Source: Australian Tax Forum Journal Article
Published Date: 1 Jan 2004
Even the Inland Revenue seems ready to accept that accounting practice can give a 'true and fair view' of taxable profit; in August 2002 they issued a consultative document suggesting the full adoption of accounting principles, even to the extent of depreciation.
This article charts this process, by examination of the leading cases and legislative provisions, but also looks for a reason behind the change. The changing method of calculating taxable profit has been paralleled, and arguably driven, by a changing public attitude to the very purpose of taxation.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.