This is a compilation of the income tax assessment act 1936 that shows the text of the law as amended and in force on 20 march 2020 the compilation date. Mcsweeney, peter 1993 sections 263 and 264 of the income tax assessment act 1936. Income tax assessment act 1936 sect 102c effect of certain. It is one of the main statutes under which income tax is calculated. The federal court of australia considered the operation of paragraph 781c and section 109 of the income tax assessment act 1936 the act, and in particular, the exercise of the commissioners discretion under section 109 in ferris v.
Income tax assessment act 1936 cth opinions on high. Original acts as passed 1936 western australian legislation. South australia was the first sta te with the taxation act 1884 and the commonwealths income tax provisions closely followed the states exemption provision in section 23 of income tax assessment act 1936 cth. Income tax assessment act 1936 federal register of legislation. Specific commonwealth acts income tax assessment act 1936 dealing with a court. Income tax assessment act 1936 sect 6 interpretation. Australian income tax assessment act 1936 1977 with income tax regulations ratings acts income tax international agreements act taxation administration act and. Income tax assessment act 1936 sect 26bc securities lending arrangements 1 in this section. Income tax assessment act 1936 sect 27h assessable income to include annuities and superannuation pensions 1 subject to division 54 of the income tax assessment act 1997, the assessable income of a taxpayer of a year of income shall include. The notes at the end of this compilation the endnotes include information about amending laws and the amendment history of provisions of the compiled law. Income tax assessment act 1936 sect 26bc securities lending. Treasury laws amendment 2019 tax integrity and other measures no. Specific commonwealth acts income tax assessment act 1936.
Cgt provisions of the income tax assessment act 1936 the act that are in urgent need of reform. Adjustments under subdivision 115c or 207b of the income tax assessment act 1997references in this act to liabilities under section 98, 99 or 99a 95aad. Income tax assessment act 1936 sect 26bc securities. Income tax assessment act 1936 sect 124zm treatment distributions to shareholders in pdf. Income tax assessment bill 1935 parliament of australia. Some tax offsets under the 1997 assessment act are treated as credits 6f. Income tax assessment act 1936 sect 27h assessable. Itaa 1936, the taxation administration act 1953 taa 1953 and associated. Section 260 has appeared in the principal act in an unchanged form, as set out below, since 1936 and had appeared in commonwealth income tax laws in virtually the same form prior to that time. Income tax assessment act 1936 sect 102c effect of certain transfers of rights to receive income from property where. Amendments to be proposed by the treasurer, the hon. Australian income tax assessment act 19361977 with income tax regulations ratings acts income tax international agreements act taxation administration act and.
Income tax assessment act 1936 sect 124zm treatment. Schedule 1 to this bill amends the income tax assessment act 1936. The income tax assessment act 1936 colloquially known as itaa36 is an act of the parliament of australia. The joint submission deals primarily with the issues that have been identified by the tax law improvement projects tlip cgt team. Federal register of legislation australian government. Every contract, agreement, or arrangement made or entered into, orally or in writing, whether. Jul 05, 20 this broader approach replaces the narrower choice principle that was found to apply in earlier tax antiavoidance rules such as former s 260 of the income tax assessment act 1936. Statement of claim applications under specific commonwealth acts income tax assessment act 1936. An act to consolidate and amend the law relating to the imposition assessment and collection of a tax upon incomes.
Sections 263 and 264 of the income tax assessment act 1936. Income tax assessment act 1936 sect 124zr effect of company ceasing to be a pdf 1 this section applies to shares in a company that a taxpayer holds when the company ceases to be a pdf. The act is gradually being rewritten into the income tax assessment act 1997, and new matters are generally now added to the 1997 act. Rewrite of part iiia of of the income tax assessment act 1936.
Income tax assessment act 1936 sect 102c effect of. Division 54 of the income tax assessment act 1997 provides a tax exemption for certain payments under structured settlements and structured orders. While s 35310 is the primary provision utilised by the tax office to acquire information in relation to a goods and services tax assessment, it is also relevant to the. Commonwealth of australia numbered acts income tax assessment act 1936 no 27 of 1936. The act is gradually being rewritten into the income tax assessment act 1997, and new matters are generally now added to the 1997 act the reason for rewriting the act is that amendments over. Income tax assessment act 1936 sect 124zr effect of. This act may be cited as the income tax assessment act 1944. The act is gradually being rewritten into the income tax assessment act 1997, and new matters are generally now added to the 1997 act the reason for rewriting the act is that amendments over the years have made it. Income tax assessment act 1936 sect 27h assessable income. This joint submission by the australian society of certified practising accountants, the institute of chartered accountants in australia, and the taxation institute of australia the bodies was prepared in four instalments and sets out the bodies considered views on significant issues of the capital gains tax cgt provisions of the income tax. Adjustments under subdivision 115c or 207b of the income tax assessment act 1997references in this act to assessable income under section 97, 98a or 100 95aac. Coursework master thesis, victoria university of technology.
Title goes here investmentlinked life assurance policies. Table of contents sections 1 78a the text of any of those amendments not in force on that date is appended in the notes section. Table of contents schedules 2, 2c 2h, 2j and 3 5 the text of any of those amendments not in force on that date is appended in the notes section. Clean, fast, userfriendly document view including table of contents and citations. An act to consolidate and amend the law relating to the imposition assessment and collection of a tax upon incomes part i preliminary.
The high court has had its first opportunity to decide a case on the general antiavoidance rule in australias goods and services tax gst law, enacted more than a decade ago. Issued under authority of the commonwealth treasurer. In commissioner of taxation v unit trend services pty ltd 20 hca 16, the high court unanimously decided that the commissioner. J b e it enacted by the kings most excellent majesty, the senate, and the house of representatives of the commonwealth of australia, as follows. Explanatory memoranda 19341937 parliament of australia. Unfranked part of distribution exempt from income tax 1 if a company makes a distribution to a shareholder at a time when the company is a pdf, the unfranked part of the distribution is exempt from income tax rest of section deals with franked part 2 the rest of this section applies to the franked. Effect of company ceasing to be a pdf subdivision bthe taxable income of pdfs.
An act to amend the income tax assessment act 19361943. It should also be noted that, under s 35310 of the taxation administration act 1953 taa, the tax office has similar powers to those contained in ss 263 and 264 of itaa 1936. Income tax assessment act 1936 federal register of. Explanatory memorandum showing alterations contained in the bill for an act to consolidate and amend the income tax assessment act 19221934.