Income Tax (Individuals) Act
1979
No. 151 of 1979
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 1979.
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.
(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, 128t,
128v or 136a of the Assessment Act.
Levy of tax
6. The
tax imposed by sub-section 5(1) is levied, and shall be paid, for the financial
year that commenced on 1 July 1979 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 that commenced
on 1 July 1979.
Act to be deemed to be the Act
imposing income tax
8. 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 1979.