INCOME TAX ASSESSMENT (LIVE STOCK).
No. 33 of 1924.
An Act relating to the Valuation of Live Stock for the purposes of Assessments of Income Tax.
[Assented to 8th October, 1924.]
BE it enacted by the King’s Most Excellent Majesty, 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 Assessment (Live Stock) Act 1924.
Value of live stock for the purposes of assessment.
2. For the purposes of assessments under the Income Tax Assessment Act 1915, or under that Act as subsequently amended, live stock owned by any person at the beginning and end of any of the years upon the income of which the assessments were made, may, subject to this Act, be taken into account at the value thereof.
Acceptance of assessment already made.
3.—(1.) Where the value of live stock has been taken into account in any assessment made under the Income Tax Assessment Act 1915, or under that Act as subsequently amended, the person whose income was assessed may elect, within four months of the commencement of this Act, to have the assessments made under that Act, or under that Act as subsequently amended, altered in accordance with the provisions of the last preceding section and the Commissioner may thereupon make such alterations in the assessments as are necessary for that purpose.
(2.) Where any person entitled to elect under the last preceding sub-section fails so to elect within the period specified in that subsection, he shall be deemed to have accepted the existing assessments which shall thereupon be deemed to be correct, valid and effectual.
(3.) An election shall not be deemed to have been made under sub-section (1.) of this section unless notice in writing thereof is given or posted to the Commissioner of Taxation within the period specified in that sub-section.
Exemption of cases where judgment of High Court obtained.
4. This Act shall not apply to any assessment in respect of which the person to whose income the assessment relates has, before the thirtieth day of June One thousand nine hundred and twenty-four, obtained a judgment of the High Court in his favour in respect of the value of live stock included in that assessment.
Overview
The Income Tax Assessment (Live Stock) Act 1924 was enacted to address the need for a consistent and fair method of valuing live stock for income tax assessments. The Act was introduced by the Commonwealth Parliament and assented to by the King on 8th October 1924. It allows for the value of live stock owned by any person at the beginning and end of the assessment year to be taken into account in income tax assessments under the Income Tax Assessment Act 1915. The policy objective of the Act is to provide clarity and certainty for taxpayers by establishing a method for valuing live stock, while also allowing taxpayers to elect to have their assessments adjusted if they disagree with the previously applied valuation. This Act does not apply to cases where a High Court judgment has already been obtained prior to 30th June 1924 regarding the valuation of live stock in the assessment.
Scope and Application
The Income Tax Assessment (Live Stock) Act 1924 applies to individuals or entities that own live stock and are subject to income tax assessments under the Income Tax Assessment Act 1915, or any subsequent amendments. The Act provides a method for valuing live stock for the purposes of these income tax assessments. It allows the value of live stock owned by any person at the beginning and end of the tax year to be taken into account in the assessment. Additionally, the Act provides an option for taxpayers to elect for their existing assessments to be altered according to the valuation provisions of this Act within a specified period. However, the Act does not apply to assessments for which a favourable judgment has been obtained from the High Court before 30 June 1924 regarding the value of live stock included in the assessment. The Act operates nationally within the Commonwealth of Australia and may be further defined or extended through subordinate legislation.
Key Provisions
The Income Tax Assessment (Live Stock) Act 1924 (C1924A00033) provides specific provisions for the valuation of live stock in the context of income tax assessments. Section 2 of the Act permits the value of live stock owned by any person at the beginning and end of the relevant assessment years to be taken into account in assessments made under the Income Tax Assessment Act 1915 (or any subsequent amendments to that Act). This provision allows for the inclusion of live stock values in the calculation of income for tax purposes. Section 3 outlines the process for altering existing assessments. If an individual believes that their assessment should be adjusted based on the live stock valuation, they may elect to have the assessment altered within four months of the Act's commencement. The Commissioner of Taxation is then required to make the necessary adjustments. If no election is made within the specified timeframe, the existing assessment is deemed to be accepted as correct and final. Section 3 also stipulates that a written notice of election must be provided to the Commissioner within the designated period.
The Act imposes certain obligations on the parties involved. Individuals with existing assessments that include live stock values must decide whether to elect for a reassessment within four months of the Act's commencement. Failure to make such an election results in acceptance of the existing assessment. Additionally, the Commissioner of Taxation is obligated to implement any necessary changes to the assessment if a valid election is received within the stipulated period. Section 4 provides an exemption from the Act's provisions for cases where a High Court judgment in favour of the taxpayer has already been obtained before June 30, 1924, concerning the value of live stock included in the assessment.
In terms of consequences for non-compliance, the Act does not explicitly state penalties for failing to adhere to its provisions. However, if an individual does not elect to have their assessment altered within the prescribed timeframe, they are considered to have accepted the existing assessment, which then becomes final and binding. This acceptance potentially bars further recourse to challenge the assessment based on live stock valuation. Additionally, any failure to provide written notice of an election to the Commissioner could render the election invalid, thereby confirming the existing assessment as correct and final.