Key Legislation

Question 1

Ordinary Income

Answer 1

ITAA 1997 s6-5

Question 2

Statutory Income

Answer 2

ITAA 1997 Div 10

Question 3

Assessable Income

Answer 3

ITAA 1997 Div 15

Question 4

Specific Deductions

Answer 4

ITAA 1997 Div 25

Question 5

Non-Commercial Business Losses

Answer 5

ITAA 1997 Div 35

Question 6

Capital Allowances

Answer 6

ITAA 1997 Div 40

Question 7

Business Related Costs

deductible over 5 years

Answer 7

ITAA 1997 S40-880

Question 8

Capital Works

Answer 8

ITAA 1997 Div 43

Question 9

Valuation of Trading Stock

Answer 9

ITAA 1997 s70-35 to s70-70

Question 10

Disposal of Trading Stock

Answer 10

ITAA 1997 s70-80

Question 11

Personal Services Income

Answer 11

ITAA 1997 Div 84 - Div 87

Question 12

Personal Services Business

Answer 12

ITAA 1997 Div 87

Question 13

Alienation of PSI

Answer 13

ITAA 1997 Div 86

Question 14

Capital Gains

Answer 14

ITAA 1997 Div 100

Question 15

Calculate CGT

Answer 15

ITAA 1997 s102-5

Question 16

Summary of CGT Events

Answer 16

ITAA 1997 Div 104

Question 17

Separate CGT Assets

Answer 17

ITAA 1997 s108-D

Question 18

CGT Cost Base

Answer 18

ITAA 1997 Div 110

Question 19

CGT Indexation

Answer 19

ITAA 1997 s110-36

Question 20

CGT Exclusions

Answer 20

ITAA 1997 s110-38

Question 21

CGT Market Value Substitution

Answer 21

ITAA 1997 s112-20

Question 22

CGT Specifically entitled

Answer 22

ITAA 1997 s115-228

Question 23

CGT Non-receipt rule

Answer 23

ITAA 1997 s116-45

Question 24

Trading Stock

Answer 24

ITAA 1997 s118-25

Question 25

CGT Cost Base/Reduced Cost Base

Answer 25

ITAA 1997 s128-10

Question 26

Small Business Relief

Answer 26

ITAA 1997 Div 152

Question 27

Specifically Entitled to Franked Distribution

Answer 27

ITAA 1997 s207-58

Question 28

Hire Purchase

Answer 28

ITAA 1997 Div 240

Question 29

Small Business Entities

Answer 29

ITAA 1997 Div 328

Question 30

Deduction for making farm management deposit

Answer 30

ITAA 1997 s393-5