Wikipedia

Income Tax Assessment Act 1936: Difference between revisions

Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
Added short description.
Tags: Mobile edit Mobile web edit Advanced mobile edit
added structure
Line 3:
{{Use dmy dates|date=May 2018}}
{{Infobox legislation
| short_title = Income Tax Assessment Act 1936
| legislature = [[Parliament of Australia]]
| long_title = An Act to consolidate and amend the Law relating to the Imposition Assessment and Collection of a Tax upon Incomes.
| image = Coat of Arms of Australia.svg
| long_titlecitation = [{{URL|https://www.legislation.gov.au/SeriesDetails/C1936A00027|No. An27 Actof to1936}} consolidateor and amend the Law relating to the Imposition Assessment and Collection of{{URL|https://www.legislation.gov.au/Details/C2022C00106|No. a27, Tax1936 uponas Incomes]amended}}
| territorial_extent = [[States and territories of Australia]]
| introduced_by = [[Lyons Government]]▼
| enacted_by = [[Australian House of Representatives]]
| datepassed =
▲| introduced_by = [[LyonsRichard GovernmentG. Casey]]
| date_assented = 2 June 1936▼
| date_repealeddatepassed =
▲| date_assentedroyal_assent = 2 June 1936
| amendments =▼
| relateddate_repealed = =
| bill = {{URL|https://www.legislation.gov.au/Details/C2004B03519|Income Tax Assessment Bill 1935}}
| status = In force▼
▲| amendments =
| related =
▲| status = In force
}}
The '''''Income Tax Assessment Act 1936''' (colloquially known as Cth)'''ITAA36''') is an [[statuteAct of Parliament|actAct]] of the [[Parliament of Australia]]. It is one of the main [[statutes]] under which [[Income tax in Australia|income tax]] is calculated. The actAct is gradually being rewritten into the [[Income Tax Assessment Act 1997]], and new matters are generally now added to the 1997 actAct.
 
The reason for rewriting the act is that amendments over the years have made it thousands of pages long, and very complex. Amendments have also created subsection upon subsection, for example 221YHAAC(2)(e)(iii)(A).
 
== SectionThe 260Act ==
 
=== Section 260 ===
Section 260 was the initial general anti-avoidance provision in the act, present from its inception in 1936 and operative until 27 May 1981. The section held any contract
 
Line 43 ⟶ 46:
That invitation for analysis and reform was not taken up until, it seems, court decisions started going in favour of the taxpayer, at which point the issues discussed in the ''Newton'' case were indeed considered in constructing the new Part IVA, replacing section 260 as of 27 May 1981.
 
=== Other operative highlightsprovisions ===
 
* Section 26AH — the "ten-year rule" for [[life insurance]] policies and [[friendly society]] investment bonds. Gains on policy surrender etc. are taxed as income unless held for 10 years. Introduced in 1983.
* Sections 82KZL to 82KZO — deductibility of [[interest]] paid up to 12 months in advance on an investment loan. Lenders often promote such pre-payment (near the end of the tax year) as a tax advantage.
Line 55 ⟶ 57:
* Division 2, being sections 202B to 202BF — [[Tax file number|Tax File Number]]s.
 
=== Superseded provisions ===<!--
== Other superseded highlights ==
<!--
things that have merely moved to the 1997 act don't really count as highlights, unless their form in the 1936 act was notable in some way
-->
Retrieved from "https://en.wikipedia.org/wiki/Income_Tax_Assessment_Act_1936"