Parliament of Australia
The Parliament of Australia (officially the Federal Parliament, also called the Commonwealth Parliament) is the legislative branch
A legislature is a deliberative assembly
A deliberative assembly is a gathering of members (of any kind ...
.
The act is one of a few statutes used in Australia to calculate income tax
An income tax is a tax
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity
In law
Law is a system
A system is a group of Interaction, interacting or interrelate ...
assessments.
History
The act was passed in an attempt to provide a rewritten income tax assessment statute, as the prior statute was considered outdated. New matters relating to Australian income tax law are generally added to the 1997 act, rather than the 1936 act.Contents
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) * Thecapital gains tax
A capital gains tax (CGT) is a tax on the profit realized on the sale of a non-inventory asset
In financial accountancy, financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (t ...
* A ban on deductions for expenses relating to illegally earned income - s26(54)
See also
*Taxation in Australia
Income taxes
An income tax is a tax
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity
In law, a legal person is any person
A person (plural people or persons) is ...
* Income tax in Australia
Income tax in Australia is imposed by the federal government
A federation (also known as a federal state) is a political entity
A polity is an identifiable political entity—any group of people who have a collective identity, who are o ...
* '' Commissioner of Taxation v La Rosa''
References
*External links
Income Tax Assessment Act 1997
at
ComLaw
The Office of Parliamentary Counsel (OPC) is an Government of Australia, Australian Commonwealth government agency established under the ''Parliamentary Counsel Act 1970'' (Cth) within the Commonwealth Attorney-General's Department (Australia), A ...
Income Tax Assessment Act 1997
at SCALEplus Acts of the Parliament of Australia 1997 in Australian law Income tax in Australia {{Australia-law-stub