Web- One-off receipt of interest under a loan agreement: FCT v Myer Emporium - Contract to do a one-off job o Regular gain may not be ordinary income (less common): Foley v Fletcher 6 … WebIncome according to ordinary concepts (ordinary income) (1) Your assessable incomeincludes income according to ordinary concepts, which is called ordinaryincome. …
TAXATION - MCQ Test - Which of the following is NOT an ... - Studocu
WebNov 21, 2024 · A man of ordinary prudence may think that the illegal income may not be falling under the concept of income, but income tax does not make any distinction between the income received from a legal or illegal source. In CIT v. Piara Singh [2],the Supreme Court held that the loss of business of smuggling shall be allowed for deduction under Income ... WebIncome according to ordinary concepts clearly includes income from employment, from running a business and from performing services. Receipts from a one-off prize, such as … lithium battery replacement for golf cart
INCOME TAX ASSESSMENT ACT 1997 - SECT 6.5 Income …
WebOrdinary income – general: What is ordinary income? • Ordinary income is “income according to ordinary concepts” and is assessable under s 6-5 Income Tax Assessment Act 1997. • “Income according to ordinary concepts” – Gains require characterisation by the courts to determine if the gain has an income character. – Jordan CJ in Scott v … WebBy expressly providing that assessable income has separate components of "ordinary income", that is, income according to ordinary concepts (now to be assessed under section 6-5 of the Income Tax Assessment Act 1997) and "statutory income", defined in section 6-10 of the 1997 ITAA, means that clarity of intention is achieved. WebTaxation: Exempt Incomes • Sum received from Life insurance policy including bonus but this exemption isnot available for: a) Scheme under sec.80DD – Maintenance and medical treatment of dependant with disability b) Key man insurance policy c) Where annual premium exceeds 10% of actual capital sum assured. d) An insurance policy issued after … improving schools through teacher leadership