CLAW3201 Lecture Notes - Lecture 3: Ordinary Income, Personal Services, Withholding Tax
27 Oct 2018
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Week 3: concepts of income part 1 income. Defining income s 6-5(1), s 6-10(2) itaa 1997 assessable income = ordinary income + statutory income. s 6-15(2), (3) itaa 1997 excludes exempt income (ei) and non-assessable non-exempt income (nanei). Exempt income s 6-20 itaa 1997 an amount of *ordinary income or *statutory income is exempt income if it is made exempt from income tax by a provision of this act. Subdivision 11-a itaa 1997 list of exempt income, such as charitable institutions, specific education and training income. Also see divisions 50-54. s 36-10 itaa 1997 not truly exempt" affects tax losses. Company a has 100 120 = tax loss that is completely offset against e. i. Tax loss cannot be carried forward into next period. Company b also has tax loss but since net e. i. = sh, tax loss can be carried forward into next period.
