Австралия салық заңнамасы: 1936 жылғы кіріс салығы туралы актінің негізгі ережелері

Act of the Parliament of Australia

The Income Tax Assessment Act 1936 (Cth) is an Act of the Parliament of Australia. It is one of the main statutes under which income tax is calculated. The Act is gradually being rewritten into the Income Tax Assessment Act 1997, and new matters are generally now added to the 1997 Act. The reason for rewriting the act is that amendments over the years have made it thousands of pages long, and very complex. Amendments have also created subsection upon subsection.

Section 26AH — the "ten year rule" for life insurance policies and friendly society investment bonds. Gains on policy surrender etc. are taxed as income unless held for 10 years. Introduced in 1983. Sections 82KZL to 82KZO — deductibility of interest paid up to 12 months in advance on an investment loan. Lenders often promote such pre payment (near the end of the tax year) as a tax advantage. Section 99A — tax on undistributed income of a trust, at the top personal rate plus medicare levy. This penal rate ensures trusts such as listed property trusts always distribute all their income. Division 6AA, being sections 102AA to 102AJ — tax on the unearned income of minors at penalty rates. This is an anti avoidance provision to stop parents putting investments in the names of their children. Sections 160ZB(6), 26BB and 70B — taxing traditional securities, such as convertible notes (interest bearing notes convertible into shares), as income rather than capital gains. Part IVA (sections 177A to 177G). Part IVA of the 1936 Tax Act is a General Anti Avoidance Provision (‘GAAR’) which can apply to strike down any Australian income tax benefits arising from a scheme where the Commissioner of Taxation, who is the head of the Australian Taxation Office, can successfully establish that the dominant purpose of a party involved in the transaction was to reduce the incidence of Australian income tax. Division 2, being sections 202B to 202BF — Tax File Numbers.

Section 52 — taxpayers obliged to advise the Commissioner each year of assets held for the purpose of making a profit, i. e. trading, and therefore on which a loss would be a deduction (as opposed to investment assets, on which a loss was not deductible). This was effectively how share traders (or the like) advised they were in that business. Making a declaration stopped an investor deciding "after the fact" that a loss was "trading" but a gain was "investing" (tax free prior to capital gains tax). This section now applies only to pre CGT assets (i. e. acquired before 20 September 1985), for which obviously by now a declaration must have long since been made.