Taxable Income Issue: Consideration of earnings as ordinary or statutory income as part of taxable income Law and reasons: Section 6.5 of the Income Tax Assessment Act 1997 lays out the provision where part of the assessable income that is derived on the basis of ordinary concepts would be considered as ordinary income. The Australian taxation system typically considers three elements to determine income derived from ordinary concepts. It i…
Group Assignment – Case Study Table of Contents Taxation Issue 1- Whether the PSI rules are applicable Determination of PSI or PSB by applying the PSI tests Issue 2 : Whether income should be reported using cash basis or accrual basis of accounting Determination of the suitable method Issue 3 – Deductibility of Business expenses Determination of the above issue Issue…
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