Income Tax
(Individuals) Act 1984
No.
99 of 1984
An
Act to impose a tax upon incomes, other than incomes of companies, corporate
unit trusts, superannuation funds and certain other trusts
[Assented to 10 October 1984]
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 1984.
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;
“ineligible approved deposit fund”
means an ineligible approved deposit fund within the meaning of Division 9b 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;
(d) a person in the capacity of a
trustee of an ineligible approved deposit fund; or
(e) 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 1984 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
1984.
Act
to be deemed to be the Act imposing income tax
9.