SECTION 5
IMPOSITION OF INCOME TAX
5(1)
Income tax is imposed in accordance with this Act and at the relevant rates declared by the
Income Tax Rates Act 1986
.
5(2)
This Act does not impose tax payable in accordance with section 121H, 126, 128B, 128NA, 128NB or 128V of the Assessment Act.
History
S 5(2) amended by No 16 of 2007, s 3 and Sch 1 item 1, by omitting
"
27GA
"
after
"
section
"
, applicable to the 2007-2008 income year and later years.
S 5(2) amended by
No 101 of 2006
, s 3 and Sch 2 item 117, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and saving provisions see the
CCH Australian Income Tax Legislation archive
.
S 5(2) amended by No 15 of 2002, No 11 of 1988 and No 109 of 1987.
5(2A)
This Act does not impose tax payable in accordance with section
301-175
or
306-15
, or Division
840
, of the
Income Tax Assessment Act 1997
or Division
840
of the
Income Tax (Transitional Provisions) Act 1997
.
History
S 5(2A) amended by No 32 of 2008, s 3 and Sch 1 item 3, by substituting
"
section 301-175 or 306-15, or Division 840, of the
Income Tax Assessment Act 1997
or Division 840 of the
Income Tax (Transitional Provisions) Act 1997
"
for
"
section 301-175 or 306-15 of the
Income Tax Assessment Act 1997
"
, applicable to fund payments made in relation to the first income year starting on or after the first 1 July after 23 June 2008 and later income years.
S 5(2A) inserted by No 16 of 2007, s 3 and Sch 1 item 2, applicable to the 2007-2008 income year and later years.
5(2B)
(Repealed by No 70 of 2015)
History
S 5(2B) repealed by No 70 of 2015, s 3 and Sch 1 item 46, effective 1 July 2015. S 5(2B) formerly read:
5(2B)
This Act does not impose tax payable in accordance with section
345-100
of the
Income Tax Assessment Act 1997
.
S 5(2B) inserted by No 45 of 2008, s 3 and Sch 1 item 1, effective 26 June 2008.
5(3)
This Act does not impose tax upon the taxable income of a non-profit company where that taxable income does not exceed $416.
History
S 5(3) amended by No 89 of 2000.
5(4)
If this Act, insofar as it imposes tax upon the taxable income of a complying superannuation fund, a non-complying superannuation fund, a complying approved deposit fund, a non-complying approved deposit fund or a pooled superannuation trust (as defined in the
Income Tax Assessment Act 1997
), would, apart from this subsection, deal with 2 subjects of taxation (within the meaning of section 55 of the Constitution), namely:
(a)
the taxation of so much of the taxable income as is attributable to contributions that are included in assessable income under Subdivision 295-C of the
Income Tax Assessment Act 1997
; and
(b)
the taxation of the remainder of the taxable income;
this Act imposes tax in respect of only that subject of taxation mentioned in paragraph (b).
History
S 5(4) amended by No 16 of 2007, s 3 and Sch 1 items 3 and 4, by substituting
"
a complying superannuation fund, a non-complying superannuation fund, a complying approved deposit fund, a non-complying approved deposit fund or a pooled superannuation trust (as defined in the
Income Tax Assessment Act 1997
)
"
for
"
an eligible entity within the meaning of Part IX of the Assessment Act
"
, and
"
contributions that are included in assessable income under Subdivision 295-C of the
Income Tax Assessment Act 1997
"
for
"
taxable contributions within the meaning of Part IX of the Assessment Act
"
in para (a), applicable to the 2007-2008 income year and later years.
S 5(4) inserted by No 100 of 1989.
5(5)
This Act does not impose tax upon the taxable income of a non-complying superannuation fund within the meaning of the
Income Tax Assessment Act 1997
, to the extent that the taxable income is attributable to the inclusion of an amount in the fund
'
s assessable income under table item 2 in section
295-320
of that Act.
History
S 5(5) amended by No 16 of 2007, s 3 and Sch 1 items 5 and 6, by substituting
"
the
Income Tax Assessment Act 1997
"
for
"
Part IX of the Assessment Act
"
and
"
table item 2 in section 295-320
"
for
"
section 288A
"
, applicable to the 2007-2008 income year and later years.
S 5(5) inserted by No 181 of 1994.
5(6)
This Act does not impose tax upon the taxable income of a Australian superannuation fund, to the extent that the taxable income is attributable to the inclusion of an amount in the fund
'
s assessable income under table item 3 in section
295-320
of that Act.
History
S 5(6) amended by No 16 of 2007, s 3 and Sch 1 items 7 and 8, by substituting
"
Australian superannuation fund
"
for
"
resident superannuation fund
"
and
"
table item 3 in section 295-320
"
for
"
section 288B
"
, applicable to the 2007-2008 income year and later years.
S 5(6) inserted by No 181 of 1994.