INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 1 - General  

SECTION 17   LEVY OF INCOME TAX  

17(1)   [Levied on taxable incomes of certain persons]  

Subject to this Act, income tax at the rates declared by the Parliament is levied, and shall be paid, for the financial year that commenced on 1 July 1965 and for each succeeding financial year, upon the taxable income derived during the year of income by any person, whether a resident or a non-resident.

17(2)   [No operation from 1997/98 year onwards]  

This section does not apply to the 1997-98 year of income or a later year of income.

Note:

Section 4-10 of the Income Tax Assessment Act 1997 sets out how an entity works out the amount of income tax payable on its taxable income for the 1997-98 year of income and later years of income.