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of Statutory income: p196
Sale of certain property – ss26(a), 25A and 26AAA & S15-15
Retirement payments – s26(d)
Employee benefits- S26(e)
Royalties- s26(f) & S15-20
Gain on Securities- S26BB
Tennant v Smith (rent free accommodation) & Commr of Taxation & Cooke & Sherden (free holiday for successful operator)
- Income is what comes in, NOT what is saved from going out.
- A non-pecuniary (non-monetary) receipt can be converted into $ => income
- If non-pecuniary (non-monetary) receipt fail to converted into $ => not income
S26(e): If cannot convert into money, look at how much the taxpayer value it
(overcome Tennant v Smith)( employment relationship)
s26(e): does not apply to Cooke & Sherden because the taxpayers being contractor, NOT
EMPLOYEES (no employment relationship & no service rendered)
The parties in position = manufacturer and seller (seller + buyer)
S21A: non cash business benefit that is not convertible to cash => will be treated as convertible => INCOME (overcome Cooke & Sherden ) (self-employed NOT business)
~ S23L: non cast business benefit < $300 = exempt income
Payne v FCT- Qantas Air ticket non transferable, fail to convert into money => NOT INCOME (fall under s26(e): no employment relationship with Qantas)
Failed FBT (no employment r/ship)
Capital Receipt is NOT Ordinary Income (s6-5)
Compensation for loss of income-producing base, right or ability to earn income = capital
Sale of CAPITAL ASSET that was not bought for profit making by sale or relevant used in a business = capital California Copper Syndicate Ltd v Harris
California Copper Syndicate Ltd v Harris & ATO v Myer Emporium Ltd
- Mere realization of capital asset = X income
- Ordinary operation of business = Revenue a/c
Isolated transaction entered with profit making intention = revenue a/c
ATO v Myer Emporium Ltd
ATO v Whitfords Beach Pty Ltd
Heavy Minerals Pty Ltd v FCT
- loss of profit making structure = capital , X income
- But payment for non performance of a contract or loss of profit = revenue a/c
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