Capital Gain Tax

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Capital gain tax 20 Sept 1985 Rules limiting the deductibility of ENTERTAINMENT COST 1985 FBT 1986 S4-15: Taxable Income = Assessable income - Deductions ~ Assessable Income is made up of Ordinary Income and Statutory Income S4-10: Tax Payable = (Taxable income x Tax rate schedule) - Tax offsets Note: S36-10: Tax loss when Deduction > Assessable Income ~~ not refunded ~~carried fwd against taxable income in the future (natural person, trustee and companies) ~~ Partnership cannot carried fwd loses (distributed to partners according to profit sharing ratio) Tax loss = Deductions – Assessable Income - Net Exempt Income(if any) S6-25: when an item potentially fall in both ordinary income (S6-5) and statutory income (S6-10) => follow Statutory income (prevail) Eg...
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Capital gain tax 20 Sept 1985 Rules limiting the deductibility of ENTERTAINMENT COST 1985 FBT 1986 S4-15: Taxable Income = Assessable income - Deductions ~ Assessable Income is made up of Ordinary Income and Statutory Income S4-10: Tax Payable = (Taxable income x Tax rate schedule) - Tax offsets Note: S36-10: Tax loss when Deduction > Assessable Income ~~ not refunded ~~carried fwd against taxable income in the future (natural person, trustee and companies) ~~ Partnership cannot carried fwd loses (distributed to partners according to profit sharing ratio) Tax loss = Deductions – Assessable Income - Net Exempt Income(if any) S6-25: when an item potentially fall in both ordinary income (S6-5) and statutory income (S6-10) => follow Statutory income (prevail) Eg...
Showed next 250 characters

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