BLAW30002 Lecture Notes - Lecture 8: Alvis Plc, Borough Of Burnley, Ordinary Income
15 Nov 2018
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S15-20 gives precedence to ordinary income: if the royalty is assessable as ordinary income, then it"s not caught by s15-20. *question of fact: to figure out whether you are a cash or accrual tp. *if you have income from services and income from property = cash tp. *if you have income from business = accrual tp (unless it"s a small business) 3 steps approach to cgt: has the taxpayer made a capital gain or capital loss, calculate the gain or loss from the transaction, calculate the net capital gain or loss for the year. Cgt events division 104: capital gain or loss arises only if a cgt event happens: section 100-20(1) Summary: s 104-5: sections, how a cgt event arises, timing of the cgt event, capital gain/loss on the cgt event, exceptions, examples, a1 disposal of a cgt asset: s 104-10, most common.
