BLAW30002 Lecture Notes - Lecture 10: British Association For Immediate Care, Qantas, Goods And Services Tax (Canada)

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

Document Summary

Dividends are assessable s44 s207-20(1) franking credit is assessable income s207-20(2) franking credit is tax offset s202-60(2) fully franked dividend * (30/70) = franking credits. e. g. received, fully franked. Because the dividend is fully franked, we need to gross it up, so + franking credits of gives us of ai from dividends. S 207-20(1) tells us to include franking credits as ai. 700 * (30/70) * ( x - the extent to what is franked) 1 july 2000 (cid:120) a new tax system (goods & services tax) act 1999. It is a (cid:396)eg(cid:396)essi(cid:448)e ta(cid:454) (cid:894)does(cid:374)(cid:859)t (cid:272)ha(cid:374)ge (cid:449)ith i(cid:374)(cid:272)o(cid:373)e le(cid:448)el, (cid:1005)(cid:1004)% fo(cid:396) e(cid:448)e(cid:396)(cid:455)o(cid:374)e(cid:895: burden is borne by consumers and the gst is collected by suppliers and sent to the tax office. Taxable supply (cid:120) taxable suppliers are central to the operation of gst as they create the obligation to pay (and therefore charge) gst.