CLAW3201 Lecture 13: Week 13 Revision and Review

• School: University of Sydney
• Department: Business Law
• Course: CLAW3201
• Professor: Tania Koit

Document Summary

Individuals: s 6(1)(a) itaa 1936 definition of resides" includes four tests: resides (ordinary concepts) test, domicile test, 183-day test, commonwealth super fund test, corporates: s 6(1)(b) itaa 1936 definition of resides" includes two tests: Penalties, leave payments, payments to related entities, bribes, recreational clubs, entertainment, self-education expenses. Provisions may deny deduction outright or deny portion of deduction. Trading stock: sales = oi under s 6-5 itaa 1997, purchases = general deduction under s 8-1 itaa 1997, year-end adjustment: compare oi and ci. Eligibility: small business entity; maximum net asset value test. Basic conditions; additional conditions for shares / units. 15-year exemption; 50% reduction, retirement exemption; cgt asset rollover. Tax accounting: about timing; cash v accruals; income derivation; deductions incurred". Tax avoidance: domestic: specific rules, e. g. personal services income rules, non-commercial loss rules; gaap. Part iva scheme, tax benefit, dominant purpose of obtaining tax benefit.