Question

1. What are there two income tax assessment Acts and how do they interact? 2. What is the difference between a loss and an outgoing? 3. What tests have the courts used to ascertain whether or not there is asufficient nexus between a loss or outgoing and the positive limbs of s 8-1? 4. What is the role of s25-35 ITAA97? 5. Discuss the role of s 70-35 ITAA97 and its relationship with s 6-5 and s 8-1ITAA97. 6. What factors do courts take into account in determining whether a person is ashare trader? 7. What types of expenses and taxpayers do the substantiation rules in DIV 900IRAA97 apply to? What kinds of records satisfy the substantiation rules? 8. Discuss the concessionary capital allowance rules that apply to SBEs under Subdivision 328-D ITAA97? 9. What is the objective of the imputation system? How does it achieve thisobjective? 10. How are capital gains and losses relating to a partnership assets dealt with?

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