Deductions and illegal income
Resource Information
The work Deductions and illegal income represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
The Resource
Deductions and illegal income
Resource Information
The work Deductions and illegal income represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
- Label
- Deductions and illegal income
- 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 It is argued that s 26-54 was misconceived and should be repealed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),
- Language note
- English
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<div class="citation" vocab="http://schema.org/"><i class="fa fa-external-link-square fa-fw"></i> Data from <span resource="http://link.library.ibfd.org/resource/23uv9yw12mc/" typeof="CreativeWork http://bibfra.me/vocab/lite/Work"><span property="name http://bibfra.me/vocab/lite/label"><a href="http://link.library.ibfd.org/resource/23uv9yw12mc/">Deductions and illegal income</a></span> - <span property="potentialAction" typeOf="OrganizeAction"><span property="agent" typeof="LibrarySystem http://library.link/vocab/LibrarySystem" resource="http://link.library.ibfd.org/"><span property="name http://bibfra.me/vocab/lite/label"><a property="url" href="http://link.library.ibfd.org/">International Bureau of Fiscal Documentation</a></span></span></span></span></div>
