Reference no: EM132365054 , Length: word count:2000
Taxation for Accounting Studies Assignment - Essay
REQUIRED: A satisfactory definition of "income" remains elusive, if indeed it could be regarded as achievable at all. As Hannan and Fansworth observed:
"The word "income" is of such illusive import that it cannot be defined in precise terms which would adequately meet legislative requirements. Why its meaning is not to be found in any income tax statute is explained by the many shapes which income may assume, and the illimitable variety of circumstances in which it may be derived."
Write an essay in which you discuss your opinion of the above statement. Your essay should have discussion on the concept of income for income tax purposes and the income/capital distinction. Support your discussion with references to the Income Tax Act 2007, relevant cases, and journal articles.
The essay should be referenced using the New Zealand Law Style Guide (NZLSG). Do NOT use APA style referencing.
Essay needs to be written from a third person perspective.
NOTES - There is no fixed definition of income in ITA 2007 because income can assume many shapes. Income can be derived from many circumstances.
Discuss each category of income which brings its own quarrelsome. Categories that you are required to discuss (discuss each separately):
- The concept of income
- Income/Capital distinction
- Source and Residence - individuals and companies
- Income From Business
- Income from Property
- Income of Individuals
Please have different sections for each of the above category supported with:
1. New Zealand Income Tax Act 2007 - you must refer to New Zealand Income Tax Act 2007 at all times
2. Relevant cases - refer to lecture notes for examples of those cases and then refer to Tax Act 2007 for details of those cases
3. Journal articles - please ensure that journal articles are relevant and reliable (please refer to
Remember you are discussing each category and its own quarrelsome which makes it difficult to define income as per Hannan and Fansworth's observation.
Attachment:- Taxation for Accounting Studies Assignment Files.rar
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