Income Tax
(Individuals) Act 1983
No. 105 of 1983
An Act to impose
a tax upon incomes, other than incomes of companies, of corporate unit trusts,
of superannuation funds and of certain other trusts
[Assented to 23 November 1983]
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 1983.
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 1982.
(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;
(c)
a person in the capacity of a trustee of a corporate unit trust; or
(d)
a person in the capacity of a trustee of a trust estate, being a person who is
liable to be assessed and to pay tax under sub-section 98 (3) of the Assessment
Act.
(3) This Act does not
impose tax payable in accordance with section 121h, 126, 128b,
128n, 128t, 128v, 136a or 159c
of the Assessment Act.
Adjustment
where amount to be paid by, or refunded to, taxpayer would not exceed 49 cents
6. (1) This section applies for the purposes of the making of an
assessment of tax (other than further tax payable in pursuance of sub-section
94 (9), (11) or (12) of the Assessment Act) in respect of the income of a
taxpayer of a year of income where, upon the making of the assessment and the
serving of notice of the assessment upon the taxpayer, there would, but for
this section, be a net amount of not more than 49 cents payable by the
Commissioner to the taxpayer, or by the taxpayer to the Commissioner, under the
law relating to income tax, after taking into account all liabilities of the
taxpayer, and all rebates and credits allowable to the taxpayer, under that
law.
(2) Where this section
applies in relation to the making of an assessment—
(a)
if the amount of not more than 49 cents would be an amount payable to the
taxpayer—additional tax equal to that amount is imposed by this Act in respect
of the income of the taxpayer of the year of income; and
(b)
if the amount of not more than 49 cents would be an amount payable to the
Commissioner—the amount that, but for this section, would be the amount of
income tax imposed in respect of the income of the taxpayer of the year of
income before the allowance of any rebates to which the taxpayer is entitled,
is reduced by so much of that amount of not more than 49 cents as does not
exceed the amount calculated by deducting the amount of any such rebates from
the sum of the amount that is to be so reduced and any amount of further tax
payable by the taxpayer in respect of that year of income in pursuance of
sub-section 94 (9), (11) or (12) of the Assessment Act.
(3) A reference in this
section to a liability of the taxpayer shall be read as including a reference
to a liability in respect of income tax or provisional tax notified to the
taxpayer by the Commissioner, notwithstanding that the amount of the liability
has not become due and payable.
(4) For the purposes of any
calculation under the law relating to income tax that depends upon the amount
of tax paid or payable by, or assessed in respect of the income of, a taxpayer,
the tax assessed and payable under an assessment in relation to which this
section applies shall be deemed to be the tax that would have been so assessed
and payable if this section had not applied.
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 1983 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
1983.
Act
to be deemed to be the Act imposing income tax
9.