Income Tax Assessment Act 1997

This Act is about income tax and its related matters. Acted by the Parliament of Australia. This Act commenced on the 1 July 1997. This Act accurately identifies the provisions relevant to income tax law, such as the Core Provisions, General Provisions, Specialist Groupings, and Administration Dictionary Terms and Concepts. The numbering system of the Act represents the Chapter and then the section, for instance, 2-30.

Annual Income Tax

3-5(1) Income tax is payable for each year by each individual and company, and by some other entities. 

3-5(2) Most entities have to pay installments of income tax before the income tax they actually have to pay can be worked out.

The Act also answers such questions as:

Schedule 1, Taxation Administration Act 1953, What installments of income tax do you have to pay? When do you have to pay your installments of income tax?

4-1 How do you work out how much income tax you must pay?

4-15 What happens if your income tax is more than the installments you have paid? When and how must you pay the rest?

3-10(1) Your other obligations as a taxpayer

A. To keep records and provide information as required by:

-The Income Tax Assessment Act 1936; and

-Division 900 (which sets out substantiation rules) of this Act; and

B. To lodge income tax returns as required by:

-The Income Tax Assessment Act 1936.

Tax File Numbers

3-10(2) Under Part VA of the Income Tax Assessment Act 1936, a tax file number (TFN) can be issued to you. You are not obligated to apply for a TFN, however, if you do not quote one in certain situations:

-You may become liable for installments of income tax that would not otherwise have been payable;

-The amount of your instalments of income tax may be increased.

3-15 Your main obligations under the income tax law, other than as a taxpayer are:

-In certain situations, to deduct from the money you owe to another person, and to remit to the Commissioner, installments of income tax payable by that person. 

Reference List

Income Tax Assessment Act 1997

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