MLC301 Lecture Notes - Lecture 1: Ordinary Income, Income Tax Assessment Act 1936, Personal Representative
Document Summary
Goods and services tax (gst), etc: income tax is the largest contributor of australian taxation revenue. Hence why it is the major focus of the subject. This is because the market would not be able to satisfactorily provide these. The government transfers funds from those who benefit in the market to those less fortunate. That is encouraging and discouraging certain types of behaviour (eg. Tax deduction fo(cid:396) those (cid:449)ho do(cid:374)ate to (cid:272)ha(cid:396)ities, ta(cid:454) offsets fo(cid:396) &d, (cid:862)si(cid:374) ta(cid:454)es(cid:863) o(cid:374) to(cid:271)a(cid:272)(cid:272)o a(cid:374)d al(cid:272)ohol(cid:895). Sources of tax law: there was once a time when australia had a reasonable simple tax system. However, the new act has only partially replaced the old act as the new act is still not fully written: always refer to sections when answering legal questions, cases are also a good secondary reference where relevant. These precedents are important for when deciding future outcomes, with the federal and supreme courts taking precedence over decisions in lower courts.
