Income Tax (Individuals) Act 1976 (Cth)

INCOME TAX (INDIVIDUALS) ACT 1976

No. 58 of 1976

 

An Act to impose a tax upon Incomes, other than Incomes of Companies and of Superannuation Funds.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:—

Short title.

1. This Act may be cited as the Income Tax (Individuals) Act 1976.

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 1936-1976;

“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 net income or taxable income shall be read as a reference to 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 by the Income Tax (Rates) Act 1976.

(2) This Act does not impose tax payable by—

(a) a company (other than a company in the capacity of a trustee); or

(b) a person in the capacity of a trustee of a superannuation fund.

(3) This Act does not impose tax payable in accordance with section 128b of the Assessment Act.

(4) This Act does not impose tax (other than further tax payable in pursuance of sub-section 94(9), (11) or (12) of the Assessment Act)—

(a) upon—

(i) a taxable income derived by a person; or

(ii) the net income of a trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 of the Assessment Act, where that income does not exceed $1,040; or

(b) upon the net income of a trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 99 of the Assessment Act, where that income does not exceed $416.

Levy of tax.

6.The tax imposed by the preceding provisions of this Act is levied, and shall be paid, for the financial year commencing on 1 July 1976 and, until the Parliament otherwise provides, for the next succeeding financial year.

Provisional tax.

7. Provisional tax is imposed and is payable, in accordance with the provisions of the Assessment Act, in respect of the income of the year of income commencing on 1 July 1976.

Act to be deemed to be the Act imposing income tax.

8.