Concepts of Income

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Assignment 1: You should attempt both parts to this assignment.
Note: you should incorporate all sections of the various Acts/regulations where appropriate.

 

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Part 1: Concepts of Income

a) Is it possible for an employer to provide a regular payment to a former employee, can it be on the basis to compensate for a lower salary income or is it treated as a gift? Included in your answer should be any taxation considerations to both parties (5 marks)

b) Explain what constitutes a business for taxation purposes so that income derived by the taxpayer must be assessed for income tax. (5 marks)

Part 2: Deductions
Question “General Deductions”

1) What is your view re: compulsory business expenses and their deductibility under s8-1 ITAA97 where they are incurred AFTER the business ceases to operate? How does this compare to expenses such as legal fees? (5 marks).

2) Question “Specific Deductions”

Explain the difference between capital improvements compared to Repairs and Maintenance, giving consideration to a taxpayer who owns a rental property. (5 marks)

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