INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Subject to this Act, income tax at the rates declared by the Parliament is levied, and shall be paid, for the financial year that commenced on 1 July 1965 and for each succeeding financial year, upon the taxable income derived during the year of income by any person, whether a resident or a non-resident.17(2) [No operation from 1997/98 year onwards]
This section does not apply to the 1997-98 year of income or a later year of income.
Section 4-10 of the Income Tax Assessment Act 1997 sets out how an entity works out the amount of income tax payable on its taxable income for the 1997-98 year of income and later years of income.
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