The book begins with the concept of the individual employee as a taxpayer. It is anticipated that this represents the most likely first exposure students may have to tax. Here we also cover the limited deductions available to employees.
The next few chapters expand the scope of sources of income to include the operating of a business and the earning of investment income with their associated tax implications. This also creates the opportunity to make the transition to companies as taxpayers. At this stage we introduce the concepts of exempt income and specific deductions.
Once the major taxpayers and their sources of income have been established, we begin to explore capital allowances and capital gains tax. These concepts are sufficiently demanding to require their own chapters, although, once again, the focus is on developing a basic understanding of the core principles. The book concludes with chapters on specific topics appropriate in a foundational tax course.
This book has been based on taxpayers with 2022 years of assessment. Amendments pertaining to 2023 years of assessment are therefore not fully considered in this edition.