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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.
The Australian Taxation Office (ATO) took the view that the mechanism was a tax avoidance scheme, a scheme which came under Part IVA of the Income Tax Assessment Act 1936. The ATO treated the transaction as Kleinschmidt selling to the Peabody trust, and then on-selling to the public in the float, making a profit of the difference. This was a ...
The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system , superannuation legislation, and other associated matters.
Division 9 of the A New Tax System (Goods and Services Tax) Act 1999 (Cth) [14] (GST Act) stipulates that GST is applicable to a supply of goods, services and transactions related to real property, obligations or rights. The supply must be for consideration (GST Act s9-15) to a relevant entity registered for GST (Div 23) in the course of ...
Human Rights Legislation Amendment Act (No. 1) 1999 1999 (No. 133) No Human Rights (Parliamentary Scrutiny) Act 2011 2011 (No. 186) Yes (as amended) Human Rights (Sexual Conduct) Act 1994: 1994 (No. 179) Yes (as amended) Illegal Logging Prohibition Act 2012 2012 (No. 166) Yes (as amended) Immigration (Education) Act 1971
Income tax is collected on behalf of the federal government by the Australian Taxation Office. The two statutes under which income tax is calculated are the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997; the former is gradually being re-written into the latter. Taxable income is the difference between assessable income ...
The Taxation Administration Act 1953 was assented to on 4 March 1953. [ 8 ] In 1972, the government of William McMahon appointed the NSW Supreme Court judge Kenneth Asprey to conduct a full and wide-ranging review of the tax system.
The Income Tax Act 1942, set high tax rates (i.e. that would reflect the combined current Commonwealth and State taxes) which made imposing State taxes unattractive or impossible. This was because the Income Tax Assessment Act 1942 required Commonwealth tax to be paid before State taxes. In effect, the scheme meant either the States had to ...