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10cp Taxation Law
There
are two reasons for business students to learn about taxation. First,
business is subject to tax, and to function in the business environment
it is useful to know some basic principles of taxation law. Second, one
of the major fields of accounting and financial practice is taxation law.
More broadly speaking, taxation is the price we pay for non-marketable
goods (public goods) and some marketable goods as well. This poses further
questions regarding the basis of taxation. Should it, for example, be
fair? Efficient? A combination of these? Against this background we examine
taxation imposed by statute, the Income Tax Assessment Act 1997 and the
Income Tax Assessment Act 1936. We see how these Acts evade one of the
major questions - what should be appropriate and allowable deductions
from assessable income. |