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Income from Services (Essential readings (ITAA97 (6-5: Ordinary Income…
Income from Services
Essential readings
ITAA97
6-5: Ordinary Income
- Ordinary concepts
- Australian resident => all sources
- Foreign resident => all OZ sources
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6-10: Statutory Income
- Amount is not ordinary income but is included in assessable income by provisions about assessable income (ss10-5)
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FBT Act
- Salary and wages are excluded from the definition of fringe benefit.
- FBTAA s 136:
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The Nexus Required
- Services can be provided by an independent contractor as well as by employee
- Under the nexus requirement, a 'but for' test is NOT apply. The receipt is the product of the service.
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- What types of services fall within section 6-5?
- What is the nature of the nexus between the services and the receipt that will lead to characterization of the receipt as ordinary income?