Tutor Quora

BFA714 Australian Tax Law

Academic Anxiety?

Get an original paper within hours and nail the task

156 experts online

Free Samples

BFA714 Australian Tax Law

.cms-body-content table{width:100%!important;} #subhidecontent{ position: relative;
overflow-x: auto;
width: 100%;}

BFA714 Australian Tax Law

0 Download3 Pages / 572 Words

Course Code: BFA714
University: University Of Tasmania

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Discuss about the Regulations of Income Tax Assessment Act.

As per the regulations of Australian Taxation Office, assessable income includes ordinary income, income from profession or business, income from other sources as well as income from personal services. According to the regulations of Income Tax Assessment Act 1997, income from personal service is referred to as income from personal exertion, which is earned by the individuals out of personal skills and efforts. Further, in case the income received from business or profession incorporates income received more than 50% out of expertise then such income is referred as income from personal exertion.  
In the present case, Hilary is a famous mountain climber who wrote her life story without any assistance and received $10,000 as copyright. It has been mentioned that Hilary never wrote a story before therefore assigned all the rights and interest in the copyright for story writing. Further, Hilary received income amounted to $5,000 from the sale of manuscript and amount $2000 from the sale of various pictures that she clicked while mountain climbing.
Considering the explanations provided under Australian Taxation Law on ordinary income as well as income from personal exertion, it could be noted that the profession of Hilary has been a mountaineer but the income received was from her personal skills. Hilary wrote the story for the first time and received payment after it was published, hence income earned from story writing is considered to be income from personal exertion. In addition, income from sale of manuscripts and sale of mountain climbing pictures will be considered as income from personal exertion since Hilary has received the income out of her expertise.
Further, it can be said that any receipt of income cannot be considered as an ordinary income under the regulations of Australian Taxation Office since; ordinary income constitutes income from business and profession. If any income received for individual’s skills and expertise then such income is assessed as income from personal services as per the rules of Australian Taxation System. In addition, ordinary income should include the pre- requisite of providing real gain to the assessee while income from personal exertion may not incorporate the requisite of real gain to the individual. Accordingly, in the present situation, Hilary received income from writing a book based on the mountain climbing that assigns all her rights and interest as the book has been written personally. In addition, income received for sale of manuscripts and pictures also considered as personal instead of income from profession because sale of manuscripts or pictures was not a regular activity. Therefore, all the three incomes received by Hilary are income from personal exertion and not as an ordinary income.
Reference List
Ato.gov.au (2017) Home Page https://www.ato.gov.au
Austlii.edu.au (2017) Australasian Legal Information Institute (Austlii) https://www.austlii.edu.au
Benczúr, P., Kátay, G., Kiss, Á. and Rácz, O.M. Income taxation, transfers and labour supply at the extensive margin (2014).
Bird, R.M. and Zolt, E.M. Redistribution via taxation: the limited role of the personal income tax in developing countries. Annals of Economics and Finance, (2014) 15(2), pp.625-683.
Chirelstein, M. and Zelenak, L. Federal Income Taxation, 13th (Concepts and Insights Series) (2015). West Academic.
Dafermos, Y. and Papatheodorou, C. Linking functional with personal income distribution: a stock-flow consistent approach. International Review of Applied Economics, (2015) 29(6), pp.787-815.

Free Membership to World’s Largest Sample Bank

To View this & another 50000+ free samples. Please put
your valid email id.


Yes, alert me for offers and important updates


Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

UploadUnique Document

DocumentUnder Evaluation

Get Moneyinto Your Wallet

Total 3 pages


*The content must not be available online or in our existing Database to qualify as

Cite This Work
To export a reference to this article please select a referencing stye below:


My Assignment Help. (2018). Australian Tax Law. Retrieved from https://myassignmenthelp.com/free-samples/regulations-of-income-tax-assessment-act.

“Australian Tax Law.” My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/regulations-of-income-tax-assessment-act.

My Assignment Help (2018) Australian Tax Law [Online]. Available from: https://myassignmenthelp.com/free-samples/regulations-of-income-tax-assessment-act[Accessed 19 December 2021].

My Assignment Help. ‘Australian Tax Law’ (My Assignment Help, 2018) accessed 19 December 2021.

My Assignment Help. Australian Tax Law [Internet]. My Assignment Help. 2018 [cited 19 December 2021]. Available from: https://myassignmenthelp.com/free-samples/regulations-of-income-tax-assessment-act.

.close{position: absolute;right: 5px;z-index: 999;opacity: 1;color: #ff8b00;}


Thank you for your interest
The respective sample has been mail to your register email id


$20 Credited
successfully in your wallet.
* $5 to be used on order value more than $50. Valid for
only 1

Account created successfully!
We have sent login details on your registered email.



For years, MyAssignmenthelp.com has been operating as one of the cheap assignment help providers in the USA. We are one of the best college paper writing services that keep service price minimal. We do not let the affordability of our service to hamper the standard of our work. We have separate teams of experts to provide report writing help . At MyAssigenmnthelp.com, we believe in earning credibility, so students can pay for assignments only after getting satisfied solutions. Tough assignments bother you? Trust us with your project. You will not regret paying us to write assignments for you.

Latest Business Law Samples

div#loaddata .card img {max-width: 100%;

BU1112 Business Law
Download :
0 | Pages :

Course Code: BU1112
University: James Cook University

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Part A
Whether Stella is considered as an employee of PRX?
The main difference between employee and independent contractor is stated below:
Employee entered into contract of service, but contractor entered into contract for services.
Employer exercise control over the employee but no control was exercised by employer on contractor. It is considered as traditional test which was developed in Zuijs v Wirth Bros(Zuijs…
Australia South Lake Management health finance management  University of New South Wales 

BSBWHS605 Develop Implement And Maintain WHS Management Systems
Download :
0 | Pages :

Course Code: BSBWHS605
University: Swinburne University Of Technology

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

Work Health and Safety Management System (WHSMS) is a collection of plans, tools, activities and processes. List 3 of these plans, tools, activities or processes and explain what they are,
The means, nitty gritty beneath, can be utilized whether the arranging procedure is straightforward or complex. They are:
Evaluating the current word related to wellbeing and security status including the ‘administration framework’ Lussier, R. N…
Australia Brisbane Management Work Health and Safety Management System (WHSMS University of Brisbane MBA 

BUSN331 Business Law
Download :
0 | Pages :

Course Code: BUSN331
University: Centennial College

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Canada

In Alberta, the Residential Tenancies Act applies to all the people in this jurisdiction, who rent their space out (Alberta Queen’s Printer, 2016). Through this act, the rights and responsibilities of the landlords and tenants are brought forward (Landlord and Tenant, 2015).
Question 1
Before a tenant can move in the rented accommodation, the tenant and the landlord have to reach an agreement, with regards to the…
Australia Edmonton Humanities Management University of New South Wales Masters in Business Administration 

LA1040 Contract Law
Download :
0 | Pages :

Course Code: LA1040
University: University Of London

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: United Kingdom

A contract is an agreement between the parties which is enforceable legally in the courts. There are several provisions of law which governs how the terms related to the contract would operate. A contract consists of a set of provisions which are known as contractual terms. The weightage of such terms are not equal as one term may have a more significant consequence as compared to the other in relation to their brea…
United Kingdom London Economics Management University of London 

TLAW202 Corporations Law
Download :
0 | Pages :

Course Code: TLAW202
University: Top Education Institute

MyAssignmentHelp.com is not sponsored or endorsed by this college or university

Country: Australia

If any person wants to carry out his business in the form of a company, then, it is necessary that the registration or incorporation requirements of such country must be met. In Australia, the Corporation Act 2001 and the guidelines laid down by ASIC provides with the steps that must be accomplish in order to establish a corporate entity.  (Malbon & Bishop, 2006).
A company is of great significance as it is treated as a …


Need an essay written specifically to meet your requirements?

Choose skilled experts on your subject and get an original paper within your deadline

156 experts online

Your time is important. Let us write you an essay from scratch

Tips and Tricks from our Blog

11174 Introduction To Management

Free Samples 11174 Introduction To Management .cms-body-content table{width:100%!important;} #subhidecontent{ position: relative; overflow-x: auto; width: 100%;} 11174 Introduction

Read More »