Income Tax (Rates) Amendment Act 1982
No. 104 of 1982
An Act to amend the Income Tax (Rates) Act 1976
[Assented to 30 October 1982]
BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:
Short title, &c.
1. (1) This Act may be cited as the Income Tax (Rates) Amendment Act 1982.
(2) The Income Tax (Rates) Act 19761 is in this Act referred to as the Principal Act.
Commencement
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Heading
3. The heading to Part IVc of the Principal Act is omitted and the following heading is substituted:
“PART IVc—FINANCIAL YEAR COMMENCING ON 1 JULY 1981”.
Application of Part IVc
4. Section 6n of the Principal Act is amended by omitting “and for all subsequent financial years”.
Heading to Schedule 23
5. The heading to Schedule 23 to the Principal Act is amended by omitting “AND SUBSEQUENT FINANCIAL YEARS”.
Heading to Schedule 24
6. The heading to Schedule 24 to the Principal Act is amended by omitting “AND SUBSEQUENT FINANCIAL YEARS”.
Heading to Schedule 25
7. The heading to Schedule 25 to the Principal Act is amended by omitting “AND SUBSEQUENT FINANCIAL YEARS”.
Heading to Schedule 26
8. The heading to Schedule 26 to the Principal Act is amended by omitting “AND SUBSEQUENT FINANCIAL YEARS”.
Heading to Schedule 27
9. The heading to Schedule 27 to the Principal Act is amended by omitting “AND SUBSEQUENT FINANCIAL YEARS”.
Heading to Schedule 28
10. The heading to Schedule 28 to the Principal Act is amended by omitting “AND SUBSEQUENT FINANCIAL YEARS”.
NOTE
1. No. 57, 1976, as amended. For previous amendments, see Nos. 42 and 128, 1977; Nos. 124 and 175, 1978; Nos. 43 and 150, 1979; Nos. 22 and 59, 1980; and Nos. 109 and 154, 1981.
Overview
The Income Tax (Rates) Amendment Act 1982 was enacted to address specific tax rates for the financial year commencing on 1 July 1981, reflecting the need for updated and precise regulations as stipulated by the Income Tax (Rates) Act 1976. This Act was passed by the Queen, the Senate, and the House of Representatives of the Commonwealth of Australia, highlighting its legislative authority and the comprehensive nature of its intended impact on income tax rates. The primary objective of this Act was to ensure that the tax rates and structures were clearly defined and applicable solely to the specified financial year, thereby providing clarity and legal certainty for taxpayers and tax administrators.
The Income Tax (Rates) Amendment Act 1982 effectively narrowed the scope of the existing tax rates to only the financial year beginning on 1 July 1981 by amending the headings and provisions of the Principal Act. This amendment was intended to prevent ambiguity and ensure that the tax legislation accurately reflected the fiscal year in question, thereby facilitating compliance and enforcement of tax laws. The Act's targeted amendments illustrate a clear legislative intent to address a specific temporal gap in tax rate definitions, ensuring that taxpayers and the government could operate under precise and unambiguous tax regulations.
Scope and Application
The Income Tax (Rates) Amendment Act 1982 applies to the Income Tax (Rates) Act 1976 and amends it specifically in relation to the financial year commencing on 1 July 1981. The Act affects all individuals and entities subject to the Income Tax (Rates) Act 1976, including residents and non-residents of Australia, by altering tax rates and thresholds for the specified financial year. The application of this Act is nationwide, operating within the jurisdiction of the Commonwealth of Australia. It modifies specific sections and schedules of the Principal Act, omitting references to "all subsequent financial years" to ensure that the amendments pertain solely to the 1981 financial year. This legislative amendment does not explicitly state any exclusions or exemptions beyond its specific jurisdictional and temporal scope, and it does not extend its application through subordinate instruments.
Key Provisions
The Income Tax (Rates) Amendment Act 1982 (No. 104 of 1982) primarily amends the Income Tax (Rates) Act 1976 (referred to as the Principal Act in the new legislation) to adjust tax rates for the financial year commencing on 1 July 1981. This Act received Royal Assent on 30 October 1982 and came into operation on the same day. It modifies specific sections of the Principal Act, notably Section 6n, to limit the application of certain tax provisions to the financial year starting on 1 July 1981. Additionally, it alters the headings of Schedules 23 to 28 to reflect this same limitation, omitting the phrase "AND SUBSEQUENT FINANCIAL YEARS" to ensure clarity and specificity in the application of tax rates for that particular financial year.
Under the provisions of this Act, taxpayers and entities governed by the Income Tax (Rates) Act 1976 must adhere to the amended tax rates specified for the financial year commencing on 1 July 1981. This includes ensuring that any tax calculations, filings, and obligations are aligned with the new rates as outlined in the amended schedules and sections of the Principal Act. The changes are designed to streamline compliance for the specified financial year by clearly delineating the scope of the tax provisions in effect during that period.
Failure to comply with the tax obligations and requirements set out in this Act could result in various civil and criminal consequences. The Act does not explicitly outline specific offences, penalties, or maximum penalties for breaches. However, general provisions under the Income Tax (Rates) Act 1976 would apply, which could include fines, interest on unpaid taxes, and potential prosecution for serious or repeated violations. Taxpayers are advised to consult the relevant sections of the Principal Act for detailed information on penalties and enforcement mechanisms.