MLC301 Study Guide - Final Guide: Tax Rate, Life Insurance, Sherden

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1 Aug 2018
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The elements: constitution s52 provides the cth power to impose taxes, however if something is a tax s55 must be satisfied. Tax laws cannot be combined with other laws. Itaa36 & itaa97 cth acts dealing with income tax provide for incident assessment and collection of the tax plus incidental matters: medicare levy aus residents pay 2% of taxable income. Military people don"t pay, if overseas for 6 months don"t pay: there are no death duty/gift/inhertiance taxes in aus but cgt may apply. Case outlined other positive indicia of a tax that must be satisfied for an imposition of tax. Positive elements: a compulsory exaction (you have no choice), of money, by a public authority, enforceable at law, must be contestable (i. e. must have ability to challenge the liability in for public purposes; Itaa97 section 4-1 who must pay income tax - income tax is payable by each individual and company, and by some other entities.

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