Income Tax
(Individuals) Act 1981
No.
155 of 1981
An Act to impose
a tax upon incomes, other than incomes of companies, of corporate unit trusts
and of superannuation funds
[Assented to 26 October 1981]
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 1981.
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;
“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);
(b)
a person in the capacity of a trustee of a superannuation fund; or
(c)
a person in the capacity of a trustee of a corporate unit trust.
(3) This Act does not
impose tax payable in accordance with section 121h, 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 1981 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
1981.
Act
to be deemed to be the Act imposing income tax
8.