Tax accounting exists to allocate income and expenses to specific income years. The rules that determine this process of allocation are found, to some extent, in specific legislative provisions. But often the rules have developed as a result of judicial interpretation of legislative provisions. This is particularly true in the interpretation of two keywords that figure in the tax accounting legislation:

Required:

i. Elaborate on the meaning of the two keywords described in the tax legislation with appropriate cases according to ITAA97.

ii. Discuss with example the concept of Constructive Receipt according to the legislation of income under tax accounting of ITAA97

iii. Discuss with example the concept of Receipt of Cheque according to the legislation of income under tax accounting of ITAA97