CLAW3201 Study Guide - Brewery, Legal Personality, Bass Strait

• School: University of Sydney
• Department: Business Law
• Course: CLAW3201
• Professor: All

Document Summary

Nexus: logical: is outgoing related to that income generating activity, temporal: before, during and after. A deduction must be incurred: legal obligation to pay positively committed. Apportionment; in both positive and negative limbs. Approach to answer questions: who is the tax payer what is the business. Is it a loss or outgoing what is the outgoing: was it incurred in producing assessable income. No limits on deductions cecil bros and fct v phillips. No necessity for matching herald & weekly times. Expenditure must be incurred in gaining/ producing assessable income. Losses and outgoings of capital or of a capital nature. Losses and outgoings of a private or domestic nature. W neville & co: pays a ceo to retire in a joint manager situation on the board. Don"t need to show expense earnt money. Charles moore & co: retailer gets robbed banking funds.