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Income Tax Assessment Act 1936
The ''Income Tax Assessment Act 1936'' (Cth) is an Act of the Parliament of Australia. It is one of the main statutes under which income tax is calculated. The Act is gradually being rewritten into the Income Tax Assessment Act 1997, and new matters are generally now added to the 1997 Act. The reason for rewriting the act is that amendments over the years have made it thousands of pages long, and very complex. Amendments have also created subsection upon subsection. The Act Section 260 Section 260 was the initial general anti-avoidance provision in the act, present from its inception in 1936 and operative until 27 May 1981. The section held any contract # ''altering the incidence of any income tax;'' # ''relieving any person from liability to pay any income tax or make any return;'' # ''defeating, evading, or avoiding any duty or liability imposed on any person by this Act; or'' # ''preventing the operation of this Act in any respect;'' :''to be void as against the Commi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of Australia
The Parliament of Australia (officially the Federal Parliament, also called the Commonwealth Parliament) is the legislature, legislative branch of the government of Australia. It consists of three elements: the monarch (represented by the Governor-General of Australia, governor-general), the Australian Senate, Senate and the Australian House of Representatives, House of Representatives.Constitution of Australia, Section 1 of the Constitution of Australia, section 1. The combination of two elected chambers, in which the members of the Senate represent the States and territories of Australia, states and territories while the members of the House represent electoral divisions according to population, is modelled on the United States Congress. Through both chambers, however, there is a Fusion of powers, fused executive, drawn from the Westminster system.. The upper house, the Senate, consists of 76 members: twelve for each state, and two each for the territories, Northern Terr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mullens V Federal Commissioner Of Taxation
''Mullens v Federal Commissioner of Taxation'',. was a 1976 High Court of Australia tax case concerning arrangements where stockbrokers Mullens & Co accessed tax deductions for monies subscribed to a petroleum exploration company. The Australian Taxation Office held the scheme was tax avoidance, but the court found for the taxpayer. In the taxonomy of tax schemes, this was of the kind where a wholly intentional tax benefit is swapped or traded between taxpayers, from someone who can't make full use of it to someone who can. The principal significance of the case today is its part in judicial interpretation of the section 260 anti-avoidance provisions of the Income Tax Assessment Act 1936. Background Transaction 1 In 1968 a company called Vam Limited proposed to explore for natural gas in fields in South Australia and in south-western Queensland. In August 1968 it formed a new company Vamgas NL whose sole business would be that exploration. As a petroleum exploration co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ComLaw
The Office of Parliamentary Counsel (OPC) is an Australian Commonwealth government agency established under the ''Parliamentary Counsel Act 1970'' (Cth) within the Commonwealth Attorney-General's portfolio. OPC drafts all government Bills that are introduced into the federal Parliament, legislative instruments made by the Governor-General, and a range of other delegated legislation. It also manages the Federal Register of Legislation (the ''Legislation'' ''Register'') to provide access to authorised, up-to-date versions of Commonwealth laws. OPC was established in 1970 and is currently led by Meredith Leigh, First Parliamentary Counsel. History Arrangements for the drafting of Commonwealth legislation were put in place at the very beginning of Australia's federation as a nation in 1901. Originally, the Secretary to the Attorney-General's Department was the Parliamentary Draftsman, with a separate position not created until 1946. By 1954, a Parliamentary Drafting Division had ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Australia
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office. Australian GST revenue is collected by the Federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission. Australia maintains a relatively low tax burden in comparison with other wealthy, developed nations, at 27.8% of GDP in 2018. History When the first Governor, Governor Phillip, arrived in New South Wales in 1788, he had a Royal Instruction that gave him power to impose taxation if the colony needed it. The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import duties were put on spirits, wine and beer and later on luxury goods. After 1824 the Government of New South Wales raised extra revenue from customs and excise duties. These were the most important sources of revenue for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Gains Tax In Australia
Capital gains tax (CGT), in the context of the Australian taxation system, is a tax applied to the capital gain made on the disposal of any asset, with a number of specific exemptions, the most significant one being the family home. Rollover provisions apply to some disposals, one of the most significant of which are transfers to beneficiaries on death, so that the CGT is not a quasi estate tax. CGT operates by treating net capital gains as taxable income in the tax year in which an asset is sold or otherwise disposed of. If an asset is held for at least 1 year then any gain is first discounted by 50% for individual taxpayers, or by 33.3% for superannuation funds. Capital losses can be offset against capital gains. Net capital losses in a tax year cannot be offset against normal income, but may be carried forward indefinitely. Personal use assets and collectables are treated as separate categories and losses, which are quarantined so they can only be applied against gains in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax File Number
A tax file number (TFN) is a unique identifier issued by the Australian Taxation Office (ATO) to each taxpaying entity — an individual, company, superannuation fund, partnership, or trust. Not all individuals have a TFN, and a business has both a TFN and an Australian Business Number (ABN). If a business earns income as part of carrying on its business, it may quote its ABN instead of its TFN. The TFN was introduced initially to facilitate file tracking at the ATO, but has since been expanded to encompass income and other data matching. The TFN consists of a nine digit number, usually presented in the format ''nnn nnn nnn''. Strict laws require that TFNs may be recorded or used only for specifically authorised tax-related purposes. The TFN serves a purpose similar to the American Social Security number, but its use is strictly limited by law to avoid the functionality creep which has affected the US counterpart. It also serves a similar function as national insurance in the UK ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Taxation Office
The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system, superannuation legislation, and other associated matters. Responsibility for the operations of the ATO are within the portfolio of the Treasurer of Australia and the Treasury. As the Australian government's principal revenue collection body, the ATO collects income tax, goods and services tax (GST) and other federal taxes. The ATO also has responsibility for managing the Australian Business Register, delivering the Higher Education Loan Program, delivering many Australian government payments and administering key components of Australia's superannuation system. History During the colonial period of the 1800s, a number of landholders had secured large tracts of arable land in Australia. After the states federated in 1901 to form the Commonwealth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax Of Australia
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is widely used as a basis to co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Interest
In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party. It is also distinct from dividend which is paid by a company to its shareholders (owners) from its profit or reserve, but not at a particular rate decided beforehand, rather on a pro rata basis as a share in the reward gained by risk taking entrepreneurs when the revenue earned exceeds the total costs. For example, a customer would usually pay interest to borrow from a bank, so they pay the bank an amount which is more than the amount they borrowed; or a customer may earn interest on their savings, and so they may withdraw more than they originally deposited. In the case of savings, the customer is the lender, and the bank plays the role of the borrower. Interest diff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Friendly Society
A friendly society (sometimes called a benefit society, mutual aid society, benevolent society, fraternal organization or ROSCA) is a mutual association for the purposes of insurance, pensions, savings or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose. Before modern insurance and the welfare state, friendly societies provided financial and social services to individuals, often according to their religious, political, or trade affiliations. These societies are still widespread in many parts of the developing world, where they are referred to as ROSCAs (rotating savings and credit associations), ASCAs (accumulating savings and credit associations), burial societies, chit funds, etc. Character Before the development of large-scale government and employer health insurance and other financial services, friendly societies played an important part in many people's lives. Many o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person (often the policyholder). Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses. Life policies are legal contracts and the terms of each contract describe the limitations of the insured events. Often, specific exclusions written into the contract limit the liability of the insurer; common examples include claims relating to suicide, fraud, war, riot, and civil commotion. Difficulties may arise where an event is not clearly defined, for example, the insured knowingly incurred a risk by consenting to an experimental m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Frank Kitto
Sir Frank Walters Kitto, (30 July 1903 – 15 February 1994), Australian judge, was a Justice of the High Court of Australia. Early life and education Kitto was born in Melbourne in 1903, but his family moved to Sydney, when his father, James Kitto, became the Deputy Director of Posts and Telegraphs in New South Wales. There, he was educated at North Sydney Boys' High School. He later studied at the University of Sydney, where he graduated with a Bachelor of Arts and a Bachelor of Laws with Honours, while also winning a Pitt Cobbett Prize in the Faculty of Law. Career From 1921 to 1927, Kitto worked for the Solicitor-General of New South Wales, and after this time he was admitted to the New South Wales Bar, where he practised as a barrister. His specialities were equity and Australian constitutional law. From 1930 to 1933 he was a lecturer at the University of Sydney, teaching bankruptcy and probate law in the Sydney law school. In 1932, while still a junior counsel, he a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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