Australian Income Tax Guidance Notes

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Table of Contents
Australian Income Tax Guidance Notes4
Topic 1 Introduction to income tax5
Topic 2 Assessable Income5
Topic 3 Exempt Income5
Topic 4 Capital Gains5
Topic 5 Annuities and Foreign Pensions5
Topic 6 Termination payments5
Topic 7 Small Business Entities5
Topic 8 Trading stock5
08.1 Valuation of trading stock (S9-180)5
08.1.1 Methods used to work out the cost of trading stock (S9-200)5
08.1.1.1 Trading stock on hand taken into account5
08.1.1.2 Disposal not in the ordinary course of business (S9-290)6
Topic 9 General Deductions6
09.1 Deductions for business-related expenditure6
09.1.1 Main points at this topic6
09.1.2 Five years Write-off for BLACKHOLE Expenditure (S16-156)7
09.2 Deductions for employment- related expenditure8
09.2.1 Employees’ Expenses (S16-160)8
09.2.1.1 Deductible employee expenses (S16-160)8
09.2.1.2 Non Deductible employee expenses (S16-175)9
09.3 Deductions for rental property expenditure9
09.3.1 Rental Deductions (S16-160)9
09.4 Deductions for Travel Expenses (16-220)9
09.5 Deductions for Motor Vehicle Expenses (S16-310)10
09.5.1 4 Methods to calculating Car Expenses (S16-320)11
09.5.1.1 Cents per Km Method11
09.5.1.2 12% of Original Value Method12
09.5.1.3 Log Book Method12
09.5.1.4 One-third of Actual Expenses Method13
09.6 Entertainment Expenses-Limited Deductions (S16-390)14
09.7 Self-education Expenses (S16-450)14
09.8 Home Office Expenses (S16-480)15
09.8.1 Home as “place of business”15
09.8.2 Home as a work-place of “convenience”16
Topic 10 Specific Deductions16
Topic 11 Decline in value and capital allowance16
11.1 Decline in value (Depreciation) (S17-010)16
11.2 Main points in this topics16
11.3 Two methods for calculating decline in value (S17-480)16
11.3.1 The Diminishing value (or reducing balance) method (S17-500)16
11.3.2 The Prime Cost (or Straight line) method (S17-490)17
11.4 Motor Vehicles (17-200)17
11.5 Low Value Depreciating Assets Pools (17-810)17
11.5.1 Main points at this topic17
11.5.2 Capital Works Expenditure17
Topic 12 Tax Offsets18
12.1 Personal Tax Offsets Overview18
12.2 Dependent Tax Offsets (S15-020)18
12.2.1 Dependents Rebate18
12.2.1.1 Definitions18
12.2.1.2 Maintaining19
12.2.2 Main points at this topic20
12.2.3 Calculation of adjusted taxable income (ATI)20
12.3 Low Income Tax Offsets (S15-140)21
12.3.1 Definitions21
12.4 Mature Age worker Tax Offsets (S15-365)21
12.4.1 Definitions21
12.4.2 Calculation of offset22
12.5 Medical Expense Tax Offsets (S15-150)22
12.5.1 Definitions22
12.5.2 Eligible Dependents (S15-160)23
12.6 Private Health Insurance Tax Offsets (S15-200)23
12.6.1 Definitions23
12.6.2 Amount of the offset23
12.7 Education Expense Tax Offsets (S15-200)24
12.7.1 Definitions24
12.7.2 Amount of the offset24
12.7.3 Eligibility rules24
12.7.4 Calculation of the amount of the offset25
12.7.5 Calculation of the amount of the offset25
Topic 13 Income Tax Returns- Individuals27
Topic 14 Tax Losses27
Topic 15 Income of Minor27
Topic 16 Trusts27
Topic 17 Partnerships27
Topic 18 Companies27
Topic 19 Primary Producers27
Topic 20 Superannuation Funds27
Topic 21 Clubs, Societies and Associations27
Topic 22 Special Professionals27
Topic 23 Tax Agent27
Topic 24 Returns and Assessment27
Topic 25 Payment and Recovery of Tax27
Topic 26 Penalty Tax and Tax Offences27
Topic 27 Objections, Appeals and Reviews27
Topic 28 Tax...
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