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Income Tax Assessment Act 1997
The ''Income Tax Assessment Act 1997'' (Cth) is an Act of the Parliament of Australia introduced by the Howard government. The Act is one of a few statutes used in Australia to calculate income tax assessments. The Act was passed in an attempt to provide a rewritten income tax assessment statute, as the Income Tax Assessment Act 1936 was considered outdated. New matters relating to Australian income tax law are generally added to the Act, rather than the old 1936 Act. Background The Act Issues addressed by the act include: * Deductions for expenses incurred earning assessed income - s8(1) * Deductions for management of tax affairs - s25(5) * The definition of 'trading stock', including shares - s70(10) * The capital gains tax * A ban on deductions for expenses relating to illegally earned income - s26(54) Legacy See also * Taxation in Australia * Income tax in Australia * ''Commissioner of Taxation v La Rosa'' References * External links Income Tax Assessm ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of Australia
The Parliament of Australia (officially the Federal Parliament, also called the Commonwealth Parliament) is the legislature, legislative branch of the government of Australia. It consists of three elements: the monarch (represented by the Governor-General of Australia, governor-general), the Australian Senate, Senate and the Australian House of Representatives, House of Representatives.Constitution of Australia, Section 1 of the Constitution of Australia, section 1. The combination of two elected chambers, in which the members of the Senate represent the States and territories of Australia, states and territories while the members of the House represent electoral divisions according to population, is modelled on the United States Congress. Through both chambers, however, there is a Fusion of powers, fused executive, drawn from the Westminster system.. The upper house, the Senate, consists of 76 members: twelve for each state, and two each for the territories, Northern Terr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
States And Territories Of Australia
The states and territories are federated administrative divisions in Australia, ruled by regional governments that constitute the second level of governance between the federal government and local governments. States are self-governing polities with incomplete sovereignty (having ceded some sovereign rights to federation) and have their own constitutions, legislatures, departments, and certain civil authorities (e.g. judiciary and law enforcement) that administer and deliver most public policies and programs. Territories can be autonomous and administer local policies and programs much like the states in practice, but are still constitutionally and financially subordinate to the federal government and thus have no true sovereignty. The Federation of Australia constitutionally consists of six federated states (New South Wales, Queensland, South Australia, Tasmania, Victoria, and Western Australia) and ten federal territories,Section 2B, Acts Interpretation Act 1901 out of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Act Of Parliament
Acts of Parliament, sometimes referred to as primary legislation, are texts of law passed by the Legislature, legislative body of a jurisdiction (often a parliament or council). In most countries with a parliamentary system of government, acts of parliament begin as a Bill (law), bill, which the legislature votes on. Depending on the structure of government, this text may then be subject to assent or approval from the Executive (government), executive branch. Bills A draft act of parliament is known as a Bill (proposed law), bill. In other words, a bill is a proposed law that needs to be discussed in the parliament before it can become a law. In territories with a Westminster system, most bills that have any possibility of becoming law are introduced into parliament by the government. This will usually happen following the publication of a "white paper", setting out the issues and the way in which the proposed new law is intended to deal with them. A bill may also be introduced in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdicti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax Assessment Act 1936
The ''Income Tax Assessment Act 1936'' (Cth) is an Act of the Parliament of Australia. It is one of the main statutes under which income tax is calculated. The Act is gradually being rewritten into the Income Tax Assessment Act 1997, and new matters are generally now added to the 1997 Act. The reason for rewriting the act is that amendments over the years have made it thousands of pages long, and very complex. Amendments have also created subsection upon subsection. The Act Section 260 Section 260 was the initial general anti-avoidance provision in the act, present from its inception in 1936 and operative until 27 May 1981. The section held any contract # ''altering the incidence of any income tax;'' # ''relieving any person from liability to pay any income tax or make any return;'' # ''defeating, evading, or avoiding any duty or liability imposed on any person by this Act; or'' # ''preventing the operation of this Act in any respect;'' :''to be void as against the Commi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Gains Tax
A capital gains tax (CGT) is the tax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale of stocks, Bond (finance), bonds, precious metals, real estate, and property. Not all countries impose a capital gains tax and most have different rates of taxation for individuals versus corporations. Countries that do not impose a capital gains tax include Bahrain, Barbados, Belize, Cayman Islands, Isle of Man, Jamaica, New Zealand, Sri Lanka, Singapore, and others. In some countries, such as New Zealand and Singapore, professional traders and those who trade frequently are taxed on such profits as a business income. In Sweden, the Investment Savings Account (ISK – ''Investeringssparkonto'') was introduced in 2012 in response to a decision by Parliament to stimulate saving in funds and equities. There is no tax on capital gains in ISKs; instead, the saver pays an annual standard low rate of tax. Fund savers nowadays mainly ch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Department Of The Treasury (Australia)
The Treasury, fully Department of the Treasury, is the Australian Government ministerial department responsible for economic policy, fiscal policy, market regulation, and the Australian federal budget. The Treasury is one of only two government departments that have existed continuously since Federation in 1901, the other being the Attorney-General's Department. The most senior public servant in the Treasury is the department secretary, currently Steven Kennedy who was appointed in September 2019. Ministerial responsibility for the department lies with the Treasurer, currently Jim Chalmers who took office in the Albanese government in May 2022. History The Australian Treasury was established in Melbourne in January 1901, after the federation of the six Australian colonies. In 1910, the federal government passed the ''Australian Notes Act 1910'' which gave control over the issue of Australian bank notes to The Treasury and prohibited the circulation of state notes and withdr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Australia
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office. Australian GST revenue is collected by the Federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission. Australia maintains a relatively low tax burden in comparison with other wealthy, developed nations, at 27.8% of GDP in 2018. History When the first Governor, Governor Phillip, arrived in New South Wales in 1788, he had a Royal Instruction that gave him power to impose taxation if the colony needed it. The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import duties were put on spirits, wine and beer and later on luxury goods. After 1824 the Government of New South Wales raised extra revenue from customs and excise duties. These were the most important sources of revenue for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax In Australia
Income tax in Australia is imposed by the federal government on the taxable income of individuals and corporations. State governments have not imposed income taxes since World War II. On individuals, income tax is levied at progressive rates, and at one of two rates for corporations. The income of partnerships and trusts is not taxed directly, but is taxed on its distribution to the partners or beneficiaries. Income tax is the most important source of revenue for government within the Australian taxation system. Income tax is collected on behalf of the federal government by the Australian Taxation Office. The two statutes under which income tax is calculated are the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997; the former is gradually being re-written into the latter. Taxable income is the difference between assessable income and allowable deductions. There are three main types of assessable income for individual taxpayers: ''personal earnings'' (such ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commissioner Of Taxation V La Rosa
''Commissioner of Taxation v La Rosa'' was a 2003 decision of the Federal Court of Australia, sitting as the Full Court of the Federal Court. The court upheld two earlier rulings that Frank La Rosa, a convicted heroin dealer, was entitled to a tax deduction of $220,000 for money stolen from him during a drug deal. As a result of the decision, the federal government amended the ''Income Tax Assessment Act 1997'' to prevent similar deductions being made. Background In 1996, Francesco Dominico "Frank" La Rosa was sentenced to 12 years in prison for importing heroin and possessing heroin and amphetamines with intent to distribute. He also forfeited property to the value of $264,610 under the ''Proceeds of Crime Act 1987''. As a result of La Rosa's convictions, it came to the attention of the Australian Taxation Office (ATO) that he had failed to lodge tax returns for the seven financial years from 1989–90 to 1995–96. The ATO subsequently issued notices of assessment for those y ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ComLaw
The Office of Parliamentary Counsel (OPC) is an Australian Commonwealth government agency established under the ''Parliamentary Counsel Act 1970'' (Cth) within the Commonwealth Attorney-General's portfolio. OPC drafts all government Bills that are introduced into the federal Parliament, legislative instruments made by the Governor-General, and a range of other delegated legislation. It also manages the Federal Register of Legislation (the ''Legislation'' ''Register'') to provide access to authorised, up-to-date versions of Commonwealth laws. OPC was established in 1970 and is currently led by Meredith Leigh, First Parliamentary Counsel. History Arrangements for the drafting of Commonwealth legislation were put in place at the very beginning of Australia's federation as a nation in 1901. Originally, the Secretary to the Attorney-General's Department was the Parliamentary Draftsman, with a separate position not created until 1946. By 1954, a Parliamentary Drafting Division had ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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