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Looking at the INCOME TAX ASSESSMENT ACT legally it doesn't seem to apply to "natural persons".
From initial research “Australian resident” and "resident" as defined within the ACT would only apply to companies, and would not mean “natural persons” or “individuals”. If one follows the definitions in SECT 995.1, it defines “Australian resident” as a “person”, then defines a “person” as a “company”.
Simply stated: An “Australian resident” is a “person” which is a “company”. And does not mean a “natural person” or an “individual”.
Keeping in mind that legal definitions don't always correspond to ordinary English, dictionary terms, or even similar legal terms. But rather, definitions within the ACT supersede all external ones.
Following the legal definitions provided within the ACT. It would appear that section 6.5 defining ordinary income (article 2 & 3) does not extend to “natural persons”, or “individuals”. Rather it seems to only apply to companies. Therefore “individuals” or “natural persons” under the ACT couldn't have any “assessable ordinary income”.
SECT 6.5 of the INCOME TAX ASSESSMENT ACT 1997
Income according to ordinary concepts (ordinary income)
(2) If you are an Australian resident, your assessable income includes the * ordinary income you * derived directly or indirectly from all sources, whether in or out of Australia, during the income year.
Definition of “Australian resident”
"Australian resident" means a person who is a resident of Australia for the purposes of the Income Tax Assessment Act 1936 .
Definition of “person”
"person" includes a company.
Note: Legally “Inclusio unius est exclusio alterin” holds that “to express or include one thing implies the exclusion of another, or of the alternative”. In layman's terms, this means that “person” includes a company to the exclusion of all others (i.e. only a company, and not anything else). Legally it would need to state: "includes but not limited to a company" to extend to other entities.
For more research please see:
http://www.youtube.com/watch?v=uVr5-UM2m1k
http://youtube.com/watch?v=oUs2MW6a9aQ
http://www.austlii.edu.au/au/l...../s6.5.html
Everyone should be aware of these laws.
November 30, 2007 3:34 AMFrom initial research “Australian resident” and "resident" as defined within the ACT would only apply to companies, and would not mean “natural persons” or “individuals”. If one follows the definitions in SECT 995.1, it defines “Australian resident” as a “person”, then defines a “person” as a “company”.
Simply stated: An “Australian resident” is a “person” which is a “company”. And does not mean a “natural person” or an “individual”.
Keeping in mind that legal definitions don't always correspond to ordinary English, dictionary terms, or even similar legal terms. But rather, definitions within the ACT supersede all external ones.
Following the legal definitions provided within the ACT. It would appear that section 6.5 defining ordinary income (article 2 & 3) does not extend to “natural persons”, or “individuals”. Rather it seems to only apply to companies. Therefore “individuals” or “natural persons” under the ACT couldn't have any “assessable ordinary income”.
SECT 6.5 of the INCOME TAX ASSESSMENT ACT 1997
Income according to ordinary concepts (ordinary income)
(2) If you are an Australian resident, your assessable income includes the * ordinary income you * derived directly or indirectly from all sources, whether in or out of Australia, during the income year.
Definition of “Australian resident”
"Australian resident" means a person who is a resident of Australia for the purposes of the Income Tax Assessment Act 1936 .
Definition of “person”
"person" includes a company.
Note: Legally “Inclusio unius est exclusio alterin” holds that “to express or include one thing implies the exclusion of another, or of the alternative”. In layman's terms, this means that “person” includes a company to the exclusion of all others (i.e. only a company, and not anything else). Legally it would need to state: "includes but not limited to a company" to extend to other entities.
For more research please see:
http://www.youtube.com/watch?v=uVr5-UM2m1k
http://youtube.com/watch?v=oUs2MW6a9aQ
http://www.austlii.edu.au/au/l...../s6.5.html
Everyone should be aware of these laws.
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