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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