2014 Exam Notes
BLAW30002
TAXATION LAW 1
Elyssa Ho
Semester 2, 2014
BLAW30002
EXAM NOTES
2014 Exam Structure
1. Question 1 – Residency
a. 20 minutes
2. Question 2 – FBT Consequences + Calculate the FBT liability (if applicable)
a. 48 minutes
3. Question 3 – Income Tax Consequences
a. 51 minutes
b. 4 parts
i. 25 mins + 8 mins + 8 mins + 8 mins
Table of Contents
Residency ................................................................................................................................................ 2
FBT Consequences / Calculate the FBT Liability ..................................................................................... 6
Otherwise deductible rule ............................................................................................................... 17
GST .................................................................................................................................................... 20
Income Tax Consequences.................................................................................................................... 26
Ordinary Income............................................................................................................................... 26
STATUTORY INCOME ........................................................................................................................ 29
NON-ASSESSABLE INCOME .............................................................................................................. 29
INCOME FROM SERVICES ................................................................................................................. 30
INCOME FROM BUSINESS ................................................................................................................ 38
PROFIT-MAKING TRANSACTIONS OUTSIDE THE ORDINARY COURSE OF BUSINESS ............. 45
INCOME FROM PROPERTY ...............................................................................................................
TAXATION LAW 1
Elyssa Ho
Semester 2, 2014
BLAW30002
EXAM NOTES
2014 Exam Structure
1. Question 1 – Residency
a. 20 minutes
2. Question 2 – FBT Consequences + Calculate the FBT liability (if applicable)
a. 48 minutes
3. Question 3 – Income Tax Consequences
a. 51 minutes
b. 4 parts
i. 25 mins + 8 mins + 8 mins + 8 mins
Table of Contents
Residency ................................................................................................................................................ 2
FBT Consequences / Calculate the FBT Liability ..................................................................................... 6
Otherwise deductible rule ............................................................................................................... 17
GST .................................................................................................................................................... 20
Income Tax Consequences.................................................................................................................... 26
Ordinary Income............................................................................................................................... 26
STATUTORY INCOME ........................................................................................................................ 29
NON-ASSESSABLE INCOME .............................................................................................................. 29
INCOME FROM SERVICES ................................................................................................................. 30
INCOME FROM BUSINESS ................................................................................................................ 38
PROFIT-MAKING TRANSACTIONS OUTSIDE THE ORDINARY COURSE OF BUSINESS ............. 45
INCOME FROM PROPERTY ...............................................................................................................