Ordinary income Tennant v Smith‚ (money or convertible into money) An employee was given accommodation rent free by his employer. Was this ordinary income? • The employee could not sublet the accommodation to anyone else‚ therefore could not turn this accommodation into cash. • The Court said it was not ordinary income under s. 25(1) (now s.6-5) since the accommodation was not convertible into money. • Not ordinary income under s.6-5. FCT v Cooke & Sherden. (money or convertible into money) Soft
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Abstract A psychological tax treatment goes beyond the traditional deterrence model and explains tax morale as a complicated interaction between taxpayers and the government. As a contractual relationship implies duties and rights for each contract party‚ tax compliance is increased by sticking to the fiscal exchange paradigm between the citizens and the state. Citizens are willing to honestly declare income even if they do not receive a full public good equivalent to tax payments as long as the political
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Whether the success of a community depends upon people’s willingness to limit their personal interest has long been a debate since an organized nation came into being. As for me‚ limiting the personal interest is necessary and vital for the long-term benefit of a group. Edward Snowden‚ who is an American computer specialist‚ worked for NSA and leaked the details of top-secret U.S. government spy program for he believes that the program harms the individuals’ rights. But the U.S. government defended
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BY THE INCOME TAX ACT ------------------------------------------------- Tax Exemptions are a deduction allowed by the law to reduce the amount of income that is subject to tax‚ these exemptions come in many forms but what they have in common is they reduce or entirely eliminate tax obligations. These exemptions can be categorized into two‚ exemptions based on the identity of the receipt and exemptions based on the nature of income .The amounts which enjoy exemption from income tax by reason of
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are again making history: for the past 15 years‚ we have been trying to reform the tax structure of imposing excise tax on tobacco and alcohol products. After 15 long years‚ we have finally succeeded.” “As the people’s servant‚ I shall personally ensure that this government shall implement the Sin Tax Reform Act of 2012 in a transparent and accountable manner starting Jan. 1‚ 2013‚” he said. Starting today‚ the tax on cigarettes packed by hand‚ which comprise the bulk of tobacco products sold in
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TAX HAVENS DEFINING Tax Havens • Def 1:A tax haven is a country or territory where certain taxes are levied at a low rate or not at all. • Def 2: Tax haven or fiscal paradise are terms used to refer to a jurisdiction which enables its foreign residents or companies to reduce their tax liabilities from their homelands. • Def 3: "What ... identifies an area as a tax haven is the existence of a composite tax structure established deliberately to take advantage of‚ and exploit‚ a worldwide
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Symbolism Shield Project Explanation Paper Gabriel Almond. Who is he and why is he this way? These are questions we ask about others and sometimes even about ourselves throughout life. Many times we can’t explain these that well so we use symbols to define or represent us as a person. In this paper I will explain to you why I am who I am and what symbolizes me. Having goals is a large part of life‚ it’s what we as a society base our success off of. But just like people are different everyone’s
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The political and ideological background of the Golden Shield Project is considered to be one of Deng Xiaoping’s favorite sayings in the early 1980s: "If you open the window for fresh air‚ you have to expect some flies to blow in." (Chinese: 打开窗户，新鲜空气和苍蝇就会一起进来。; pinyin: Dǎkāi chuānghù‚ xīnxiān kōngqì hé cāngyíng jiù huì yīqǐ jìnlái.[nb 1]) The saying is related to a period of the economic reform of China that became known as the "socialist market economy". Superseding the political ideologies of
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Service Tax Service Tax is a form of indirect tax imposed on specified services called "taxable services". Service tax cannot be levied on any service which is not included in the list of taxable services. Over the past few years‚ service tax been expanded to cover new services. The objective behind levying service tax is to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs. The intention of the government
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Why are accurate financial statements important for outside business interests? Matt ACC 205: Principles of Accounting I Professor Kaplan Ashford University December 22‚ 2011 Accounting is specifically “a system by which economic information is identified‚ recorded‚ summarized and reported for the use of decision makers”; however‚ accounting involves interpretation and analyzing of all financial information‚ including taxing‚ personal financial information and investment (Alba
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