Income Tax Law - Detailed Summaries Note (Part 3) - Cheat sheet Note

Description

1. About These Notes These notes are designed as a clear and structured companion to the Income Tax Law course. They are not lecture slides or assignments, but instead provide concise explanations of key concepts, legislation references, and case summaries to make revision easier. 2. What’s Inside - Step‑by‑step breakdowns of important tax law topics. - Relevant ITAA 1936 & ITAA 1997 provisions explained in plain language - Key High Court and Federal Court case summaries with facts & decisions - Logical structure that follows weekly topics for this semester - Concise and exam‑ready, saving you hours of sifting through lectures and textbooks 3. Topics Covered - Week 8: Specific Deductions (deduction provisions, capital allowances, and trading stock) - Week 9: Deduction Limitations and Tax Accounting ("derived" and "incurred" concepts, and limitations on deductions) - Week 10: Tax Entities (individuals, companies, partnerships, trusts, and tax rates)