Classic Texts in Australian and International Taxation Law

Full Report January 31 1975

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I.

Taxation Review Committee

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1.

Chapter 1 The need for Tax Reform

1.1.1.

I. Reasons for a Review

1.1.2.

II. Committee's Approach

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2.

Chapter 2 The Australian Tax System in Perspective

2.1.1.

I. Historical Perspective

2.1.2.

II. International Perspective

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3.

Chapter 3 Criteria for Tax Systems

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3.1.1.

I. Terms of Reference and their Interpretation

3.1.1.1.

3.1.1.2.

3.1.1.3.

3.1.1.4.

Other Objectives

3.1.2.

II. Appraisal of Particular Taxes

3.1.3.

III. Alternative Tax Systems

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4.

Chapter 4 The Problem of Progressivity

4.1.1.

I. The Statistical Situation

4.1.2.

II. Tax and Non-Tax Policies in Redistribution

4.1.3.

III. The Distributional Objective

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5.

Chapter 5 The goals of Tax Reform

5.1.1.

5.1.2.

II. Immediate and Long-Term Perspectives

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6.

Chapter 6 Inflation and Tax Reform

6.1.1.

I. Taxes and Inflation Control

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6.1.2.

II. Effects of Inflation on Taxes

6.1.2.1.

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6.1.2.2.

6.1.2.2.1.

Total Tax Receipts

6.1.2.2.2.

6.1.2.2.3.

Income Tax Rates

6.1.2.2.4.

Concessional Allowances

6.1.2.2.5.

Estate and gift duties

6.1.2.3.

6.1.2.4.

Need for Further Investigation

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7.

Chapter 7 Income Tax: The Base

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7.1.1.

I. Problems of Definition

7.1.1.1.

The Concept of Income

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7.1.1.2.

Deduction of Expenses

7.1.1.2.1.

Expenses Incurred in Deriving Income

7.1.1.2.2.

Other Deductible Expenses

7.1.1.3.

7.1.1.4.

Annual Accounting

7.1.1.5.

Income of Particular Industries and Activities

7.1.1.6.

Income Moving Through Intermediaries

7.1.1.7.

International Aspects

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7.1.2.

II. Specific Issues

7.1.2.1.

Compensation for Physical Injury to the Person

7.1.2.2.

Compensation for Injury to Reputation

7.1.2.3.

Imputed Rent of the Owner-Occupied Home

7.1.2.4.

Cost of Travel to and from Work

7.1.2.5.

Child-Minding Expenses

7.1.2.6.

Expenses of Income-Earning Activities Carried on at Home

7.1.2.7.

Subscriptions to Trade and Professional Associations

7.1.2.8.

Income-Protection Insurance Premiums

7.1.2.9.

Self-Education Expenses

7.1.2.10.

Dissection and Apportionment of Composite Receipts and Outgoings

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8.

Chapter 8 Income Tax: Issues Related to Business and Professional Income

8.1.1.

I. Cash or Accruals Basis

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8.1.2.

II. Accruals Tax Accounting and Financial Accounting

8.1.2.1.

Holding Charges

8.1.2.2.

Work in Progress

8.1.2.3.

Tax on Basis of Financial Accounting Principles

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8.1.3.

III. Provisions and Accrued Expenses

8.1.3.1.

Long-service Leave and Holiday Pay

8.1.3.2.

Other Provisions for Liabilities

8.1.3.3.

Provision for Doubtful Debts

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8.1.4.

IV. Depreciation and Amortisation of Fixed Assets

8.1.4.1.

Plant and Equipment

8.1.4.2.

8.1.4.3.

Leasehold Improvements

8.1.4.4.

Other Assets and Costs of a Capital Nature

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8.1.5.

V. Trading Stock

8.1.5.1.

Definition of Trading Stock

8.1.5.2.

Methods of Valuing Trading Stock

8.1.5.3.

Disposal of Trading Stock

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8.1.6.

VI. Recoupment of Losses

8.1.6.1.

Carry-back of Losses

8.1.6.2.

Carry-forward of Losses

8.1.6.3.

8.1.6.4.

Effect of Dividend Income

8.1.7.

VII. Implications of Inflation for Business Income

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8.1.8.

VIII. Sundry Costs Of Business Operation

8.1.8.1.

Lease Transactions

8.1.8.2.

Expenditure on Repairs to Income-producing Property

8.1.8.3.

Professional Libraries

8.1.8.4.

Travelling and Entertainment Expenses

8.1.8.5.

Anti-pollution and Ecological Expenditures

8.1.9.

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9.

Chapter 9 Income Tax: Issues Related to Employment and Investment Income

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9.1.1.

I. Employment Income

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9.1.1.1.

Fringe Benefits

9.1.1.1.1.

Adequacy of Present Law

9.1.1.1.2.

Kinds of Benefits

9.1.1.1.3.

Tax Instalment Deductions

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9.1.1.2.

9.1.1.2.1.

Salary and Wage Adjustments

9.1.1.2.2.

Travel and Removal Expenses

9.1.1.2.3.

Payments to Obtain Release from Employment Contracts

9.1.1.2.4.

Standard Deduction

9.1.2.

II. Investment Income

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10.

Chapter 10 Personal Income Tax : The Taxpaying Unit

10.1.1.

I. Overseas Experience

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10.1.2.

II. Review of Possible Reform

10.1.2.1.

Questions Arising over the Taxation of Family Units

10.1.2.2.

Individual Taxation with an Election System

10.1.2.3.

Restrictions upon the Right of Election

10.1.2.4.

De Facto Relationships

10.1.2.5.

Separated or Divorced Spouses

10.1.2.6.

A Proposal for Public Examination

Reservation to Chapter 10: Personal Income Tax: The Taxpaying Unit

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11.

Chapter 11 Income-Splitting

12.1.1.

Income-splitting and Minor Children

12.1.2.

Income from Gifts of Capital

12.1.3.

Partnerships, Inter Vivos Trusts and Arrangements Achieving Similar Income-sharing Results

12.1.4.

Excessive Payments for Services or Benefits

12.1.5.

Alienation of Income

12.1.6.

Family Companies

12.1.7.

12.1.8.

Distributions of Income under a Legal Obligation

12.1.9.

Distributions of Income under a Moral Obligation

12.1.10.

Retrospectivity

Reservation to Chapter 11: Income-Splitting

Reservation to Chapter 11: Income Splitting

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12.

Chapter 12 Personal Income Tax: Dependant Allowances and Other Concessional Deductions

15.1.1.

I. Concessional Deductions: Dependants

15.1.2.

II Other Concessional Deductions: Issues of Principle

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15.1.3.

III. Concessional Deductions for Education and Medical Expenses

15.1.3.1.

Education Expenses

15.1.3.2.

Medical Expenses

15.1.3.3.

Payments to Medical and Hospital Benefits Funds and Medical Expenses Generally

15.1.3.4.

Expenses of blind persons or persons confined to bed or invalid chair

15.1.3.5.

Funeral expenses

15.1.4.

IV. Zone Allowance

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16.

Chapter 13 Personal Income Tax: Social Security

16.1.1.

I. Social Security Payments and the Tax System

16.1.2.

II. Social Security Contributions

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17.

Chapter 14 Personal Income Tax: Rate Structure

17.1.1.

I. Complexity of Rate Scale

17.1.2.

II. Surcharge on Property Income

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17.1.3.

III. Shape of Rate Scale

17.1.3.1.

17.1.3.2.

17.1.3.3.

Intermediate range

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17.1.4.

IV. Frequency of Adjustment

17.1.4.1.

Purpose of adjustment

17.1.4.2.

Statutory or Discretionary?

17.1.4.3.

Adjustment Procedure

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17.1.5.

V. Income-Averaging

17.1.5.1.

The Existing Law

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17.1.5.2.

Alternatives to the Existing Law

17.1.5.2.1.

17.1.5.2.2.

Income Equalisation Scheme

17.1.5.2.3.

Anti-bunching Measures

18.

Chapter 14: Appendix A: Tax Payable Under Alternative Systems: 1974-75 Rates

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19.

Chapter 15 Income Taxation in Relation to Trusts and Partnerships

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19.1.1.

19.1.1.1.

Present Entitlement

19.1.1.2.

Present Entitlement of a Beneficiary under a Disability

19.1.1.3.

Net Income of the Trust Estate and Trust Income

19.1.1.4.

Accumulating Income

19.1.1.5.

Losses of Previous Years

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19.1.2.

II. Partnerships

19.1.2.1.

Net Income of a Partnership and Partnership Profits

19.1.2.2.

Treatment of Losses

19.1.2.3.

Payments by Surviving Partners to Retired Partner or to Estate of Deceased Partner

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19.1.3.

III. International Aspects

19.1.3.1.

19.1.3.2.

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20.

Chapter 16 Company Income Tax

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20.1.1.

I. Present System of Company Income Taxation

20.1.1.1.

Criticisms of the present system

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20.1.2.

II. Unacceptable Alternatives to the Present System

20.1.2.1.

Tax the Allocation of Profits

20.1.2.2.

Tax Actual Distributions and Accruals in Value of Shares

20.1.2.3.

Require Distribution of all Profits and Tax These Distributions

20.1.2.4.

Tax the Company and Exempt Dividends from Personal Income Tax

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20.1.3.

III. Split-Rate and Imputation Systems

20.1.3.1.

Choice of an Imputation System

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20.1.4.

IV. Proposed Imputation System

20.1.4.1.

Amount of Imputation

20.1.4.2.

Minimum Distributions by Companies

20.1.4.3.

International Implications of the Proposed Imputation System

20.1.5.

V. Imputation and Forward-Shifting

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20.1.6.

VI. Proposal to Allow an Election to be Taxed as a Partnership

20.1.6.1.

Eligibility to Elect

20.1.6.2.

Manner and Timing of Election and Manner of Termination of Election

20.1.6.3.

Consequences of Election and of Termination of Election

20.1.7.

VII. Appropriateness of Special Provisions for Small Enterprises

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20.1.8.

VIII. Aspects of Present Company Taxation

20.1.8.1.

Minimum Distribution Requirements

20.1.8.2.

Income of Private Investment Companies

20.1.8.3.

Assessment of Company Groups

20.1.8.4.

Restrictions on Carry-forward of Company Losses

20.1.8.5.

Loan Capital and Share Capital

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21.

Chapter 17 International Aspects of Income Taxation

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21.1.1.

I. The Taxation of Foreign-Source Income of Australian Residents

21.1.1.1.

Concept of Resident of Australia

21.1.1.2.

Foreign-source Income Not Subject to Australian Tax

21.1.1.3.

Credit for Foreign Tax on Foreign-source Income Subject to Australian Tax

21.1.1.4.

Exemption and Credit as Methods of Giving Relief against Double Taxation

21.1.1.5.

Committee's Proposals

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21.1.2.

II. Australian-Origin Income of Non-Residents

21.1.2.1.

Justification for Taxing Income of Non-residents on the Basis of Origin in Australia

21.1.2.2.

Taxation on the Basis of Source in Australia

21.1.2.3.

Tax on Australian-origin Income by Withholding

21.1.2.4.

Tests of Foreign Origin of Income

21.1.2.5.

Reconstruction of Australian-source Income of Non-residents

21.1.2.6.

Reconstruction of Income of Australian Residents from Transactions with Non-residents

21.1.2.7.

Taxation of Branch Operations in Australia

21.1.3.

III. Double Taxation Agreements

Chapter 17: Appendix A: Rules for Determining Source of Income of Non-Residents

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23.

Chapter 18 Income Taxation in Relation to Particular Industries: Primary Production

23.1.1.

The Definition Provisions

23.1.2.

Valuation of Livestock

23.1.3.

Spreading and Averaging Provisions

23.1.4.

Capital Expenditure and Depreciation

23.1.5.

Losses of Previous Years

23.1.6.

Restriction of Benefit of Primary Production Provisions

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24.

Chapter 19 Income Taxation in Relation to Particular Industries: Mining

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24.1.1.

I. General Mining

24.1.1.1.

Conduct of Mining Operations

24.1.1.2.

Determination of Net Income from Mining

24.1.1.3.

Provisions of the Act

24.1.1.4.

Exploration and Prospecting Expenditure

24.1.1.5.

Development of a Mine and Mining Infrastructure

24.1.1.6.

Processing and Treatment of Minerals

24.1.1.7.

Overseas Exploration and Prospecting

24.1.1.8.

Anti-pollution and Ecological Expenditure

24.1.1.9.

Depletion Allowance

24.1.1.10.

Purchase of Mining or Prospecting Right or Information.

24.1.1.11.

Proceeds of Sale of Mining Right or Information.

24.1.1.12.

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24.1.2.

II. Recent Amendments to the Act

24.1.2.1.

Exploration Expenditure by General Mining Companies

24.1.2.2.

Allowable Capital Expenditure: Costs of Company Formation and Capital-raising

24.1.2.3.

Immediate Write-off Provisions

24.1.2.4.

Housing and Welfare Expenditure.

24.1.2.5.

Transportation Expenditure: Division 10AAA

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24.1.3.

III. Petroleum Mining

24.1.3.1.

Overseas Exploration and Prospecting

24.1.3.2.

Exploration and Prospecting Expenditure

24.1.3.3.

Development Expenditure

24.1.3.4.

Depreciation Allowances

24.1.3.5.

Acquisition of Prospecting Information or Mining Right

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24.1.4.

24.1.4.1.

Nature of the Quarrying Industry

24.1.4.2.

Expenditure Incurred in Quarrying

24.1.4.3.

Quarrying Plant Depreciation

24.1.4.4.

Exploration Expenditure

24.1.4.5.

Development Expenditure

24.1.4.6.

Anti-pollution and Ecological Expenditure

24.1.4.7.

Acquisition Costs and Proceeds of Sale of Quarry

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Chapter 19: Appendix A: Mining Taxation: A Comparative Survey

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25.1.1.

I. Exploration Costs

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25.1.1.1.

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25.1.1.1.1.

25.1.1.1.1.1.

25.1.1.1.1.2.

Transfer to Purchaser of Benefit of Deduction

25.1.1.1.2.

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25.1.1.1.3.

25.1.1.1.3.1.

‘Principal Business Corporations’

25.1.1.1.3.2.

Taxpayers Other than ‘Principal Business Corporations’

25.1.1.1.4.

25.1.1.1.5.

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25.1.1.1.6.

25.1.1.1.6.1.

Mining Companies

25.1.1.1.6.2.

Mining Operators

25.1.1.1.6.3.

Non-resident Mining Operators

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25.1.1.2.

II. Capital Expenditure on Plant and Development

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25.1.1.2.1.

25.1.1.2.1.1.

25.1.1.2.1.2.

25.1.1.2.2.

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25.1.1.2.3.

25.1.1.2.3.1.

Depletion Allowances

25.1.1.2.3.2.

Additional Allowances

25.1.1.2.3.3.

Capital Cost Allowances

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25.1.1.2.4.

25.1.1.2.4.1.

Depletion Allowances

25.1.1.2.4.2.

25.1.1.2.4.3.

Percentage Depletion

25.1.1.2.4.4.

Development Expenditures

25.1.1.2.5.

25.1.1.2.6.

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25.1.1.3.

III. Investment INCENTIVES

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25.1.1.3.1.

25.1.1.3.1.1.

Deductibility of Capital Subscription

25.1.1.3.1.2.

25.1.1.3.1.3.

Losses Incurred in Gaining Exempt Income

25.1.1.3.2.

25.1.1.3.3.

25.1.1.3.4.

25.1.1.3.5.

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26.

Chapter 20 Income Taxation in Relation to Particular Industries: General Insurance, Exempt Organisations and Mutual Associations

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26.1.1.

I. General Insurance

26.1.1.1.

Determination of Earned Premiums

26.1.1.2.

Claims Incurred but not Reported

26.1.1.3.

Catastrophe Fund

26.1.1.4.

Reinsurance with Non-residents

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26.1.2.

II. Exempt Organisations and Mutual Associations

26.1.2.1.

Local Governing Bodies, Public Authorities and Institutions of a Charitable Kind

26.1.2.2.

Non-Profit Associations and Societies Formed for Particular Purposes

26.1.2.3.

Co-Operative Companies

26.1.2.4.

Friendly Society Dispensaries

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27.

Chapter 21 Income Taxation in Relation to Superannuation and Life Insurance

27.1.1.

I. The Case for Special Treatment

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27.1.2.

II. Superannuation, Retiring Allowances and Related Matters

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27.1.2.1.

Background and Present Legislation

27.1.2.1.1.

Taxation of Lump-sum Payments on Retirement

27.1.2.1.2.

Deductibility of Retiring Allowances Paid by Employers

27.1.2.1.3.

Deductibility of Contributions to Superannuation Funds

27.1.2.1.4.

Taxation of Income of Superannuation Funds

27.1.2.1.5.

Taxation of Benefits Received from Superannuation Funds

27.1.2.1.6.

International Comparisons: A Brief Summary

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27.1.2.2.

27.1.2.2.1.

27.1.2.2.2.

The Second View

27.1.2.2.3.

Comparison of the Two Views.

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27.1.3.

III. Life Insurance

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27.1.3.1.

Background and Present Legislation

27.1.3.1.1.

Deductibility of Premiums

27.1.3.1.2.

Taxation of Life Insurance Companies

27.1.3.1.3.

The 30/20 Requirements

27.1.3.1.4.

Taxation of Policy Proceeds

27.1.3.1.5.

International Comparisons: A Brief Summary

27.1.3.2.

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28.

Chapter 22 Income Tax Administration

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28.1.1.

I. Legislative, Appeals and Prosecutions Aspects

28.1.1.1.

The Commissioner's Discretion

28.1.1.2.

Amendment of an Assessment

28.1.1.3.

Objections to an Assessment

28.1.1.4.

Powers and Procedures of a Board of Review

28.1.1.5.

Appellate Powers and Procedures

28.1.1.6.

Costs of Objections, Reviews and Appeals

28.1.1.7.

Interest upon Pre-paid Tax Liabilities

28.1.1.8.

Taxation Prosecution Procedures and Penalties

28.1.1.9.

Hardship Relief

28.1.1.10.

Public Interest in Taxation Legislation

28.1.1.11.

Independent Standing Committee

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28.1.2.

II. Procedures and Compliance

28.1.2.1.

Adjustment Sheets

28.1.2.2.

Supply of Information

28.1.2.3.

Non-taxable ‘Assessments’

28.1.2.4.

Taxpayer Compliance

28.1.2.5.

Registered Tax Agents

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28.1.3.

III. Payment of Tax

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28.1.3.1.

Tax Instalment Deduction System

28.1.3.1.1.

Excess Instalment Deductions

28.1.3.1.2.

Limited Effectiveness

28.1.3.1.3.

28.1.3.2.

Provisional Tax System

28.1.3.3.

Company Tax System

28.1.3.4.

Withholding Tax

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29.

Chapter 23 Capital Gains Tax

29.1.1.

I. The General Issue

29.1.2.

II. The Method of Taxing

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29.1.3.

III. Specific Issues

29.1.3.1.

Transitional Provisions

29.1.3.2.

Bunching and Spreading

29.1.3.3.

Determination of Amount of Gain

29.1.3.4.

Treatment of Companies

29.1.3.5.

Treatment of Trusts

29.1.3.6.

Treatment of Gifts

29.1.3.7.

Treatment of Unrealised Gains at Death

29.1.3.8.

Exemption on Retirement, Death or Disablement

29.1.3.9.

Treatment of Taxpayer's Principal Residence

29.1.3.10.

Exemption of Small Gains

29.1.3.11.

Exemption of Certain Assets

29.1.3.12.

Life Assurance Policies

29.1.3.13.

Superannuation Rights

29.1.3.14.

Depreciable Assets

29.1.3.15.

Intangible Assets

29.1.3.16.

Roll-over for Certain Assets

29.1.3.17.

Treatment of Losses

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29.1.4.

IV. The Distinction Between Capital and Income

29.1.4.1.

29.1.4.2.

29.1.4.3.

Replacement of Sections 26 (a) and 26AAA upon their Repeal

29.1.5.

V. Development Gains Tax

29.1.6.

Reservation to Chapter 23: Capital Gains Tax

31.

Reservation to Chapter 23: Capital Gains Tax

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32.

Chapter 24 Estate and Gift Duty

32.1.1.

1. The Form of a Death Tax

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32.1.2.

II. Proposed Reforms

32.1.2.1.

32.1.2.2.

Integration of Gift Duty with Estate Duty

32.1.2.3.

Deductions in Determining the Estate Duty Base

32.1.2.4.

32.1.2.5.

Concessions for Dependants

32.1.2.6.

Other Concessions

32.1.2.7.

Adjustments for Inflation

32.1.2.8.

Advance Provision for Payment of Tax

32.1.2.9.

Quick-succession Relief

32.1.2.10.

Fall in Value of Assets after Death

32.1.2.11.

Valuation of Assets

32.1.2.12.

Jurisdiction of Integrated Estate and Gift Duty

32.1.2.13.

Incidence of Integrated Estate and Gift Duty

32.1.2.14.

Assessment Procedures

32.1.2.15.

A National Estate and Gift Duty

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33.

Chapter 24: Appendix A: The Base of an Integrated Estate and Gift Duty

33.1.1.

I. Powers Over Property

33.1.2.

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33.1.3.

III. Settled Property

33.1.3.1.

33.1.3.2.

Estates for a Term of Years or for the Life of Another Person

33.1.3.3.

Discretionary Trusts

33.1.3.4.

Accumulating Income

33.1.3.5.

33.1.4.

33.1.5.

V. Gift of Services

33.1.6.

VI. Use of Property

33.1.7.

33.1.8.

VIII. Partnerships

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33.1.9.

33.1.9.1.

Transfer of Assets to a Company

33.1.9.2.

Power or Control in Relation to Companies

33.1.9.3.

Benefits from a Company

33.1.9.4.

Gifts in Transactions Involving Companies

33.1.9.5.

Definition of a ‘Family’ or ‘Closely Controlled’ Company

33.1.10.

X. Involuntary Gifts

33.1.11.

XI. Insurance and Superannuation

33.1.12.

XII. Joint Ownership

33.1.13.

XIII. Exempt Transactions

33.1.14.

XIV. Interrelation of Income Tax and Gift Tax

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34.

Chapter 24: Appendix B: Rate Structure

34.1.1.

I. Present Duties and Grossing-Up

34.1.2.

II. Illustration of a Scale of Integrated Duty

34.1.3.

III. Adjusting the Rate Scale

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34.1.4.

IV. Quick-Succession Relief

34.1.4.1.

34.1.4.2.

34.1.4.3.

35.

Chapter 24: Appendix C: Situs of Assets

36.

Reservation to Chapter 24: Estate and Gift Duty

37.

Reservation to Chapter 24: Estate and Gift Duty

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38.

Chapter 25 Charities

38.1.1.

I. Deductibility from Income of Gifts to Charities

38.1.2.

II. Income of Charities

38.1.3.

III. Charities in Relation to Gift and Estate Duties

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38.1.4.

IV. Issues of Principle

38.1.4.1.

Subsidy by Deduction

38.1.4.2.

Subsidy by Exemption of Income

38.1.5.

V. Uniformity of Tax Treatment

39.

Chapter 25: Appendix A: Extract from Income Tax Assessment Act

40.

Chapter 25: Appendix B: Extract from Estate Duty Assessment Act

41.

Chapter 25: Appendix C: Tax Treatment of Charities

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42.

Chapter 26 Wealth Tax

42.1.1.

I. Overseas Experience

42.1.2.

42.1.3.

III. Conclusion

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43.

Chapter 27 Taxation of Goods and Services

43.1.1.

I. Existing Taxes on Goods and Services

43.1.2.

II. Broad-Based Taxes

43.1.3.

III. Level of Vat and Transitional Problems

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44.

Chapter 27: Appendix A: Sales Tax as a Continuing Tax

44.1.1.

I. Tax Base and Rates of Tax

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44.1.2.

II. Structure and Administration of the Law

44.1.2.1.

Simplification of the Law

44.1.2.2.

Time for Lodgment of Returns

44.1.2.3.

Objections and Appeals

44.1.2.4.

Freight Charges

44.1.2.5.

Avoidance of Tax

45.

Chapter 28 Conclusion

Commonwealth of Australia: Taxation Review Committee

Persons, Organisations and Companies who made Submissions to the Committee

Studies Prepared for the Use of the Taxation Review Committee Which Their Authors Agree may be Published

Treasury Taxation Papers

Members of the Professional Staff who assisted the Committee for varying periods

Professional Firms, Universities and Organisations who made Professional Staff Available to the Committee

Members of the General Services Staff

Important Statutory Alterations to the Taxation Legislation Since the Taxation Review Committee Commenced its work

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International Aspects

7.33. In general, the bases of Australia's jurisdiction to tax income are residence of the taxpayer and source of the income. Foreign-source income of a non-resident is beyond that jurisdiction. International aspects are referred to in a number of chapters, more especially in Chapter 15 in relation to trusts and partnerships, Chapter 16 in relation to companies, and Chapter 17 where issues of general application are considered.

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