The ''Income Tax Assessment Act 1997'' (Cth) is an
Act of the
Parliament of Australia
The Parliament of Australia (officially the Federal Parliament, also called the Commonwealth Parliament) is the legislative branch of the government of Australia. It consists of three elements: the monarch (represented by the governor- ...
introduced by the
Howard government. The Act is one of a few statutes used in Australia to calculate
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. Ta ...
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Income Tax Assessment Act 1936 was considered outdated.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 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, bonds, precious metals, real estate, and property.
Not all countries impose a c ...
* A ban on deductions for expenses relating to illegally earned income - s26(54)
Legacy
See also
*
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 und ...
*
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, ...
* ''
Commissioner of Taxation v La Rosa''
References
*
External links
Income Tax Assessment Act 1997at
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 ...
Income Tax Assessment Act 1997at
SCALEplus
Acts of the Parliament of Australia
1997 in Australian law
Income tax in Australia
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