Income Tax
(Companies, Corporate Unit Trusts and Superannuation Funds) Act 1984
No. 100 of 1984
An
Act to impose a tax upon incomes of companies, corporate unit trusts,
superannuation funds and certain other trusts
[Assented to 10 October 1984]
BE
IT ENACTED by the Queen, and the Senate and the House of Representatives of the
Commonwealth of Australia, as follows:
Short
title
1. This Act may be cited
as the Income Tax (Companies, Corporate
Unit Trusts and Superannuation Funds) Act 1984.
Commencement
2. This Act shall come
into operation on the day on which it receives the Royal Assent.
Interpretation
3. (1) In this Act, unless the contrary intention appears—
“Assessment Act” means the Income Tax Assessment Act 1936;
“corporate unit trust” means a unit
trust that is a corporate unit trust within the meaning of Division 6b of Part III of the Assessment Act;
“ineligible approved deposit fund”
means an ineligible approved deposit fund within the meaning of Division 9b of Part III of the Assessment Act;
“investment income” has the same
meaning as in Division 9b of Part
III of the Assessment Act;
“non-profit company” means—
(a) a company that is not carried
on for the purposes of profit or gain to its individual members and is, by the
terms of the company’s constituent document, prohibited from making any
distribution, whether in money, property or otherwise, to its members; or
(b) a friendly society dispensary;
“registered organization” means a
registered organization within the meaning of Division 8a of Part III of the Assessment Act;
“superannuation fund” means a
provident, benefit, superannuation or retirement fund;
“tax” means income tax referred to
in sub-section 5 (1).
(2)
In this
Act, a reference to investment income, net income or taxable income shall be
read as a reference to investment income, net income or taxable income, as the
case may be, of the year of income.
Incorporation
4. The Assessment Act is
incorporated, and shall be read as one, with this Act.
Imposition
of income tax
5. (1) Income tax is imposed in accordance with this Act and at the
rates declared in this Act.
(2) This Act does not
impose tax payable in accordance with section 121h, 126, 128b,
128n, 128t, 128v, 136a or 159c
of the Assessment Act.
(3) This Act does not
impose tax payable by—
(a) a natural person, other than—
(i) a person in the capacity of a
trustee of a superannuation fund;
(ii) a person in the capacity of a
trustee of a corporate unit trust;
(iii) a person in the capacity of a
trustee of an ineligible approved deposit fund; or
(iv) a person in the capacity of a
trustee of a trust estate, being a person who is liable to be assessed and to
pay tax under sub-section 98 (3) of the Assessment Act; or
(b) a company in the capacity of a
trustee, other than—
(i) a company in the capacity of a
trustee of a superannuation fund;
(ii) a company in the capacity of a
trustee of a corporate unit trust;
(iii) a company in the capacity of
a trustee of an ineligible approved deposit fund; or
(iv) a company in the capacity of a
trustee of a trust estate, being a company that is liable to be assessed and to
pay tax under sub-section 98 (3) of the Assessment Act.
(4)
This
Act does not impose tax upon the taxable income of a non-profit company, not
being a registered organization, where that taxable income does not exceed
$416.
Rates
of tax payable by companies
6. (1) The rates of tax payable by a company, other than a company in
the capacity of a trustee, are as set out in the following provisions of this
section.
(2) The rate of tax in
respect of the taxable income of a company not being—
(a) a private company; or
(b) a registered organization,
is
46%.
(3) In the case of a
company that is a private company, the rates of tax are—
(a) in respect of the taxable
income—46%; and
(b) in respect of the undistributed
amount in respect of which the company is liable under section 104 of the
Assessment Act to pay additional tax—50%.
(4) The rate of tax in
respect of the taxable income of a company that is a registered organization is
20%.
(5) Where the taxable
income of a non-profit company, not being a registered organization, does not
exceed $2,542, the amount of tax payable by the company shall not exceed 55% of
the amount by which the taxable income exceeds $416 less any rebate or credit
to which the company is entitled.
Rates
of tax payable by trustees of corporate unit trusts
7.
The
rate of tax payable by a trustee of a corporate unit trust in respect of the
net income of the corporate unit trust in respect of which the trustee is
liable, in pursuance of section 102k
of the Assessment Act, to be assessed and to pay tax is 46%.
Rates
of tax payable by trustees of superannuation funds
8. (1) The rate of tax payable by a trustee of a superannuation fund
in respect of the taxable income of the fund in respect of which the trustee is
liable, in pursuance of section 121ca
or 121ca of the Assessment Act, to
be assessed and to pay tax is 50%.
(2)
The
rate of tax payable by a trustee of a superannuation fund in respect of
investment income of the fund in respect of which the trustee is liable, in
pursuance of section 121d of the
Assessment Act, to be assessed and to pay tax is 30%.
(3) The rate of tax payable
by a trustee of a superannuation fund in respect of the taxable income of the
fund in respect of which the trustee is liable, in pursuance of section 121da of the Assessment Act, to be assessed
and to pay tax is 60%.
(4) The rate of tax payable
by a trustee of a superannuation fund in respect of the taxable income of the
fund in respect of which the trustee is liable, in pursuance of section 121dab of the Assessment Act, to be
assessed and to pay tax is 46%.
Rate
of tax payable by trustees of ineligible approved deposit funds
9. The rate of tax payable
by a trustee of an ineligible approved deposit fund in respect of the taxable
income of the fund in respect of which the trustee is liable, in pursuance of
section 121daa of the Assessment
Act, to be assessed and to pay tax is 46%.
Rate of
tax payable by trustee to whom sub-section 98 (3) of Assessment Act applies
10. The rate of tax payable
by a trustee of a trust estate in respect of a share of the net income of the
trust estate in respect of which the trustee is liable to be assessed and to
pay tax in pursuance of sub-section 98 (3) of the Assessment Act is 46%.
Adjustment
where amount payable does not exceed 49 cents
11. (1) This section applies for the purposes of the making of an
assessment of tax under this Act in respect of the income of a taxpayer of a
year of income where, upon the making of the assessment and the serving of
notice of the assessment upon the taxpayer, there would, but for this section,
be a net amount of not more than 49 cents payable by the Commissioner to the
taxpayer, or by the taxpayer to the Commissioner, under the law relating to
income tax, after taking into account all liabilities of the taxpayer, and all
rebates and credits allowable to the taxpayer, under that law.
(2)
Where
this section applies in relation to the making of an assessment—
(a) if the amount of not more than
49 cents would be an amount payable to the taxpayer—additional tax equal to
that amount is imposed by this Act in respect of the income of the taxpayer of
the year of income; and
(b) if the amount of not more than
49 cents would be an amount payable to the Commissioner—the amount that, but
for this section, would be the amount of income tax imposed by this Act in
respect of the income of the taxpayer of the year of income, before the
allowance of any rebate to which the taxpayer is entitled, is reduced by so
much of that amount of not more than 49 cents as does not exceed the amount
calculated by deducting the amount of any such rebates from the amount that is
to be so reduced.
(3) A reference in this
section to a liability of the taxpayer shall be read as including a reference
to a liability in respect of income tax notified to the taxpayer by the
Commissioner, notwithstanding that the amount of the liability has not become
due and payable.
(4) For the purposes of any
calculation under the law relating to income tax that depends upon the amount
of tax paid or payable by, or assessed in respect of the income of, a taxpayer,
the tax assessed and payable under an assessment in relation to which this
section applies shall be deemed to be the tax that would have been so assessed
and payable if this section had not applied.
Levy
of tax
12. (1) The tax imposed by this Act is levied, and shall be paid, for
the financial year that commenced on 1 July 1984.
(2)
Until
the Parliament otherwise provides, the tax imposed by this Act is also levied,
and shall be paid, for the financial year commencing on 1 July 1985.
Act
to be deemed to be the Act declaring rates of income tax
13. For the purposes of
sub-section 104 (1) of the Assessment Act, this Act shall be deemed to be the
Act declaring the rates of income tax payable for the financial year that
commenced on 1 July 1984.
Instalments
of tax
14.