Tax Fundamentals – Assessable Income

Understanding the nuances of assessable income is crucial for accurate income tax accounting

Income from personal exertion, income from property, business income and income from isolated transactions each have different aspects, be it the timing of their recognition for income tax purposes or the ability to use losses to offset the income.  Potential exemptions must also be considered.

Key matters considered in the session include:

• Personal exertion income, compensation receipts and restrictive covanents
• Property income – interest, dividends, royalties and rent
• Business income, particularly income from isolated transactions
• The inclusion of statutory income in assessable income
• Exempt entities, exempt income and non-assessable non-exempt income
• Derivation / timing

Access all the courses in this series:

Allowable Deductions

Assessable Income

Business Structures

Capital Gains Tax

Tax Administration

Tax Reconciliations

Learning Outcomes:

Attendees will:

• Understand the legislative provisions dealing with income types
• Consider case law dealing with key principles for ordinary income
• Build an ability to determine the time at which income should be brought to account

Suited to:

Particularly suited to those beginning their tax/accounting careers, however it could potentially be a refresher for those in the early years of their careers.

This On Demand recording Includes: 

• Recording of the Live Webinar, which can be viewed multiple times, for as long as required 
• Presenters contact details for follow up questions 
• CPD Quiz
• CPD Certificate 
• CPD Report – Logged automatically 
• PowerPoint Presentation
• Verbatim Transcript, with Searchability
• Supporting Documentation