Income Tax (Aged Persons)
No. 13 of 1967
An Act to amend section 8 of the Income Tax Act 1966 and section 7 of the Income Tax (Partnerships and Trusts) Act 1966.
[Assented to 26 April 1967]
BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title and citation.
1.—(1.) This Act may be cited as the Income Tax (Aged Persons) Act 1967.
(2.) The Income Tax Act 1966, as amended by this Act, may be cited as the Income Tax Act 1966–1967.
(3.) The Income Tax (Partnerships and Trusts) Act 1966, as amended by this Act, may be cited as the Income Tax (Partnerships and Trusts) Act 1966–1967.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Limitation of tax payable by aged persons.
3. Section 8 of the Income Tax Act 1966 is amended—
(a) by omitting from sub-section (2.) the words “One thousand two hundred and twenty-one dollars” and inserting in their stead the words “One thousand two hundred and sixty-four dollars”;
(b) by omitting from sub-section (2.) the words “One thousand and forty dollars” (wherever occurring) and inserting in their stead the words “One thousand and seventy dollars”;
(c) by omitting from sub-section (3.) the words “Two thousand eight hundred and eighty-two dollars” and inserting in their stead the words “Two thousand nine hundred and fifty-eight dollars”; and
(d) by omitting from sub-section (3.) the words “One thousand nine hundred and fifty dollars” (wherever occurring) and inserting in their stead the words “One thousand nine hundred and eighty dollars”.
Further tax under section 94 of Assessment Act not payable by certain aged persons.
4. Section 7 of the Income Tax (Partnerships and Trusts) Act 1966 is amended—
(a) by omitting from sub-section (2.) the words “One thousand two hundred and twenty-one dollars” and inserting in their stead the words “One thousand two hundred and sixty-four dollars”; and
(b) by omitting from sub-section (3.) the words “Two thousand eight hundred and eighty-two dollars” and inserting in their stead the words “Two thousand nine hundred and fifty-eight dollars”.
Overview
The Income Tax (Aged Persons) Act 1967 was enacted to amend the Income Tax Act 1966 and the Income Tax (Partnerships and Trusts) Act 1966, with the objective of modifying the tax thresholds and rates for aged persons. This Act was introduced to address the need for more equitable tax treatment for individuals in the older demographic. Enacted by the Parliament of the Commonwealth of Australia, the Act received Royal Assent on 26 April 1967 and commenced on the same day. The primary policy objective of the Act was to increase the income thresholds at which tax becomes payable for aged individuals, providing them with greater financial relief in their retirement years.
Scope and Application
The Income Tax (Aged Persons) Act 1967 applies to individuals who are aged persons as defined by the Income Tax Act 1966 and the Income Tax (Partnerships and Trusts) Act 1966. The Act modifies the thresholds for tax-free incomes for aged persons, thereby affecting the taxation of these individuals. It operates at the Commonwealth level and its amendments directly affect the Income Tax Act 1966 and the Income Tax (Partnerships and Trusts) Act 1966. The amendments involve increasing certain income thresholds to reduce the tax payable by aged persons, thus providing some relief for this demographic group. The Act does not explicitly state any exclusions or exemptions; however, its application is inherently limited to those who meet the criteria of being an aged person under the referenced Acts. The Act itself does not extend or restrict its application through subordinate instruments, as the changes are explicitly outlined within its provisions.
Key Provisions
The Income Tax (Aged Persons) Act 1967 (C1967A00013) modifies the Income Tax Act 1966 and the Income Tax (Partnerships and Trusts) Act 1966, with the primary aim of adjusting the income tax thresholds for aged persons. The main operative sections include section 3, which amends the income tax thresholds for aged individuals by increasing the dollar amounts for various income brackets, and section 4, which alters the income thresholds for certain aged persons under the Income Tax (Partnerships and Trusts) Act 1966. These changes are intended to provide some relief to older taxpayers.
The Act imposes certain obligations on the relevant parties. For instance, section 3 mandates that the income tax thresholds specified in the amended sub-sections of the Income Tax Act 1966 be applied to eligible aged persons. Similarly, section 4 requires that the updated income tax thresholds be applied to certain aged persons as outlined in the amended sub-sections of the Income Tax (Partnerships and Trusts) Act 1966. These amendments ensure that aged individuals are subject to the correct tax brackets as per the updated thresholds.
In terms of penalties and consequences for breach, the Act does not explicitly outline any specific offences, penalties, or civil/criminal consequences for non-compliance with its provisions. However, it is important to note that any failure to adhere to the amended tax thresholds could result in incorrect tax assessments, potentially leading to overpayment or underpayment of taxes. This may subject the affected parties to the general tax laws and penalties applicable to such discrepancies, which could include interest on any unpaid tax or fines for non-compliance.