ACC30005 Lecture Notes - Lecture 1: Ordinary Income, Stamp Duty
Document Summary
Topic 1: ordinary income and statutory income periodic income, income from personal exertion plus exempt income. A receipt may be statutory income" if: (1) it is not ordinary income" and (2) it is included as assessable income by a specific provision of itaa97. Reimbursement of a car expense itaa97 s15-70. Section 15-2 deems certain gains from employment or services to be statutory income. It doesn"t mater if it"s cash or a non cash convertible payment s15-2 (2) However it specifically doesn"t apply to gains from employment or services that are ordinary income and or a fringe benefit s15-2(3) Could apply to non cash convertible items given as a reward for volunteer work. Or a free non cash convertible holiday given by a client to an employee of an accounting firm. Ordinary income is exempt to the extent that it is expressly made exempt. Exempt items listed at itaa97 s. 11-5, s. 11-10 and s. 11-15.
