Income
Tax (Individuals) Act 1980
No. 125 of 1980
An
Act to impose a tax upon incomes, other than incomes of companies and of
superannuation funds
[Assented to 17 September 1980]
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 (Individuals) Act 1980.
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 taxable income shall be read as a reference to taxable income 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 1980 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
1980.
Act
to be deemed to be the Act imposing income tax
8.