Income Tax (Individuals) Act 1977 (Cth)

INCOME TAX (INDIVIDUALS) ACT 1977

No. 129 of 1977

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 1977.

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;

“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 relevant 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 or 136a of the Assessment Act.

Rebate of tax

6. Where a person—

(a) is liable to pay tax under sub-section 6b(2) or (3) of the Income Tax (Rates) Act 1976 in respect of a taxable income; or

(b) being a trustee, is liable to pay tax under sub-section 6b(4) of the Income Tax (Rates) Act 1976 in respect of net income of a trust estate at a rate that, in accordance with clause 1 or 2 of Schedule 8 to that Act is ascertained by reference to the rates that would be payable under Schedule 6 or 7 to that Act if one individual were liable to be assessed and to pay tax on that income as his taxable income,

the person is entitled in his assessment to a rebate of tax of an amount equal to—

(c) in a case where the taxable income or net income does not exceed $3,153 or exceeds $3,750—$394.06;

(d) in a case where the taxable income or net income exceeds $3,153 but does not exceed $3,402—the sum of $394.06 and an amount equal to 15.715 per centum of the amount by which the taxable income or net income, as the case may be, exceeds $3,153; and

(e) in a case where the taxable income or net income exceeds $3,402 but does not exceed $3,750—the amount ascertained by deducting from $433.19 an amount equal to 11.244 per centum of the amount by which the taxable income or net income, as the case may be, exceeds $3,402.

Levy of tax

7. The tax imposed by sub-section 5(1) is levied, and shall be paid, for the financial year that commenced on 1 July 1977 and, until the Parliament otherwise provides, for the next succeeding financial year.

Provisional tax

8. 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 that commenced on 1 July 1977.

Act to be deemed to be the Act imposing income tax

9. For the purposes of sub-section 221yb(3) of the Assessment Act, this Act shall be deemed to be the Act imposing income tax upon taxable income of the financial year that commenced on 1 July 1977.