Interactive Revision · Chapter 1
Chapter 1: Foundations of Australian Taxation Law and the Income Tax Formula Click a square and type one letter. Select Check answers . Correct letters turn green with ✓; incorrect letters turn red with ✕. Change any red letter and check again. The answer key is on a separate page.
Across 4. Principle that gains are generally taxed on a recognised event rather than unrealised appreciation.7. Collection system involving withholding or instalments.10. A credit that reduces tax payable rather than taxable income.12. Non-cash exchange requiring money-value analysis.13. Assessable income less deductions under s 4-15.15. An amount subtracted from assessable income under a deduction-conferral provision.16. A statutory loss calculated under Division 36.17. Consumption tax component that must not be double-counted as income where excluded.18. A compulsory exaction by public authority for public purposes.19. Tax-system criterion concerned with fairness.Down 1. Rate structure in which the average rate rises as income rises.2. Amount collected in advance and credited against final liability.3. Non-assessable non-exempt income.5. The statutory sequence used to calculate taxable income and tax payable.6. Income included by a specific provision under s 6-10.8. Income must generally be derived for the taxpayer’s own benefit.9. Separate levy considered after taxable income is established.10. Income according to ordinary concepts under s 6-5.11. Income made exempt by statute.14. Income brought into the statutory tax base.Taxation Law in Australia • Interactive Revision • JUNIQ