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  • Taxation and Income Statutory Income

    16735 Words  | 67 Pages

    Assessable income=ordinary income + statutory income. Ordinary income: income deriving from the courts (s6-5) Negative propositions: items that are not income by ordinary concepts: 1.Amounts not convertible into money :In Tennant v Smith (1892) free accommodation provided to a bank manager was held not to be ordinary income because building could not be sub-let and the benefit thereby converted to money. In FCT v Cooke & Sherden (1980) an incentive prize offered by a manufacturer was not income of the

  • Income Smoothing

    3036 Words  | 13 Pages

    Introduction The income smoothing literature has been the centre of attention in the accounting world for the past few decades. When companies experience economic turbulence due to a poor performance year, they turn to the accounting management department to resolve the bottom line. A strategy that managers can approach is changing the true information content of the company. As a result this has led managers to resort to smoothing their income. Many questions have been raised whether or not it

  • Income Inequality And Poverty

    989 Words  | 4 Pages

    “Income inequality has no necessary connection with poverty, the lack of material resources for a decent life, such as adequate food, shelter, and clothing. A society with great income inequality may have no poor people, and a society with no income inequality may have nothing but poor people” - Robert Higgs. When people think of income inequality they picture poverty and people not having basic necessities. However income inequality is not just a connection to the poor. Income inequality is strongly

  • Sustainable Income and Net Income

    1139 Words  | 5 Pages

    Lupita Mora-Rubio Chapter 13 Questions September 10, 2012 #1 Sustainable income (SI): When companies look at present year net income to estimate future cash flows it must make sure it does not include “irregular items.” Irregular items can be losses, gains, revenues, or expenses. Net income (NI) adjusted for irregular item is SI. SI is the most likely level of income to be obtained in the future for the company. SI is different than NI as it does not include the irregular items in the actual

  • Diversity Of Income : An Organization

    1644 Words  | 7 Pages

    Diversity of income: it has been revealed that continued reliance on charity, though sufficient, has limited the work that the center is able to do. By transforming the center into a profitable business where charity income becomes another option rather than the only option, the center can be able to dictate its day to day operations much better. This means transforming the culture of the center, so that focus is on limiting costs while at the same time increasing quality in order to generate higher

  • Income Gap in Canada

    949 Words  | 4 Pages

    Question One: It is often said that in Canada, “The rich are getting richer and the poor are getting poorer.” Respond. Be certain to differentiate between income and wealth. How has the occupy movement contributed to this debate? Inequality in Canada is a growing problem. As income rises for the rich and remains the same for the poor, a gap is forming between Canada’s highest and lowest earners. This gap has sparked outrage by some, resulting in the Occupy Movement, and apathy in others. However

  • The Importance Of Income Inequality

    1309 Words  | 6 Pages

    Adrian Balinao Dr. Tym ENGL-101-E Essay #3 November 29, 2017 Income Inequality Former President Barack Obama has called economic inequality “the defining challenge of our time.” He states, “The combined trends of increased inequality and decreasing mobility posed a fundamental threat to the American Dream, our way of life, and what we stand for around the globe.” Yet, income inequality is a topic of conversation most Americans avoid. People in the United States, researchers have found, vastly underestimate

  • Income Tax Is The Most Significant Source Of Income

    1833 Words  | 8 Pages

    Income tax is the most significant source of income in Australia and is imposed at the federal level. It is levied from three sources of the individuals: business income, capital gain and personal income. The taxable income of an individual is assessed in calculated in an abroad sense after applying allowable deductions against it. The report consists law relating to taxation applicability on funeral income and trading stock. The applicable law has been explained and the relevant sections and case

  • Income Inequality And The Distribution Of Wealth And Income

    1705 Words  | 7 Pages

    Income Inequality Income inequality is the extent to which income is distributed unevenly in a country, it measures by what extent is the distribution of income within a country deviating from perfect equality. It is an important measure to determine the fairness in a country and the social outcome in a country such as the level of corruption, crime rate and poverty. Countries make use of the Lorenz curve to help show the graphical representation of the distribution of wealth and income. “Income

  • Income Tax

    1679 Words  | 7 Pages

    | |IAS 12 INCOME TAXES | |HISTORY OF IAS 12 | |April 1978 |Exposure Draft E13 Accounting for Taxes on Income | |July 1979 |IAS 12 Accounting for Taxes on Income