Income Tax Assessment Act 1997 is an act of the Parliament of Australia. It is one of the main statutes under which income tax is calculated. The act is a rewrite in plain English of the prior Income Tax Assessment Act 1936. New matters are now generally added to the 1997 act rather than the 1936 Act.
Highlights of the act include,
- Section 8-1 — deductions for expenses incurred earning accessible income, this is the main section covering deductions.
- Section 25-5 — tax deductibility of expenditure on managing tax affairs. This is a separate provision because such expenditure is not directly related to producing income.
- Section 70-10 — the definition of "trading stock", including shares etc. held by someone in the business of buying and selling those.
- Parts 3-1 and 3-3, being sections 100-1 to 152-425 — capital gains tax.
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- Section 104-5 — the set of events that give rise to CGT consequences.
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- Section 104-145 — liquidator declaring shares to be worthless (effective 11 November 1999).
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- Section 116-30 — gifts treated as disposals at market value.
- Division 43 — building allowance, treated separate from other forms of depreciation.
Famous quotes containing the words income, tax, assessment and/or act:
“The question for the country now is how to secure a more equal distribution of property among the people. There can be no republican institutions with vast masses of property permanently in a few hands, and large masses of voters without property.... Let no man get by inheritance, or by will, more than will produce at four per cent interest an income ... of fifteen thousand dollars] per year, or an estate of five hundred thousand dollars.”
—Rutherford Birchard Hayes (1822–1893)
“I have no doubt that it was a principle they fought for, as much as our ancestors, and not to avoid a three-penny tax on their tea; and the results of this battle will be as important and memorable to those whom it concerns as those of the battle of Bunker Hill, at least.”
—Henry David Thoreau (1817–1862)
“The first year was critical to my assessment of myself as a person. It forced me to realize that, like being married, having children is not an end in itself. You don’t at last arrive at being a parent and suddenly feel satisfied and joyful. It is a constantly reopening adventure.”
—Anonymous Mother. From the Boston Women’s Health Book Collection. Quoted in The Joys of Having a Child, by Bill and Gloria Adler (1993)
“An act of God was defined as “something which no reasonable man could have expected.””
—A.P. (Sir Alan Patrick)