Income Tax Assessment Act 1997
The Income Tax Assessment Act 1997 is an act of the Parliament of Australia.
| Income Tax Assessment Act 1997 | |
|---|---|
 | |
| Parliament of Australia | |
| Assented to | 17 April 1997 |
| Introduced by | Howard Government |
| Status: In force | |
The act is one of a few statutes used in Australia to calculate income tax assessments.
History
The act was passed in an attempt to provide a rewritten income tax assessment statute, as the prior statute was considered outdated.
New matters relating to Australian income tax law are generally added to the 1997 act, rather than the 1936 act.
Contents
Issues addressed by the act include:
- Deductions for expenses incurred earning assessed income - s8(1)
- Deductions for management of tax affairs - s25(5)
- The definition of 'trading stock', including shares - s70(10)
- The capital gains tax
- A ban on deductions for expenses relating to illegally earned income - s26(54)[1]
References
- Renton, N. E. (2005). Income Tax and Investment: A Plain English Guide for Shareholders and Property Owners (2nd ed.). Milton, Qld.: John Wiley & Sons. ISBN 0-7314-0221-9.
External links
- Costello, Peter (29 April 2005). "Income tax deductions to be denied for illegal activities". Department of the Treasury. Retrieved 17 December 2018.
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