The Resource Deductions and illegal income

Deductions and illegal income

Label
Deductions and illegal income
Title
Deductions and illegal income
Creator
Subject
Language
eng
Summary
Traditionally, treasuries and the courts have not distinguished between legal and illegal businesses in the collection of taxes. Thus, deductions for the expenses of illegal businesses were allowed, a recent example being the monies stolen from a drug dealer in La Rosa v FCT. Following a public outcry, the government added s 26-54 to the Income Tax Assessment Act 1997 (Cth) to disallow the deductions of illegal businesses. This action was taken without regard to other relevant legislation such as the Proceeds of Crime Acts. It is argued that s 26-54 was misconceived and should be repealed
Citation source
In: Australian tax review. - Pyrmont. - Vol. 37 (2008),
http://library.link/vocab/creatorName
Burgess, P
Language note
English
http://library.link/vocab/subjectName
  • deductions
  • illegal activity
  • case law
Label
Deductions and illegal income
Publication

Library Locations

    • IBFD Library AmsterdamBorrow it
      Rietlandpark 301, Amsterdam, 1019 DW, NL
      52.37366609999999 4.9336932
Processing Feedback ...