Income Tax Assessment Act 1997

CHAPTER 1 - INTRODUCTION AND CORE PROVISIONS  

PART 1-2 - A GUIDE TO THIS ACT  

Division 3 - What this Act is about  

SECTION 3-5   Annual income tax  

3-5(1)    
Income tax is payable for each year by each individual and company, and by some other entities.

Note 1:

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 .

Note 2:

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 .


3-5(2)    
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?

See Division 4 , starting at section 4-1 .


3. What happens if your income tax is more than the instalments you have paid? When and how must you pay the rest?

See Division 5 of this Act and Part 4-15 in Schedule 1 to the Taxation Administration Act 1953 .


4. What happens if your income tax is less than the instalments you have paid? How do you get a refund?

See Division 3A of Part IIB of the Taxation Administration Act 1953 .


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?

See Part IVC (sections 14ZL to 14ZZS ) of the Taxation Administration Act 1953 .



 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.