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
Income tax is payable for each year by each individual and company, and by some other entities.
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.
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.
S 3-5(1) amended by No 41 of 2011, s 3 and Sch 5 item 75, by substituting "the Medicare Levy Act 1986 and Part VIIB of the Income Tax Assessment Act 1936" for "Division 785" in note 1, effective 27 June 2011.
Most entities have to pay instalments of income tax before the income tax they actually have to pay can be worked out.
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.
S 3-5(3) amended by No 79 of 2010, s 3 and Sch 1 item 27, by substituting "Division 5 of this Act" for "sections 204, 213 and 219 of the Income Tax Assessment Act 1936" in the note to question 3, effective 1 July 2010.
S 3-5(3) amended by No 101 of 2006, s 3 and Sch 2 item 566, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive.
S 3-5(3) amended by No 44 of 2000 and No 179 of 1999.