Income Tax Assessment Amendment Act (No. 3) 1982

Overview

The Income Tax Assessment Amendment Act (No. 3) 1982 was enacted by the Parliament of Australia to amend the law relating to income tax, specifically to address certain gaps and issues within the existing tax framework. This legislation serves to further refine and update the provisions under the Income Tax Assessment Act 1936. The Act aims to provide specific exemptions and amendments to ensure that the taxation laws are applied fairly and effectively. As stated in the text, the policy objective is to make targeted amendments that support the administration and compliance of income tax laws in Australia. The Act was passed by the Queen, the Senate, and the House of Representatives of the Commonwealth of Australia, and it came into operation on the day it received Royal Assent, with certain sections taking effect immediately after the commencement of the Income Tax Assessment Amendment Act (No. 2) 1982. The amendments introduced by this Act are designed to enhance the secrecy obligations of officers, impose penalties for breaches, and provide specific tax exemptions for certain income derived by the Australian Wool Testing Authority Limited.

Scope and Application

The Income Tax Assessment Amendment Act (No. 3) 1982 applies to entities and individuals within the Commonwealth of Australia who are subject to income tax under the Income Tax Assessment Act 1936. The Act modifies existing income tax laws by introducing specific exemptions for the Australian Wool Testing Authority Limited, a company incorporated in Victoria. This exemption pertains to income derived from the testing of various types of wool and other fibres, as well as the issuance of certificates or reports based on these tests, and from investments related to these activities. The amendments apply to income derived on or after 1 July 1982. The Act's provisions extend across the national jurisdiction, affecting tax obligations and liabilities for those entities and individuals who meet the criteria specified within the legislation. The Act does not explicitly state any exclusions or thresholds beyond the specified exemptions, and its application may be further refined or extended through subordinate instruments, such as regulations or rules, which can provide additional detail or clarification on specific aspects of the legislation.

Key Provisions

The Income Tax Assessment Amendment Act (No. 3) 1982 introduces amendments to the Income Tax Assessment Act 1936, primarily focusing on the Australian Wool Testing Authority Limited. Section 3 amends the Principal Act by adding a new requirement that officers observe secrecy, particularly in cases where the offence carries a punishment that includes imprisonment for life or for a period exceeding six months. This is an addition to the existing secrecy obligations stipulated in section 16 of the Principal Act. The Act imposes several obligations on the Australian Wool Testing Authority Limited. Notably, it exempts the Authority from income tax on specific types of income. According to section 4(1), the exemption applies to income derived from tests of sheep's wool, lambs' wool, other fibres, and products made from these fibres. It also includes income from issuing certificates and reports related to these tests, as well as income from investments made with the proceeds of these activities or funds intended for such activities. This exemption applies to income derived on or after 1 July 1982. For breaches of the secrecy requirement stipulated in section 3, the Act does not explicitly outline specific penalties. However, considering the gravity of the offence—imprisonment for life or for a period exceeding six months—it is likely that severe penalties would be imposed, including potential imprisonment and fines, as per existing legal frameworks governing similar offences. The precise nature and extent of penalties would depend on the specific breach and the applicable laws at the time of the offence.