BLAW30002 Lecture Notes - Lecture 7: European Cooperation In Science And Technology, Capital Expenditure, Conveyancing

• School: University of Melbourne
• Department: Business Law
• Course: BLAW30002
• Professor: All

Document Summary

Statutory income under s 15-20 (only if it is not assessable under s 6-5). So it takes away the issue (cid:198) even if it"s not out of profits, it"s deemed to be out of p(cid:396)ofits. The(cid:396)efo(cid:396)e (cid:396)e(cid:395)ui(cid:396)e(cid:373)e(cid:374)t (cid:1007) does(cid:374)(cid:859)t (cid:396)eall(cid:455) (cid:373)atte(cid:396) a(cid:374)(cid:455)(cid:373)o(cid:396)e. (cid:120) nb: taxation of franking credits (cid:198) later lecture. (cid:858)tax accounting(cid:859) Timing (cid:120) when derived: s 6-5 (oi); 6-10 (si) (cid:120) cash taxpayers derived when received. If you are running a small business with turnover of less than mil you can chose to be a cash taxpayer. 102-5(1) itaa97: nb: cgt is a residual taxing provision: s 118-20. It is only included as ai under s 102-(cid:1009) if it(cid:859)s (cid:374)ot othe(cid:396)(cid:449)ise assessa(cid:271)le u(cid:374)de(cid:396) a(cid:374)othe(cid:396) provision. E. g. if it can be included under another statutory provision, include it there. Fi t check if any othe tatuto y p ovi ion apply o if it(cid:859) oi! Calculate the capital gain or loss from the transaction.