Income Tax Assessment Act 1997

If you are an individual who is an Australian resident, you may have to pay extra income tax relating to certain capital gains you make during an income year to ensure, before applying offsets, a rate of tax of 30% on so much of those gains as remains after applying section 119-5 .

This Division sets out how to work out when extra income tax is payable and matters relating to the amount of that tax.

The requirement to pay extra income tax does not apply if you received certain payments during the income year.