtain the use and enjoyment of the asset

Timing: Compensation receives or when discoveredTiming: Contract date or when the asset ends (intangible: option, share,lease

Timing: When option end(not being

exercised/cancelled/released/abandonded)

D1 does not apply where other CGT event, other than H2, occurDoes not apply over option over shares, units, debentures, or collectable

Timing: (both 4): contract date or when right is create

Timing: when trust is created (E1) or asset is transferred (E2)Timing: when lease contract is entered or start of the lease (F1)G1 Capital payment for shares; G2 Liquidator/administrator declare worthlesssharesH1 Forfeiture of deposit; H2 Receipts for event relating to CGT assetTaxable Aust property test; CGT on non taxable Aust Property- can disregardcapital gain/loss when choose to or temporary resident

K2 Pmt of debt by bankrupt; K3 Asset passing to a tax advantaged entity afterdeath; K4 CGT asset becomes trading stock; K5 Collectable losses

ITAL GAIN TAX


10/38

Note

s 108.5: property & legal/equitable rights; collectables, personal use & others$500 Threshold; collectable capital loss can only be offset against collectablecapital gainsubdiv. 108 C- $10000 ThresholdOrdinary CGT rulesubdiv 108 D Separate post-CGT additional asset from pre CGT principal

asset20-Sep-85Car ( index method(frozen Sep1999) or CGT disccount method (does not apply to D1 where is relating tointangible assetsDo not include GST; Rules: market value; apportionment; non receipt; repaid

rule: assumption of liability; misappropriation

s 110.25 Cost =(1) cost paid + (2 )incidental cost (transfer, stamp duty,marketing, valuation, search, . S.110.35) + (3) Cost of owning (After 20.9.91-

interest, rate, maintaining cost)+ (4) capital expenditure for increasing value(not apply to goodwill) + (5) Capital expenditure relating to title/right of assetMarket value substitution ruleBefore 11:45 am 21.9.99 and at least 12 month old; index all except (3)elements. 110.55. Use 4 cal. capital loss: Include all element except (3) if acquired

after 20.8.91; Never indexed;


11/38

Note

At least 12 month ownership: index method (if acquired pre 11:45 21.9.99) ordiscount method: 50%; less than 12 month no discount no index

Discount at 33 1/3 %Similar to individual but gross up process applyNo CGT discount

Record of Acquired date/CGT date; costs Kept for 5 years after CGT events

Can transfer record to a certified asset registerRef. to partneship agreement or partnership lawBeneficiary deem to acquire asset on the date of death at market value (pre-CGT) or at the deceased cost base or reduced cost base (post CGT)Subdiv 118 B: gain/loss made fr dwelling CGT asset is disregard if a)individual; b) main residence throughout ownership; c) no relation to trust ordeceased estates. Absence fr main residence: can treat as main residence if

less than 6 year threshold

Formular & exampleExemption apply pro rata for main residence period out of the whole period ofcombined ownerhips 118-195

Div 152 A- Basic conditions: gain fr CGT events; SBE; must be active asset;

if owned >15yrs: must active at least 7.5yrs; if 0

Satisfied 152.A; owned asset for 15 yrs; if individual- must over 55 & retires

Satisfied 152.A- 50% reduction apply after 50% CGT discount (if applicable)Satisfied 152.A- > 55 year old - cant exceed a 500K lifetime limit

Apply when capital gain is to aquire a replacement/improvement of activeasset within 1 year before & 2 year after the occurring of latest CT event


12/38

Topics Page

General Deductions 4.04

G.D.: General principles 4.05

G.D.: 1st limb- losses or outgoing 4.09G.D.: 1st limb- inccured 4.10

G.D.: 1st limb- Cole Myer v. Fc of T 4.10

G.D.: 1st limb- TR94/26 4.12

G.D.: 1st limb- Nexus/link between outgoing andass.inc

4.13

G.D.: 2nd limb- business and carry on a business 4.14

G.D.: 2nd limb- necessarily 4.14

G.D.: 2nd limb- purpose 4.14

G.D.: Negative limbs- losses or outgoings of capitalor of capital nature

4.18

G.D.: Negative limbs- losses or outgoings of a privateor domestic nature

4.23

G.D.: Negative limbs- losses or outgoings in deriving

exempt or non assessable non exempt income 4.26

G.D.: Negative limbs- losses or outgoings denied a

deduction by another provision of the Act4.26

G.D.: Aportionment 4.27

G.D.: Interest 4.27

G.D.: Capital protected borrowigs 4.29

G.D.: Damages & Penalties 4.30

G.D.: Rent- Advance payment 4.30

G.D.: Exchange losses 4.31

GE


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Topics Page

G.D.: Specific exclusions from s 8.1 4.31

G.D.: Step to treat losses/outgoing for tax purpose 4.33

G.D.: Effect of GST on deductions 4.34

Specific statutory deductions: S.S.D 4.35

SSD: Repairs 4.35

SSD: Repairs vs Improvement 4.36

SSD: Repairs associated with purchase/sale of

property4.37

SSD: Repairs - Commisioner's ruling 4.38

SSD: Repairing assets used only partly for incomeproducing purposes

4.38

SSD: Bad debts 4.39

SSD: Tax affair expenses 4.42

SSD: Preparation of leases 4.42

SSD: Borrowing expenses 4.43

SSD: Borrowing expenses where loan has dualpurpose

4.44

SSD: Expenses of discharging a mortgage 4.44

SSD: Travel between workplaces 4.45

SSD: Terminate a lease 4.46

SSD: Super contributions 4.47

SSD: Pmt to asscociations 4.48

SSD: Gift or contributions 4.48

SSD: Fundraising events 4.49

SSD: Gifts of trading stock 4.49

SSD: Tax loss of previous year 4.50

SSD: Deduction of earlier year tax losses 4.51

SSD: Tax loss prior to bankruptcy 4.52

SSD: Deduction for current year tax losses 4.52


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Topics Page

Limitations: Entertainment expenses 4.53

Limitations: In-house dining facilities & meals in adining facility

4.54

Limitations: In-house recreation facilities 4.54

Limitations: Taxpayer who are in the business ofentertainment

4.54

Limitations: Promotion & advertising expenses 4.55

Limitations: Overtime meals 4.55

Limitations: Seminar 4.55

Limitation: Charitable entertainment 4.55

Limitations: Ocupational clothing 4.56

Limitations: Pmt to related entities 4.56

Limitations: Prepaid expenditure 4.57

Limitations: Losses from non-commercial business

activities4.60

Limitations: Losses from non-commercial businessactivities- Condition 1

4.61

Limitations: Losses from non-commercial businessactivities- Condition 2

4.61

Limitations: Losses from non-commercial business

activities- Condition 3 4.61Limitations: Losses from non-commercial business

activities- Condition 44.61

Substantial of expenses: Work expenses 4.63

Substantiation: Written evidence fr supplier 4.63

Substantiation: Evidence recorde by the taxpayer 4.64

Substantiation: Evidence of payment summary 4.64

Substantiation: Time limit for obtaining written

evidence

4.64

Substantiation: Meal allowance expenses 4.64

T i P


15/38

Topics Page

Substantiation: Travel allowance expenses 4.65

Substantiation: Written evidence is not required 4.65

Substantiation: Car expenses 4.66

Substantiation: Car expenses- Cents per km 4.66

Substantiation: Car expenses- Log book method 4.67

Substantiation: Car expenses- 12% of original valuemethod

4.67

Substantiation: Car expenses- 1/3 actual expensesmethod

4.68

Substantiation: Car expenses- Exceptions 4.68

Substantiation: Business travel expenses 4.68

Substantiation: Retention & production of document 4.69

Substantiation: Loss of record 4.69

Substantiation: Penalty for breach of substantiationprovision

4.70

Thin capitalisation 4.70

Thin capitalisation: Exemption 4.71

Thin capitalisation: Entity category 4.72

Thin capitalisation tests 4.73


16/38

Note

s. 8.1- Framework - 2 positive & 4 negative limbs

Always related to ass. inc.; must producing ass.inc. for entity that inccured expenditure (exception: group co.); necessarily inccured (can include involuntarily expenditure- Ex: robbery); No need to be incurred in tax

year (can be before or after); Deductible even when income producing activity cease; Court only considerhow much has been spent but may check on the unreasonable amount

s. 8.1 (1) (a) Commisioner only entitled to fact that it has been spentMust be inccured: actual disbursement (doubtful debts, holiday pay, long service leave are not deductibleuntil pay out).Discount BoEx. & promissory note: loss arising should be apportioned on an accounting straight line basis

over the life of the bill or note. Incurred at issued time not at maturity datewhere loss has not been realised, a presently existing pecuniary liability is necessary prerequisite to anexpense being "incurred''Must always be a nexus between them. If no evidence, expenditure must relevant to the particulartrade/fields. 8.1 (1) (b) expense incurred be4 commencement of business or disposing, closing down business is notdeductible 8.1 (1) (b)

must be dictated by the business

for the purpose of gaining/producing ass.inc. The court will look at the subjective factor of voluntary &excessive/ commercial unexplanation/ disputable outgoingOnce & for all test- capital; Enduring benefit test- capital; Business entity test- purpose of expenditure- if forpreserving, defending capital assets ->capital; if for the continual competitive business operation-> revenuenature

Non deductable: nursery fee, travelling fr home to work (Payne v. FC of T), Uni fee to obtain degree; homeoffice for convenience; Deductable: Travelling in the course of business; higher certificate fee; seft educationexpenses; premium of disability insurance; protective clothes

s 11.55 lists the non assessable non exempt income

Ex: club fee, employee's car parking, leisure facilities & entertainment

If borrowed fund are used for income producing -> interest is deductable. Steele v. FC of T: interest paid onfund using to purchase capital asset was deductable.Not deductable interest but as capital cost to be included in cost base. If entered in be4 or at 7:30pm13.5.08, amount contribute to cost is cal under Div 247; If after and interest exceeds RBA variable home

loan rate +100 basis point, the excess is not deductile

Deduction is prohibited for law imposed penalties/finesRent is deductible when paid but advance rent is prima facie deductible

Div 775- forex ex gain/loss incurred in earning ass.inc are on rev acc. & deductible except when time

between acquisition & disposal of CGT asset & pmt due date is less than 12 months;

NERAL & SPECIFIC DEDUCTIONS

Note


17/38

Note

Div. 26

No deduction for GST if the tax payer is entitled to input tax credit

s 25.10- if repairs was of revenue nature-> (pro rate) deductible

Improvement: addition, alteration; replacement whole or part-> enhance the efficient functioning of theproperty. Repair: Restoration without changing its characteristic

Initial repairs- capital outlay that form part of the cost of the asset (both before/after sale purchase) -> notdeductible

Deduction may be allowed for repairs to a property which has ceased to be used for income producingpurpose

Deductible to a reasonable extent

Must be an existing debt; must be bad (not doubtful); have been written off during tax year; must have been

included in taxpayer's ass.inc.

Not extend to pmt of income tax; obtain finance to pay income tax; "recognized tax adviser"

Deductible if used for the purpose of producing ass.inc.; deductible in the year if 75yrs old). Employees are not entitled to deduction. Personal contributions for self employed will bedeductible if 50 yrs old

Deduct to maximum $42 under s.25.55, balance may be deductible under s8.1

Minimum $2, if gift consist of property, property must be purchased withing 12months preceding the makingof the gift: recipient is in Aust. If gift is>5,000, deduction spread over 5 years

Deductable if value of contribution exceeds $150 & benefit received is < than the lesser of $150 &20% of thecontribution value.

Market value on the date the gift is made

Tax loss = Assessable income - Allowable deduction - net exempt income

Denied as a deduction and cannot be carried forward

Note


18/38

NoteGenerally not deductible unless incurred in providing a fringe benefit; extend to the use of property for

entertainment (repair is non deductible)Deductible. In house dining facility must be located on premises and not open for public. For non employee

meals: either no claim deduction of claim up to 30/meal and add $30 as ass.inc.

Deductible if facility is at premises & for employees use only. Excluding accommodatio, dinning & drinking

Deductible as in course of business

Deductible

Deductible

Deductible if run for 4 continuouse hrs, not a business meeting, not advertising/promoting, not

entertainment, must be conference, education course

Deductible if provide to public member who are sick, disable, poor, dis-advantaged..

Deductible where clothing is 'necessary & peculiar' to taxpayer's occupation or extra expenses in incurred inrelation to the clothing

s 26.35

SBEs & individual can immediately claim deduction for prepayment if the associated "eligible service period'

not exceeding 12 months and 12m period ends before the following EOFY, otherwise, proprtionally claimover the year, up to 10yrs. Does not apply if < $1000, pmt under a contract, or required to pay by cour order(same with other taxpayer)

Taxpayer can deduct a loss fr business activity if they meets one of 4 conditions

Adjusted taxable income is


19/38

NoteWritten evidence plus travel diary if >6 consecutive night. 2 exception: no written evidence if reasonable &

within Australia; if travel outside Aust, no written evidence for food drink, incidental expense if reasionable;require for accomodation thoughTotal of all work expenses (including laundry)


20/38


Depreciating asset: Definition s.40-30 5.05 Land & Trading stock are not D. A

Depreciating asset: Intangible asset 5.05

Depreciating asset: Who hold asset 5.06 Economic owner are legal one (mostly); jointly holder- pro-rate claim

Depreciating asset: When 5.07 Start time: First use or install for use

Depreciating asset: Flowchart 5.08 Flowchart & Formular

Depreciating asset: Calculation rule 5.09 300; low value/sofware dev. Pool; general rules Div. 40B & C

Depreciating asset: Non business < = 300 5.09 immediate deduction (set - no identical)

Depreciating asset: Low value pool


21/38


Requirements to lodge an income tax return 6.05Determining taxable income & tax payable 6.06 Flow chartTax rate: Resident Individual- Non minor 6.07 15 % >6K; 4650 +30% of >37K; 17550 +37% of >80K; 54550 +45% of >180K

Taxfree threshold 6.07 6KTax treatment of minors (prescribed person) 6.08 Div6AA of ITAA36

Minor: Prescribed person 6.08 < 18 yr old at EoTY & not an'excepted'person (minors working full time or suffer frincapacity/disability)

Minor: Excepted assessable income 6.09Employment/business income; Income fr Investment of money received as a result of legalclaims; income fr property, trust income...

Minor: Trust income 6.10

Minor: Tax calculation 6.10Eligible tax inc (ETI) = ass.inc-related deductions-other appropriate deductions - a share ofany appropriate deduction. Tax rate: 0 1307 for the whole

amountAss. Income: Calculation 6.12 Calculation example

Termination payment: includes Life benefit terminationpayment & death benefit termination payment

6.13

After 1/7/07. Employment termination pmt does not included super fund benefit, pension,

unused annual leave & long service pmt, tax-free part of genuine redundancy, capital pmt in

respect of personal injury...

Life benefit termination payments: Tax free component 6.15invalidity pmt (ill-health, last retirement day, 2 qualified certifiers) and pre-July 1983 segments.

S. 82-150 - Formular.Life benefit termination payments: Taxable component 6.16 Amount remain but entitled to tax offset & cap (see page.5 workshop slide)

Transitional termination payments 6.17Life benefit termination pmt received after 1/7/07 & before 1/7/12 under legal entitlement

existed prior to 10/5/06- can be rolled in super fund. Tax table (p6.18)Death benefit termination payment: both tax free & taxablecomponent

6.18Similar to LBTP but received by other person (dependant or non dependant or trustee) afterthe death. Tax table (p6.19)

Genuine redundancy payments and early retirement

scheme payments6.19

Include tax free amount & exceed amount treated as ETP, receive same treatment. Formular

(p6.20)

Unused leave payments 6.20

Taxed at marginal rates except 30% if pre 18-9-93 & genuine redundancy pmt/ early

retirement scheme pmtUnused long service leave payment 6.21 Accrued since 15-8-78. Taxtable (p6.22)Superannuation benefits 6.24 Div301 & 307

Superannuation member benefit: Component 6.25Proportioning rule: Tax free (non assessable non exempt income) & taxable component

(element taxed & untaxed) in the fund. Tax table (p6.26)Annuities and pensions 6.27Annuities &pensions: Recovery of capital exclusion 6.27 Formular A(B-C)/D. Explanation & example

Dividends income: tax treatment- resident 6.29Franked: include franking credit in ass.inc & claim tax offset; unfranked- no tax offset; Partlyfranked; non resident company dividend: gross up for foreign tax & claim tax offset

Dividends income: tax treatment-non resident 6.30 No tax pay on Aust sourced dividends because of not entitled to franking credit & if unfranked,subject to withholding tax 30% or 15% if having tax treaty

Foreign source salary and wages income 6.30Exemption only now available if work as a government aid worker/disciplined force or

recognized NGO/charity

INDIVIDUALS



22/38


Deductions 6.31 Allowable deductions

Deduction: Employee or contractor 6.31Employer- Employee relationship exist where there is a master servant relationship betweenpayor & payee. 2 tests: control & integration

Family tax offset: Dependant rebates 6.34 Class of dependants & threshold/maximum rebate: P6.36Family tax offset: Cal. dependant rebates 6.36 1/4 of the amount exceed $282. Maximum rebates- p6.35

Family tax offset: dependant adjusted taxable income.Apportionment apply

6.37= taxable income + reportable super contribution + net loss fr f inancial & property investment+ Centrelink/Veterans Affairs benefit, pesion + exempted foreign income - child support paid

Family tax offset: Housekeeper rebates 6.38Entitlement to the spouse/child housekeeper rebate is denied partly or whole whentaxpayer/taxpayer's partner is eligible for Family tax benefit part of the year or whole year

Family tax offset: Medical Expense rebates 6.3820% of net amount exceeded $2060. Do not include cosmestic, IVF, travel to obtaintreatment, insurance expenditures

Family tax offset: Zone rebates 6.40Family tax offset: First child tax offset & maternityallowance

6.40First child tax offset was replaced by marternity allowance fr 1/7/2004. It's a family assistancepmt rather than tax offset (exempted)

Family tax offset: Paid Parental Leave 6.41 Family Assistance for 18 weeks @ 589.40/w before taxRebates that limit the effective tax rate for a class of

receipts6.42 Examples

Offset for super contribution for low income/non smoking

spouse6.42 18% of the lesser of spouse contribution or 3K reduced by $1 for every $1 exceed 10800.

Rebate for assessablel ife assurance bonuses 6.43 30%

Income arrears rebate 6.43Rebates that increase the tax threshold of recipients - Low

income rebates6.43

1500 for Low income: =67500Rebates that increase the tax threshold of recipients -

Senior Australians Tax Offset6.44 Table 6.7. & Example

Rebates that increase the tax threshold of recipients -

Pensioner Rebate6.45 Does not apply together with Senion Australian tax offset. Table 6.8 p6.46

Rebates that increase the tax threshold of recipients -Beneficiary rebate

6.46

Rebates to prevent double tax- Foreign income tax offset 6.47

Rebates to prevent double tax- Franking Credit Tax offset 6.47

Rebates to encourage gov. Policy- Private healthinsurance offset

6.48

Rebates to encourage gov. Policy- Mature age worker taxoffset

6.48 Tax offset cal from net income from working only. Tax table p6.49

Rebates to encourage gov. Policy- Child care tax rebate 6.49 rebate 50% out of pocket child care expenses up to max 7500

Rebates to encourage gov. Policy- Education expensestax offset

6.5050% refund for key edu. Expenses up to $818 for primary school childs (2 kids) or $1636secondary school (2kids). Excess Amount can be carried forward to next FY



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p g

Rebates to encourage gov. Policy- Entrepreneurs' tax

offset6.50

50K or less. Fr 50 to 75K, offset phase out. Maximum offset is 25% of tax liability. (reduce in

12/13) Example 6.26

Medicare Levy 6.531.5% on income > $19,404 (single) or $32743 (family income) increased by 3007 for each add

child or student. 10% apply fr. $19904 to $22828

Medicare Levy Surcharge 6.53Rate apply for high income with no private patient hospital insurance with income > $80k

(single) & 160K (family)Higher Education Assistance (HELP) 6.54 HELP rate p6.55

Tertiary student financial supplement scheme 6.55 Discount for voluntary payment during initial 5 yr periodFlood levy 6.56 0.5% on taxable income exceed 50K, $250 + 1% on taxable income exceed 100K

Family Tax Benefit Part A 6.57 children < 21 or student , 25 without Youth Allowance or ABSTUDY..

Family Tax Benefit Part B 6.57Single income families with dependent child < 16 or full time student


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Topics Page No.

Partnership: Definition 7.04

Partnership vs Joint Venture 7.05

Partnership: Who 7.06

Partnership: How they are formed 7.06Partnerships and part IVA 7.07

Taxation of partnetship 7.08

Payment of tax 7.08

Partnership income/loss computation 7.09

Partnership loss 7.11

Non commercial loss rules & partnership losses fr businessactivities

7.11

Partner's salary 7.12

Partner's interest 7.14

Partner's life insurance & superannuation 7.15

Work in progress 7.15

Stapleton v. FC of T 89 ATC 4818 and FC of T v. Grant & Ors91 ATC 4608

7.15

Real & effective control of partnership income 7.16

Assignement of a partner's interest in a partnership 7.17Alteration of profit/loss entitlements 7.18Dissolution or reconstitution of a partnership 7.18Dissolution or reconstitution of a partnership: Trading stock 7.19Dissolution or reconstitution of a partnership: Depreciation 7.20Dissolution or reconstitution of a partnership: CGT 7.20Dissolution or reconstitution of a partnership: GST 7.20Dissolution or reconstitution of a partnership 7.21

PARTNERSHIP


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Note

s 955.1 (1) ITAA97J.V do not derive income jointly, liable for the costs of operating individually & entitled to individual share ofproduct of J.V, free to elect tax treatment separatelyTrust is not a partner in any arrangement but trustee can on behalf of trust; partnership can not be partner inanother partnership; child could not be a partner

2 up to 20 max persion (except accounting partnership), no legal written agreement requiredPart IVA does not apply to typical husband & wife partnershipDoes not pay income tax but need to calculate profit/loss & furnish a return on income. Each partner istaxed on their share of net partnership incomeDoes notpay tax, partners are responsible for tax & PAYG remit

Tax losses of earlier year & superannuation under s 290-150 are not allowable deduction. Franking creditflow to residnet partners' ass.inc regardless of whether the partnership has profit or loss

Partnership's losses and exempt income flow to partners' who claim deduction against their other income

Div 35 Non commercial loss ( see module 4)

Partner can not enter to an employement contract with partnership. Wage/salary is only a mean to allocateprofit prior to general distribution.-> salary/wage is not deductibleNot deductible but if interest paid on moneys advanced to business is deductible if used for producingincomePartnerhip can not claim dedution but partner can claim in his/her own tax returnNot included in the net income unless creates a recoverable debt that partnership is entitled to pmt. S 25-95allows a deduction for work in progress amount paid on or after23/9/98payment for unbilled work in progress after partner's death made to retiring partner or trustee of deceaseestateDiv 6AA: minor & S 94: further tax on the uncontrolled partnetship income of person >18 age

Attempt to adjust the ratio of profit/loss towartd the end of tax year are ineffectualPartnership is required to lodge a partnership tax return for both the old & new partnershipMarket value or election in writing to treat at tax value (condition apply)Elect between Market value or rollover reliefPartner incur any capital gain/loss not the partnership

Examples

TRUST


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Trust: Not a separate legal entity 8.04Definition: 3 requisites: evidence of an intention to create a trust, certainty as to the objects/beneficiacertainty as to the subject matter of the trust

Trust: components 8.04Setlor (creator/donor or testator in case of dispositions upon death); Settled fund; trust property; trust(operates the trust as legal owner of the trust property); object/beneficiary; trust deed; vesting period;guardian; appointer

Trusts created by persons during their lifetime 8.06 Inter-vivos trust

Trusts created by persons during their lifetime: Fixed trusts 8.06 Trust deed tells the trustee precisely how to deal with the property & income; the beneficiaries have avested and indefeasible interest

Trusts created by persons during their lifetime: Discretionarytrusts

8.06 Trust deed fives the trustee a discretion of choice as to how the property /income shall be dealt with

Trusts created by persons during their lifetime: Unit trusts 8.07 Beneficiaries hold units in the trust

Trusts created by will or on the intestacy of any person 8.07Trust created on the death of a person for the beneficiaries named in the will. Trustee= executor if this a will; trustee = administrator if no valid will. The deceased = testatot/testatrix

Trusts created by the operation of rules of law 8.07Constructive trusts arise when it would be inequitable for the holder of property to be permitted to holthat property for their own benefit.

Five basic essentials in creating an inter-vivos trust 8.08

1) Evidence of an intention to create a trust; 2) nominal sum of money transferred to the trustee by thseltlor at the time of excution of the deed; 3) trustee should record in the minutes the acceptance of t

office of trustee; 4) trust deed should be submit to relevant state revenue authority; 5) Client transferproperty to the trust

Legal disability 8.10He/she can not give a valid discharge for payment made to him/her. Ex:


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Topics age No Note

Company: taxable entity 9.04 distinct entity seperate from share holders for tax purpose. Public officer Public or private companies 9.05Residency 9.06Cal. Taxable income 9.06

Step to determining taxable income 9.08 & example 9.10Gross up and franking credit tax offset 9.11 Example 9.2

Entitlement to tax offset fir franking credit 9.12Holding period rule (45days or 90days for preference shares); natural person who frankingcredit < 5K

Expenditure on Research & Development 9.13 Tax incentive for companies involve in R&D activitites (condition apply)

Restrictions on companies with losses or bad debts 9.14 To prevent trafficking- 2 tests: continuity of majority ownership test or the same business tes

Continuity of majority ownership test (COT test) 9.14Simplified COT 9.16 for wildly held company & broad range of subsidiary companiesSame business test 9.16 Same business = identical business 'Abondale Motor Ltd v FC of TConverting excess franking offsets into tax losses 9.18 Example 9.5Tax loss 9.18 Generally, company can choose amount of prior year tax loss. Restriction applyDevidend: Definition 9.20Share capital tainting 9.20 Div 197Deemed dividends: 9.21 Div 7A, s109B to 109ZE, Flowchart showing application of Div 7ADeemed dividends: pmt made by co to shareholder or associate 9.23Deemed dividends: Loan made by co to shareholder or associate 9.23Deemed dividends: Debts owed by the shareholder/ shareholder'sassociate to the company which the company forgives

9.24

Distributable surplus 9.26 Formular Reborrowing arrangement 9.28 s. 109R - anti avoidance

Exclusion from D.7A 9.28Loans that meet minimum interest rate and maximum return 9.29Amalgamated loans 9.29 Minimum repayment formular 9.31Anti-avoidance provisions for payments and loans through interposedentities

9.31 Back to back loan

Trusts and corporate beneficiaries 9.31 Anti avoidance- sub div EA of Div 7A

Concessions available under div. 7A 9.32Commisioner has discretion to disregard a deemed dividend if evidence of Div7A compliancattempt are satisfied, thus allow a deemed dividend to be franked

Streaming of bonus shares/distributions of preferentially taxed capital 9.33 s.45Bonus share issues 9.33 No immediate taxing event, condition appliedRedeemable preference shares 9.34

Excessive remuneration 9.34 The excess will not be deductible & deemed to be an unfrankable dividendShare buy back 9.35 s159GZZZKDistribution by liquidators 9.35Dividend assessable 9.38Debt and equity 9.39 Div947 ITAA97; Determine debt interest or equity interestTest determine debt interest 9.39 Subdiv947 B- Flowchart p9.40

COMPANY & DIVIDEND


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Test determine equity interest 9.42Subdiv947 C- Equity debt if gives rise to an interest : 1) as a shareholder; 2)carries a right treturn that is contigent on economic performance; 3) carries a right to a reurn that is at thediscretion of company; 4) converts to or provide a right to be issued with, an equity interest

Non-share equity interest 9.43 Equity interest that is not in legal form solely a share in the capital of the company

At-call loans by connected entity 9.43 At call loan: equity interest except if made before 30/6/05 or by company with franking credit ( imputed more tax than it has paid & will be lto pay franking deficit tax)

Excessive overfranking 9.61 more than 10% of all the franking credits arose during the year & 30% penalty of franking of

Relief from 30% tax offset reduction 9.61Imputation System Examples 9.62

Tax offset for direct distributions to entities other than parnership or trust 9.63

Individual resident shareholders 9.64Tax offset for indirect distributions through partnership and trust 9.65 Figure 9.3 P9.66Franked distribution flowing indirectly to a partner of a partnership 9.67 ExampleFranked distr ibution flowing indirectly to a benef iciary of a trust 9.68 ExampleGross up & offset rules 9.68

Residency requirements for tax offsets 9.69 Must be residnet to be eligible for tax offset. Non resident would be exempt from withholding


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Consolidation group 10.05 S.703-10 ITAA97Head company 10.05

Subsidiary member 10.06Corp unit trust or public trading trustc an be the head company if it elect to betreated as a company for in come tax purposes

Comparison to accounting consolidation rules 10.08 Adjustment need to be made because of the different definition of 'subsidiary'between financial report & income tax report

Single entity rule 10.09s.701-1 ITAA97: The intended operation is to apply the income tax laws to aconsolidated group as if it were a single entity

Entry history rule 10.11s.705-1 ITAA97: everything that happened to a subsidiary member before it

joined the group is taken to have happened to the head company for incometax purposes

Entry history rule: Exception & restriction 10.12Benefits and costs of consolidation 10.13

Tax cost-setting of a subsidiary's assets 10.14 Subdiv. 705A of ITAA97 Cost setting approach to be applied at 'joining time'

Calculating the allocable cost amount (ACA) of the joiningmember

10.15Tax cost of each asset of a joining subsidiary is based on a share of theallocable cost amount (ACA) comprising the cost base of the membershipinterest and its liabilities at the time immediately prior to consolidation

Calculating the allocable cost amount (ACA) of the joiningmember

10.16 Examples & Table 10.1 8 steps to calculating ACA of joining member

Allocating ACA over a joining member's assets 10.20

Retained cost base asset 10.20s.705-25(5) : value of retained cost base asset is generally its face valueexcept repayment (entitlement to unclaimed deductions) & value of right offuture income (terminating value/ nil)

Excluded Asset 10.20s.705-35(2) ITAA97: any asset of the subsidiary member which has reducedthe ACA

Reset cost base asset 10.20 s.705-35(1) ITAA97: any asset that not retained cost base or excluded asset

Allocating ACA over a joining member's assets 10.21 Examples

Allocating ACA over a joining member's assets: Adjustment 10.22 Examples

Transfer and utilisation of losses 10.23 Div 707 ITAA97

Determining losses to be transferred: COT & SBT 10.23Trial year (12 months) satisfy continuity of ownership (COT) and samebusiness test

Utilising transferred losses 10.25

Recoup losses incurred post consolidation first, when exhauted, transferred

losses will be available for potential recoupment. Restriction (availablefraction) apply

Consolidated group's tax compliance: Income tax liabilities 10.27Each subsidiary member is jointly and severally liable for the group's incometax liability if the head company fail to meet the tax obligation. Entering into avalid tax sharing agreement can limit its liability

Consolidated group's tax compliance: Other tax issues 10.28 PAYG installment; franking account; foreign income tax offset

CONSOLIDATIONS


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Exiting a consolidated group: Resetting costs of membershipinterests

11.29 Div 711 IATT97

Exiting a consolidated group: Exit history rule 11.29s.701-40 ITAA97: subsidiary will inherit the head company's history ofeverything that has happened to any asset/liability/business taken with itsexits

ACA exit calculation 11.30 Table 10.2Allocating the ACA to membership interests on exit 11.31 Example


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Topics age No Note

Transfer pricing legislative framework 11.05 Introduction

Division 13 ITAA36; s136AD 11.05Supply/Acquisition of good/services internationally must be for an arm's lengthconsideration

"Property" under s.136AA (1) 11.06"International agreement" 11.06 s. 136AC: involve cross border supply/acquisition between 2 distinct legal entities"Arm's length consideration" 11.06"Supply/Acquire" 11.07

Double taxation agreements (DTAs) 11.08 Article 9: dealing with associated enterprises & Article 25: mutual agreement procedureATO rulings 11.10Arm's length principle 11.11ATO approved four step process 11.11Sources of comparable data 11.13

Accepted arm's length methodologies: Comparableuncontrolled price (CUP) 11.14

Compares the price of a related party international dealing with the price charged on acomparable uncontrolled dealing between independent parties in comparablecircumtances

CUP method: advantage/disadvantage 11.15

Accepted arm's length methodologies: Resale price method(RPM) 11.16

Based on the price at which a product that has been purchased in a related partyinternational dealing is later resold to an independent party. Key requirement: Identifyingthe resale price margin

RPM: advantages/disadvantages 11.17

Accepted arm's length methodologies: Cost plus method(CPM) 11.17

Taxpayer 's costs plus mark upfor the gross profet that the taxpayer would have aerned

under a comparable dealing with an unrelated purchaser.Most useful with semi-finishedgoodsCPM: advantages/disadvantages 11.17

Accepted arm's length methodologies: Profit Split method(PSM) 11.18

Applied where a combined profit is split between associated enterprises involved in across border transation on an economically valid basis

PSM: advantages/disadvantages 11.18

Accepted arm's length methodologies: Transactional netmargin method (TNMM) 11.19

Compares the net margin of a taxpayer on a related party international dealing with thenet margin of an independent party dealing wholly independently inrelation to acomparable transaction

TNMM: Advantages/disadvantages 11.19

Interaction with thin capitalisation provisions 11.20

TR2010/7: Transfer pricing provision must be applied before the thin capitalisation

provisions kick in

TRANSFER PRICING


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Safe harbour concessions 12.20

TR1999/1: Provides safe harbour ocncession for the cross border supply/acquisition ofcertain services within a multinational group. Concession relates to non core services &concession relates to all services of which costs does not exceed Aust 500,000

Advance pricing arrangements 12.21Voluntarily enter into an advance pricing arrangement that specifies the arm's lengthmethodologies

Records and penalties 12.22 At least 5 years keeping record

FRINGE BENEFITS TAX


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FBT- Essential features 12.04Who pay FBT 12.05Definition of a benefit 13.05 s.136(1) FBTAA- 3 conditions & what does not include in FB; s148 (1) FBTAAInteraction of FBT with Income Tax 12.08 Salary sacrifice arrangements

Interaction of FBT with GST 12.08GST does not apply where a fringe benefit is provided to an employee. If employee contributes

toward the benefit to the employer-> subject to GSTInteraction of FBT with personal services income 12.08

Administration of FB 12.08 1 Apr to 31 Mar; self assessment; must furnish an annual return by 21 May EOFBT year

Value of a benefit 12.09 Taxable value of the benefit is reduced by the amount of employee's after tax contribution

Otherwise deductible rule 12.10Taxable value of the benefit is reduced where the benefit is used for employment relatedpurposes (if employee able to gain a deduction for the cost)

FBT and GST: the gross-up formula 12.11Gross up amount reflects the amount of the benefit plus value of the fringe benefits tax paid byemployer. Two gross up methods depend on whether GST paid on the benefit & i f input taxcredits is claimable. 2.0647 if GST claimable; 1.8692

Charities: FBT 12.12 Cap of 30,000 gross up value per employee

Hospitals: FBT 12.12 First $17000 of the grossed up taxable value is exempt from FBT (Not for profit hospitals)Nondeductible expenses 12.12FBT calculation 12.13 steps in determine FBT

Specific FB: Motor Vehicle 12.15Div 2 ss 7-13. Car is garaged at/near the employee's residence or car is not at the businesspremises. Excluding mortor cycles and taxis

Motor Vehicle: Statutory method 12.15 Base value x Statutory fraction x % private use days - employee's paymentChange too the statutory formular from 10/5/11 12.16 flat fraction 20% with tranitional arrangement fraction avalable 12.17

Motor Vehicle: Operating cost or log book method 12.18Operating costs x (100% - business use %) - employee's contribution. Must have log book 1styear & every 5 year; minimum 12 weeks

Specific FB: Car parking benefits 12.20 Div 10A ss39A-39E benefit & valuationSpecific FB: Debt waiver 12.22 Div 3 ss14 & 15

Specific FB: Low interest loans 12.22 Div 4 ss. 16-19 - standard variable rate of owner occupied housing loan of major bankSpecific FB: Pmt of employee's expenses 12.24 Div 5 ss.20-24Specific FB: Meals & entertainment 12.25 50:50 split method & 12 week register methodSpecific FB: Housing 12.26 Div 6 ss 25-28, 58ZC Accomodation provided in a remote area is exempt fr FBT

Living away from home allowance (LAFHA) 12.28Div 7 ss30-31, 63 - if allowance is in excess of the reasonable increase in costs, FBT ispayable

Specific FB: Board 12.29 Div 9 ss 35-37Specific FB: Goods & Services 12.30 Div 11 ss 40-44

Property fringe benefits- In house 12.30employer/ associate provide property benefit which was normally sold as part of the provider'sbusiness to its employees. $1000 reduction in the aggregate taxable value for each employee

Property fringe benefits- External 12.31Specific FB: Airline benefits 12.32 Div 8 ss32-34Specific FB: Residual benefits 12.32 Div 12 ss 45-52

FRINGE BENEFITS TAX

Exempt Benefits (Div 13 ss 53-58) & reduction in12 33


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p ( )taxable value of certain benefit (Div 14 ss59-65CC)

12.33

Rebate for exempt employers 12.36 s 65 provide not for profit bodies with a rebate of 48%Record keeping (s. 132) 13.37 5 years- small employer may not keep record of FB- condition applyReportable fringe benefits 13.37


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Input tax credit: Creditalbe acquisition 13.36Input tax credit: Creditable purpose 13.37 Acquired in carrying on an enterprise


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Input tax credit: Partly creditable qcquisitions 13.38Input tax credit: Creditable purpose 13.39

Special input tax credit rules: Company pre-establishment costs

13.40 Div 60 allows an input tax credit to the newly formed copany

Special input tax credit rules: Reimbursements 13.40s115-5 allows an input tax credit on the reimbursement if the entity making thereimbursement would have received a credit if they had acquired the good//services

directly

Special input tax credit rules: Second hand goods 13.40 Div 66

Special input tax credit rules: Real property scheme 13.41 s 75-20 denies an input tax credit

Special input tax credit rules: Acquisition from

government13.42

Div 177 allows an input tax credit for the notinal amount of the GST that would have

been chargedSpecial input tax credit rules: Restriction to input taxcredits on settleent of insurance claims

13.42 s 78-30 denies

Special input tax credit rules: Reduced input taxcredi for financial supplies

13.42

Special input tax credit rules: Other concessions forfinancial supplies 13.42

Tax period 13.43Accounting for the GST 13.44

Cash basis attribution rules 13.45Accrual basis attribution rules 13.45

Special attibution rules 13.46Simplif ied accounting for small food retailers 13.48

Annual apportionment of creditable purpose 13.48Net amount and adjustment 13.48

Changes in creditable purposes 13.49

Adjustment for bad debts 13.51Settlement of insurance claims 13.52

Goods applied solely for private use 13.52Newly registered entities 13.53

Provision of additional consideration 13.53Third party payment 13.53

Tax invoice 13.53GST grouping provision 13.54 09% owned group

Branches 13.55Amalgamations 13.55The general anti-avoidance provision: 13.56 Div 165

Scheme 13.56Benefit 13.56 Must receive benefit from the scheme- But for test

Dominant purpooses 13.57Special GST issues: Insurance 13.58


Special GST issues: Exemptions 13.58Special GST issues: Adjustment 13.58

Fi i l i 13 58


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Financial services 13.58

Incapacitated entities and morgagees in possession 13.59

tax advance index

Documents