xTopics in this lecture • Income – Assessable Income Topic 2: Income – Ordinary Income – Statutory Income Australian Tax Law BFA714 – Exempt Income BFA714_10 What is income? 2 Key Legislative Provisions ITAA97 • Economist View – Division 6: • • • • • – Traditional economic view of income is that it is a ‘gain’ • Recognises both realised and unrealised gains as income s 6-5 Ordinary income s 6-10 Statutory income s 6-15 Not assessable income s 6-20
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Malaysian law is English law. Explain how English law and the other sources of law form part of the law of Malaysia. The law of Malaysia mostly based to the common law legal system. It was a final result of the colonisation of Malaya‚ Sarawak‚ and North Borneo by Britain in between 19th century to 1960s. The supreme law of the land—the Constitution of Malaysia—sets out the legal framework and rights of Malaysian citizens as they will obey all the rule that had been state. Federal laws enacted by
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1) A contract is an agreement made between two or more parties which are recognised by Law. There have been many scenarios such as the rejection of offer‚ leaving a voicemail to accept the offer‚ letter been posted on the same day and also a note through the door stating that offer has been accepted by David. First of all‚ in our case Arthur decides to sell his car putting a notice in his rear window of the car door. This action represents an offer not an invitation to treat. An offer is when one
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The Difference between Written and Unwritten Constitution are as follows: Written Constitution: Written constitution is one which is found in one or more than one legal documents duly enacted in the form of laws. It is precise‚ definite and systematic. It is the result of the conscious and deliberate efforts of the people. It is framed by a representative body duly elected by the people at a particular period in history. It is always promulgated on a specific date in history. The Constitution
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Full Disclosure Paper 03/23/15 Acc 421 The textbook defines full disclosure principle as‚ “An Accounting principle that dictates that in deciding what information to report‚ companies follow the general practice of providing information that is of sufficient importance to influence the judgment and decisions of an informed user. It recognizes that the nature and amount of information included in financial reports reflects a series of judgmental trade-offs between sufficient detail that
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accountability 8 1. Political accountability 8 2. Financial Accountability 8 3. Administrative Law accountability 9 4. Ethical responsibility and integrity 10 Red-Light‚ Green-Light 11 Red Light Approach 11 Green Light Approach 11 Amber Light approach 11 Foundations of Administrative Law 12 Accountability across the public/private divide 13 Legality: rules‚ discretion & policy 15 What is administrative law? 15 Legality 15 Categories of Government Legal Entity 15 Sources of Government Power
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Newton came up with three laws of motion laws that describe how forces and objects relate to each other. the statement means that in every interaction‚ there is a pair of forces acting on the two interacting objects. The size of the forces on the first object equals the size of the force on the second object. The direction of the force on the first object is opposite to the direction of the force on the second object. Forces always come in pairs - equal and opposite action-reaction force pairs.
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3. Contract Law “Is My Agreement an Enforceable Contract?” The Law of Contract involves answering 4 questions: (1) Is my agreement an enforceable contract? Are all of the elements of a contract present. (2) If so‚ what does it require me (and the other party) to do? - What “promises” have become terms of the contract. (3) Can I get out of it (without paying some form of penalty)? - Was the formation of the contract defective in some way (ie were there any ‘vitiating elements’ present)
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Question 1 (b) The problem looks at whether the existence of contract entitled Albert to claim for a breach of contract from Charlie with four elements of contract to be established here: that the offer been made by Albert and has been accepted by Charlie‚ that parties intend to create legal relationship and that the consideration was provided. The issue here is to determine if a reasonable person would consider offer had been made. An offer may be described as the indication of one person to another
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Topic 2: Individual & the Law Rights and Responsibilities Nature of Individual Rights Rights are entitlements that people have by legal or moral authority. No one can take this right away from you. Development of Rights: Legal rights have been developed from several areas: 1. Natural law – Basically from God 2. Positivists - Basically argued that its made by parliament and authorities. 3. International Law - UN Type of rights: Civil and Political Rights – This is to protect people
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