Taxation Law and Policy (LAWS50046) - Comprehensive notes (H1)

Description

This is probably the most comprehensive notes you are going to find. These notes offer an in-depth and structured summary of core topics in the subjct, covering both policy and black-letter content. All key topics are covered including legislation, and cases are integrated into the notes, with detailed references to textbook sections, statutory provisions (especially the ITAA 1997 and ITAA 1936), and leading judgments. Topics Covered Foundations of Taxation What is a tax? (statutory and judicial definitions) Purpose of taxation: revenue, redistribution, legitimacy The structure of the Australian tax system (constitutional, administrative, legislative) Key Australian taxes: income tax, GST, FBT, excise, land tax, etc. Comparison with international tax systems Tax Bases and Policy Design Tax base choices: income, consumption, and wealth Simons' Comprehensive Income Concept (Haig-Simons formula) Australia’s global (vs. schedular) approach to income tax GST and indirect taxes Wealth taxes and their decline globally Policy reform debates and Adam Smith's principles Income Tax Framework Overview of the ITAA 1997 and ITAA 1936 structure Statutory basis: Div 4, s 6-5 (ordinary income), s 6-10 (statutory income) Tax rates, deductions, offsets, and basic tax calculation methodology Interpretation of Tax Law Acts Interpretation Act 1901: purposive vs literal approaches Principles-based drafting vs black-letter drafting Key interpretive cases ( MLC, CIC Insurance, Scott, McNeil) Ordinary Income (s 6-5) Legal concept of income: five judicial categories Judicial and economic definitions of income Periodic receipts and regularity ( Dixon, Anstis) Compensation and windfall gains Trust law influence (income vs capital) Special topics: constructive receipt, beneficial ownership ( Federal Coke, Zobory, Constable) Valuation of Non-Cash Benefits Cash vs convertible to cash (Tennant, Cooke and Sherden) Non-transferable rights (Abbott v Philbin) Frequent flyer cases and TR 93/2 (Payne v FCT) I have other notes available for this subject that are more concise.