Fifty years of the Australian master tax guide.

Product Information
List of Abbreviations
Highlights of 2020 Tax Changes
1 Introduction to Australian Tax System
	The Federal Tax Framework
	Scheme of Commonwealth Tax Legislation
	Tax Administration
	Key Income Tax Concepts
	Interpretation and Application of Tax Legislation
	Tax Rewrite and Reform
2 Individuals
	Who Must File a Return?
	Return Forms
	Calculation of Tax Liability
	Rates of Tax
	The Sharing Economy
	Income Averaging Scheme
	Income of Minors
	Medicare Levy
	Higher Education Support
3 Companies
	Taxation of Companies Generally
	Company Returns
	Company Tax Rates
	Company Loss Deductions
	Deductibility Tests for Losses and Bad Debts
	Company Bad Debt Deductions
	Cancellation of Subsidiary’s Shares
	Share Buy-backs
	Payments to Associates
	Issuing Shares
	Co-operative Companies
	Demutualisation
	Demergers
	Credit Unions
	Copyright Collecting Societies
	Friendly Societies
	Corporate Limited Partnerships
	Life Insurance Companies
	RSA Providers
	Foreign Multinational Enterprises
	Strata Title Bodies Corporate
	Pooled Development Funds, SMEs
	Clubs and Associations
4 Dividends • Imputation System
	Dividends
	Deemed Dividends: Div 7A
	Other Deemed Dividends
	Distributions in Liquidation
	Simplified Imputation System
	Franking Mechanism
	Franking Accounts
	Franking Deficit Tax
	Receipt of Franked Distributions
	Imputation Integrity Measures
	Administrative Provisions
5 Partners and Partnerships
	Taxation of Partnerships
	Partnership Net Income or Loss
	Partner’s Share of Income or Loss
	Assignment of Partnership Interests
	Family Partnerships
6 Trustees • Beneficiaries • Deceased Estates
	Introduction
	Trusts and Trustees
	Trust Returns
	Method of Taxing Trust Income
	Calculation of Trust Income
	Present Entitlement
	Specific Entitlement
	When and How Beneficiary is Taxed
	When and How Trustee is Taxed
	Trust Losses
	Trust Stripping
	Tax Exempt Beneficiaries
	Closely Held Trusts
	Corporate Unit Trusts
	Public Trading Trusts
	Managed Funds
7 Small Business Entities
	Introduction
	Small Business Entities
	CGT Small Business Concessions
	Income Tax Concessions
8 Consolidated Groups
	Introduction
	Losses
	Assets
	Imputation Aspects of consolidation
	Leaving Consolidated Group
	Special Consolidation Rules
	International Aspects
	Other Issues
9 Tax Accounting • Trading Stock
	Tax Accounting
	Accounting Period
	Accounting Method
	Timing of Income and Deductions
	When Income is Derived
	Timing of Deductions
	Trading Stock
	Valuation of Trading Stock
	Live Stock
	Disposals not in Ordinary Course of Business
10 Assessable Income • Tax Exemptions
	What is “Assessable Income”?
	COVID-19 Stimulus Measures
	Earnings for Personal Services
	Employee Share Schemes
	Business Income
	Realisation of Real Property and Securities
	Bounties and Subsidies
	Compensation Payments
	Social Security, etc, Pensions
	Insurance Proceeds — Accident/Disability/Life
	Recoupments and Repayments
	Isolated Property Transactions
	Profit on Sale of Leased Equipment
	Gambling Wins • Prizes • Awards
	Distributions from Unit Trusts
	Interest
	Dividends and Distributions
	Rents and Royalties
	Exempt Income
	Exempt Organisations, Funds and Persons
	Education
	Defence
	Bequests and Windfall Gains
	Investments
	Maintenance
	Exemption for Overseas Employment Income
	Approved Overseas Projects
	Shipping
	Miscellaneous Exemptions
	Exclusions from Income
11 Capital Gains Tax • General Topics
	Introduction
	Net Capital Gains and Losses
	Capital Gains of Trusts
	Capital Gains and Losses of Companies
	Capital Gains and Losses
	CGT Events
	CGT Assets
	Acquisition of CGT Assets
	Capital Proceeds
	Cost Base and Reduced Cost Base
	General CGT Exemptions
	Main Residence Exemption
	Other Exemptions
	Record-keeping for CGT Purposes
12 Capital Gains Tax • Special Topics
	Introduction
	Roll-overs Generally
	Roll-over to Company by Individual or Trustee
	Replacement-asset Roll-overs
	Involuntary Disposal of Asset
	Other Replacement-asset Roll-overs
	Same-asset Roll-overs
	Marriage and Relationship Breakdown Roll-overs
	Inter-company Roll-overs
	Other Same-asset Roll-overs
	CGT Consequences of Death
	CGT Rules for Certain Investments
	Leases
	Options
	International Tax Rules
	Value Shifting Rules
	Change in Majority Underlying Interests
13 Superannuation Funds • Contributions
	Understanding Australian Superannuation
	Superannuation Entities
	Taxation of Superannuation Funds
	Trans-Tasman Portability of Superannuation
	Approved Deposit Funds
	Pooled Superannuation Trusts
	Retirement Savings Accounts
	Superannuation Contributions
	Regulatory Regime — Superannuation Entities
14 Superannuation Benefits • Termination Payments
	Superannuation Benefits Tax
	Superannuation Benefits
	Taxation of Superannuation Member Benefits
	Taxation of Superannuation Death Benefits
	Other Superannuation Benefits
	Superannuation Transfer Balance Cap
	Departing Australia Superannuation Payments
	Payments from Non-Complying Funds
	Roll-over Superannuation Benefits
	Annuities and Foreign Fund Pensions
	Employment Termination Payments
	Other Termination Payments
15 Personal Tax Offsets
	Personal Tax Offsets
	Income Test for Certain Tax Offsets
	Dependant (Invalid and Carer) Tax Offset
	Zone/Overseas Service Rebates
	Low and Middle Income Tax Offsets
	Senior Australians and Pensioners Tax Offset
	Beneficiary Rebate
	Private Health Insurance Offset
	Income Arrears Rebate
	Medicare Levy Surcharge Lump Sum Arrears Offset
16 Business, Employment and Investment Deductions • Gifts
	What are Income-related Deductions?
	Timing Issues
	Limits and Exclusions
	Anti-avoidance Measures
	Business Deductions
	Employee Expenses
	Travel Expenses
	Motor Vehicle Expenses
	Entertainment Expenses
	Telephone and Internet Expenses
	Club Fees and Leisure Facilities
	Trade, Business and Professional Subscriptions
	Self-education Expenses
	Home Office Expenses
	Election Expenses
	Remuneration and Other Compensation Paid
	Insurance Premiums and Superannuation Contributions
	Bad Debts, Theft and Misappropriation
	Special Occupations
	Landlord and Tenant Expenses
	Investment Income Expenses and Losses
	Land and Share Transactions
	Repairs
	Computer Hardware and Software
	Intellectual Property
	Spare Parts
	Interest
	Borrowing Expenses
	Mains Electricity Connections
	Legal Expenses
	Tax-related Expenses
	Rates and Land Tax
	Losses
	Commercial Debt Forgiveness
	Gifts
17 Depreciating Assets
	Introduction
	Requirements for Deduction
	Cost of Depreciating Assets
	Car Limit
	Effective Life of Depreciating Assets
	Special Rates of Decline in Value
	Calculating Decline in Value
	Pro-rating Rules
	Balancing Adjustment Events
	Balancing Adjustment Relief
	Partial Change of Ownership
	Pooling of Depreciating Assets
	Records and Accounting
18 Primary Production Concessions
	Concessions for Primary Producers
	Special Deductions for Capital Expenditure
	Abnormal Receipts
	Income Averaging
	Farm Management Deposits
19 Mining • Infrastructure • Environmental Protection
	Mining, Infrastructure and Environmental Protection
	Exploration or Prospecting Expenditure
	Mining or Infrastructure Project Pools
	Site Rehabilitation Expenditure
	Environmental Protection
20 R&D • Films • Capital Works • NRAS • Innovation Incentives
	Overview of Incentives
	Research and Development
	Investment in Australian Films
	Buildings and Structural Improvements
	National Rental Affordability Scheme
	National Innovation and Science Agenda Incentives
21 Residence • Source • Foreign Tax Offsets • Accruals Taxation
	Residence
	Source of Income
	Offshore Banking Units
	Special Concessions
	Accruals Taxation System
	Controlled Foreign Companies
	Transferor Trusts
	Foreign Income Tax Offsets
	Foreign Losses
22 Non-resident Withholding • DTAs • Transfer Pricing • Thin Capitalisation
	Overview of Non-resident Tax Rules
	Non-resident Withholding
	Special Categories of Non-residents
	Temporary Residents
	Double Taxation Agreements
	Transfer Pricing
	Thin Capitalisation
23 Financial Arrangements • TOFA
	Introduction
	Taxation of Financial Arrangements (TOFA)
	Conversion of Foreign Currency
	Debt and Equity
	Asset and Project Financing
	Financial Instruments
	Reporting Requirements
24 Returns • Activity Statements • RBAs • Rulings
	Returns
	Activity Statements
	Running Balance Accounts
	ATO Rulings and Advice
25 Assessment • Audit • Collection
	Assessments
	Audits and Access Powers
	Amended Assessments
	Payment
	Collection and Recovery
26 PAYG Withholding
	Introduction
	Withholding Payments
	Declarations
	Payer’s Obligations
	Recipient’s Rights and Obligations
	Administration
27 PAYG Instalments
	Introduction
	Liability for Instalments
	Calculation of Instalments
	Calculation of Instalment Income
	Variation of Instalments
	Changing Instalment Frequency
	Calculations by the Commissioner
	Trustees and Consolidated Groups
	PAYG Anti-avoidance Rules
28 Objections • Appeals
	Challenging Taxation Decisions
	Objections
	Reviews and Appeals
29 Penalties • Offences
	Introduction
	Lodgment Penalties
	Penalties Relating to Statements and Schemes
	Other Administrative Penalties
	Remission of Penalties
	Late Payment Penalties
	Tax Offences
30 Tax Avoidance • Alienation of Income • PSI
	Tax Avoidance
	General Anti-avoidance Provisions
	Tax Scheme Promoters
	Personal Services Income Regime
	Transfer of Rights to Receive Income
31 Tax Planning • Year End Tax Strategies
	Tax Planning in General
	Reducing Assessable Income
	Increasing Deductions
	Reducing Rate and Deferring Liability to Tax
	Methods of Diverting Income
	Recipients of Diverted Income
	Some Common Planning Situations
	Year End Tax Strategies
32 Tax Agents and BAS Agents
33 Tax File Numbers • Australian Business Numbers • Third Party Reporting
	Tax File Numbers
	Australian Business Numbers
	Third Party Reporting
34 Goods and Services Tax
	Introduction to GST
	How GST Operates
	GST Special Rules
	GST Transitional and Related Matters
35 Fringe Benefits Tax
	Introduction
	General Criteria for Fringe Benefits
	Employee Contributions
	Car Benefits
	Value of Car Fringe Benefits
	Car Parking Benefits
	Loan and Debt Waiver Benefits
	Expense Payment Benefits
	Housing Benefits
	Living-away-from-home Allowance Benefits
	Property Benefits
	Taxable Value of Property Fringe Benefits
	Residual Benefits
	Entertainment Benefits
	Board Benefits
	Rebates of Fringe Benefits Tax
	Miscellaneous Exemptions
	Miscellaneous Reductions and Concessions
	Records and Administration
36 Payroll Tax
37 Stamp Duty
38 Land Tax
39 Superannuation Guarantee Charge
	The SG Scheme
	Application to Employers
	Measuring SG Support
	Choice of Funds
	SG Shortfall and SG Charge
	Assessment and Payment of SG Charge
	SG Administration and Penalties
	Distribution of SG Shortfall
	Superannuation Holding Accounts Special Account
40 Fuel Tax Credits
	Basic Entitlement Rules
	Heavy On-road Vehicles
	Other Business Activities
	Calculation of Credit
41 Pending Tax and Superannuation Legislation
	Bills
	Draft Legislation
42 Tax Rates and Tables
	Income Tax Rates
	Withholding Rates
	Individuals
	Capital Gains Tax
	Superannuation and Termination of Employment
	Fringe Benefits Tax
43 Capital Allowances (Depreciation) • Effective Life
44 Tax Checklists
45 Tax Calendar
Case Table
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Decisions of Boards of Review and AAT
	CTBR
	TBRD
	1970 ATC
	1971 ATC
	1972 ATC
	1973 ATC
	1974 ATC
	1976 ATC
	1977 ATC
	1978 ATC
	1979 ATC
	1980 ATC
	1981 ATC
	1982 ATC
	1983 ATC
	1984 ATC
	1985 ATC
	1986 ATC
	1987 ATC
	1988 ATC
	1989 ATC
	1990 ATC
	1991 ATC
	1992 ATC
	1993 ATC
	1994 ATC
	1995 ATC
	1996 ATC
	1997 ATC
	1998 ATC
	1999 ATC
	2000 ATC
	2002 ATC
	2003 ATC
	2004 ATC
	2005 ATC
	2006 ATC
	2007 ATC
	2008 ATC
	2009 ATC
	2010 ATC
	2011 ATC
	2012 ATC
	2013 ATC
	2014 ATC
	2015 ATC
	2016 ATC
	2018 ATC
Section Finding List
Rulings Finding List
Index
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	B
	C
	D
	E
	F
	G
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	L
	M
	N
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	U
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	W
	Y
	Z