Income Tax Assessment Act 1997
Income tax is payable for each year by each individual and company, and by some other entities.
Individuals who are Australian residents, and some trustees, are also liable to pay Medicare levy for each year. See the Medicare Levy Act 1986 and Part VIIB of the Income Tax Assessment Act 1936 .
Income tax is imposed by the Income Tax Act 1986 and the other Acts referred to in the definition of income tax in section 995-1 .
Most entities have to pay instalments of income tax before the income tax they actually have to pay can be worked out. 3-5(3)
This Act answers these questions:
1. What instalments of income tax do you have to pay? When and how do you pay them?
See Schedule 1 to the Taxation Administration Act 1953 .
2. How do you work out how much income tax you must pay?
3. What happens if your income tax is more than the instalments you have paid? When and how must you pay the rest?
4. What happens if your income tax is less than the instalments you have paid? How do you get a refund?
5. What are your other obligations as a taxpayer, besides paying instalments and the rest of your income tax?
See section 3-10 .
6. Do you have any other obligations under the income tax law?
See section 3-15 .
7. If a dispute between you and the Commissioner of Taxation cannot be settled by agreement, what procedures for objection, review and appeal are available?