Under the law, this is where the individual is officially receiving the funds (even though they have not physically taken possession of the money). (Taxation Determination 2010) (ANZ Banking Group v FC of T. 94, 2011) Evidence of this can be seen with the court saying, "The Full Federal Court considered that the Accident Compensation Act 1985 (Vic) creates a presently existing liability to make payments in the future from the moment an employee suffers an injury at work. Such a liability, though perhaps ultimately defeasible, is still a liability 'incurred' within the meaning of section 8-1 of the Income Tax Assessment Act 1997 ('ITAA 1997') (formerly section 51(1) of the Income Tax Assessment Act 1936 ('the ITAA'). Accordingly, the Court held that a deduction is allowable in the year in which the liability arises notwithstanding that the actual payments are not made until a later year. The Court also held that the provisions for such deductions should be bona fide, capable of reasonable estimation and acceptable to the company's auditors to enable certification as a true and fair view of the company's accounts. In view of the decision of the Court (as it applies to workers' compensation claims) the Commissioner will allow similar claims by self-insurers for workers' compensation liabilities under section 8-1 of the ITAA 1997 in the following circumstances: (a) where employers are entitled to self-insure under their relevant workers' compensation / workcare legislation; and (b) the relevant workers' compensation / workcare legislation operates so as to fix the...
If they received it when the calendar year is changing, it will apply to the previous year (even though the other party may not physically have the money until the next year). (Taxation Determination 2010) (ANZ Banking Group v FC of T. 94, 2011)
This provision is based on the rationale that general damages do not represent financial loss to the injured person. A number of changes have also been made to the law in respect to assessment of damages for past and future economic loss. 4. The maximum amount of damages for economic loss due to loss of earnings or the deprivation or impairment of earning capacity is fixed at a rate of
Given the scarcity of lever machines on the market and the unique nature of the niche market, price elasticity of demand is expected to be low. There may not be many prospective consumers, but those who want this product will be keen and are unlikely to be strongly price sensitive. The best price would therefore be at the high end of the range, $1,200. This means that the selling
Company Law once a public company is incorporated all duties of the promoter and potential liabilities end, including any regarding a pre-registration contract as per s 131 Corporations Act 2001. Discuss the truth of this statement It is essential to define the term in discussion and its relation to the subject at hand. Who is this promoter? The promoter is not fixed into a definition within the Corporations Act nor within the
Limitations of the Research or Gaps A Critical Analysis of the Business Judgement Rule under the Australian Corporation Law There have been many large businesses which have collapsed unexpectedly to cause irreparable damage to the investors worldwide in recent years. The most recent and larger cases are those of the fall of the mighty U.S.-based Enron International and the Australian firm, HIH Insurance. These cases shook the faith of the stakeholders
Any business that pursues making a profit at the expense of the society in which it operates will find its success to be nothing more than temporary (Chapter 1: Corporate Social Responsibility and Business Sustainability, n.d.). The idea of Corporate Social Responsibility (CSR) is generally understood to imply that corporations have an amount of responsibility not only for the economic consequences of their activities, but also for the social and
Researchers have an occasion to further organizational science and to make research practical by producing information that can impact changing organizational forms and circumstances. Pragmatically, academic researchers are not likely to get access to a company that is going through change unless the practitioners believe the research will be helpful (Gibson & Mohrman, 2001). There have been a number of calls to augment the significance and effectiveness of organizational science
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