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
Long title An Act about income tax and related matters
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act was passed in an attempt to provide a rewritten income tax assessment statute, as the prior statute was considered outdated.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]

See also

• Taxation in Australia
• Income tax in Australia
• Commissioner of Taxation v La Rosa

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

• Income Tax Assessment Act 1997 at ComLaw
• Income Tax Assessment Act 1997 at SCALEplus

1. Costello, Peter (29 April 2005). "Income tax deductions to be denied for illegal activities". Department of the Treasury. Retrieved 17 December 2018.