BLAW30002 Lecture Notes - Lecture 3: Constructive Receipt, Dividend Imputation, 18 Months
31 Jul 2018
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She has deductions of ,000 and franking credits of . Tax payable = (taxable income * tax rate) - tax offsets (s 4-10) Taxable income = assessable income deductions = 20k - 10k = ,000. Tax rate: sh - ,200 = 0% tax rate. What if lily has assessable income of ,000 and deductions of ,000 and franking credits of. Taxable income = ai d = ,000 - ,000 = ,000. Tax rate: ,201 - ,000 = 19c for every dollar over ,200. Tax payable = ,000 - ,200 = ,800*19%=. This is reduced to 0 by lito. Assessable income (s 6-1) = ordinary income (s 6-5) and statutory income (s 6-10) but not non- assessable income (s 6-15) According to s 6-5(1), ordi(cid:374)ar(cid:455) i(cid:374)(cid:272)o(cid:373)e is (cid:862)income according to ordinary concepts(cid:863). A(cid:374)(cid:455) gai(cid:374) that is regarded by the court as (cid:271)ei(cid:374)g of a(cid:374) i(cid:374)(cid:272)o(cid:373)e (cid:272)hara(cid:272)ter (cid:449)ill (cid:271)e (cid:862)ordi(cid:374)ar(cid:455) i(cid:374)(cid:272)o(cid:373)e(cid:863) a(cid:374)d assessa(cid:271)le under s 6-5.
