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  

3-5(1)    
Income tax is payable for each year by each individual and company, and by some other entities.

Note 1:

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 .

Note 2:

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 .

3-5(2)    
Most entities have to pay instalments of income tax before the income tax they actually have to pay can be worked out.

3-5(3)    

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 .