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In FC of T v Whitfords Beach Pty Ltd 82 ATC 4031 and in FC of T v The Myer Emporium Ltd 87 ATC 4363, a ‘net profit’ was brought to account as income under ITAA97 s 6-5(1). Is this consistent with s 6-

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QUESTION 1: In FC of T v Whitfords Beach Pty Ltd 82 ATC 4031 and in FC of T v The Myer Emporium Ltd 87 ATC 4363, a ‘net profit’ was brought to account as income under ITAA97 s 6-5(1). Is this consistent with s 6-5(1) which requires a taxpayer to bring ‘ordinary income’ to account as income? QUESTION 2: Farmer Giles fed grain, purchased from the Fowl Supply Co Ltd in November 2014 to his fowls, as a result of which most of his fowls died. He lost profits on egg sales from 2014-2016 amounting to $250,000, had a 3 year contract to supply eggs to a large supermarke...

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QUESTION 1: In FC of T v Whitfords Beach Pty Ltd 82 ATC 4031 and in FC of T v The Myer Emporium Ltd 87 ATC 4363, a ‘net profit’ was brought to account as income under ITAA97 s 6-5(1). Is this consistent with s 6-5(1) which requires a taxpayer to bring ‘ordinary income’ to account as income? QUESTION 2: Farmer Giles fed grain, purchased from the Fowl Supply Co Ltd in November 2014 to his fowls, as a result of which most of his fowls died. He lost profits on egg sales from 2014-2016 amounting to $250,000, had a 3 year contract to supply eggs to a large supermarket chain from 2015- 2018 cancelled (from which he expected to earn $100,000 a year profit), and had his reputation as a reliable producer destroyed so that the goodwill of his business dropped considerably, with the result that a prospective purchaser who was prepared to pay $1,500,000 to acquire his business, withdrew the offer. He brought an action in damages in February 2016 against the Fowl Supply Co Ltd claiming lost profits (past and future), costs of replacing the dead fowls of $205,000, and damages of $350,000 for loss of reputation. How would his receipts be taxed if he was awarded either all of the above by separate awards for each item or an undifferentiated lump sum in settlement of the whole claim?

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Statutory requirements;

Every Country has its own tax system, and tax on various incomes are charged, based on residential states of the tax payers, further the rate of tax and the consequence for tax will be very, based on residential states of tax payers, the incomes of the tax payers is categories based on the source of incomes. The main sources of incomes are incomes

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