Income Tax Assessment Act 1936
Sections and provisions with full text and the judgments that cite each one.
Section 1 — Short title
This Act may be cited as the Income Tax Assessment Act 1936.
Section 6 — Interpretation
(1AA) So far as a provision of the Income Tax Assessment Act 1936 gives an expression a particular meaning, the provision does not also have effect for the purposes of the Income Tax Assessment Act…
Section 6BA — Taxation treatment of certain shares
(1) This section applies if a shareholder holds shares in a company (the original shares) and the company issues other shares (the bonus shares) in respect of the original shares. (2) If the bonus…
Section 6CA — Source of natural resource income derived by a non-resident
(1) In this section: double tax agreement means an agreement within the meaning of the International Tax Agreements Act 1953. natural resource income means income that: (a) is derived by a…
Section 6AB — Foreign income and foreign tax
(1) A reference in this Act to foreign income is a reference to income (including superannuation lump sums and employment termination payments) derived from sources in a foreign country or foreign…
Section 6B — Income beneficially derived
(1) For the purposes of this Act, an amount of income derived by a person, not being a dividend paid by a company to the person as a shareholder in the company, shall be deemed to be attributable to…
Section 6C — Source of royalty income derived by a non-resident
(1) This section applies to income that is derived on or after 1 July 1968 by a non-resident and consists of royalty that: (a) is paid or credited to the non-resident by the Commonwealth, by a State,…
Section 6D — Some tax offsets under the 1997 Assessment Act are treated as credits
A tax offset under a provision of the Income Tax Assessment Act 1997 that corresponds to a provision of this Act that provides for a credit is taken to be a credit for the purposes of this Act. Note:…
Section 6F — Dual resident investment company
(1) For the purposes of this Act, a company (other than a company in the capacity of trustee) is a dual resident investment company in relation to a year of income if: (a) at any time during the year…
Section 6H — Recognised small credit unions, recognised medium credit unions and recognised large credit unions
Recognised small credit union in relation to a year of income (1) For the purposes of this Act, a credit union is a recognised small credit union in relation to a year of income if: (a) both: (i) the…
Section 7B — Application of the Criminal Code
Chapter 2 of the Criminal Code applies to all offences against this Act. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Section 8 — Commissioner
The Commissioner shall have the general administration of this Act. Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality…
Section 14 — Annual report
(1) The Commissioner shall, as soon as practicable after 30 June in each year, prepare and furnish to the Minister a report on the working of this Act, including any breaches or evasions of this Act…
Section 18 — Accounting period
Any person may, with the leave of the Commissioner, adopt an accounting period being the 12 months ending on some date other than 30 June. For the purposes of this Act, the person’s accounting period…
Section 18A — Accounting periods for VCLPs, ESVCLPs, AFOFs and VCMPs
(1) If a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP on a particular day: (a) the accounting period during which that day occurs (the first accounting period) is taken…
Section 21 — Where consideration not in cash
(1) Where, upon any transaction, any consideration is paid or given otherwise than in cash, the money value of that consideration shall, for the purposes of this Act, be deemed to have been paid or…
Section 21A — Non-cash business benefits
(1) For the purposes of this Act, in determining the income derived by a taxpayer, a non-cash business benefit that is not convertible to cash shall be treated as if it were convertible to cash. (2)…
Section 23AA — Income of persons connected with certain projects of United States Government
(1) In this section, unless the contrary intention appears: approved project means the establishment, maintenance or operation of the North West Cape naval communication station, of the Joint Defence…
Section 23AB — Income of certain persons serving with an armed force under the control of the United Nations
(1) In this section: prescribed taxpayer means a taxpayer who, being a resident of Australia, is, or is included in a class of persons that is, prescribed by the regulations for the purposes of this…
Section 23B — Reduction of disposal consideration if FIF attributed income not distributed
(1) If: (a) it is necessary, for the purposes of applying a provision of this Act in the assessment of a taxpayer for a year of income, to take into account: (i) the amount of consideration received,…
Section 23AD — Exemption of pay and allowances of Defence Force members performing certain overseas duty
Requirements for exemption (1) The pay and allowances earned by a person serving as a member of the Defence Force are exempt from tax if: (a) they are earned while there is in force a certificate in…
Section 23AF — Exemption of certain income derived in respect of approved overseas projects
(1) Where a taxpayer, being a natural person, has been engaged on qualifying service on a particular approved project for a continuous period of not less than 91 days, any eligible foreign…
Section 23AG — Exemption of income earned in overseas employment
(1) Where a resident, being a natural person, has been engaged in foreign service for a continuous period of not less than 91 days, any foreign earnings derived by the person from that foreign…
Section 23G — Exemption of interest received by credit unions
(1) In this section: credit union means a company in relation to which the following conditions are satisfied: (a) the company is an ADI (authorised deposit-taking institution) for the purposes of…
Section 23AH — Foreign branch income of Australian companies not assessable
Objects (1) The objects of this section are: (a) to ensure that active foreign branch income derived by a resident company, and capital gains made by a resident company in disposing of non-tainted…
Section 23AI — Amounts paid out of attributed income not assessable
(1) Where: (a) either: (i) an attribution account payment of a kind referred to in paragraph 365(1)(a), (b), (c) or (e) is made to a taxpayer (other than a partnership or taxpayer in the capacity of…
Section 23AK — Amounts paid out of attributed foreign investment fund income not assessable
When this section applies (1) This section applies if: (a) either: (i) a FIF attribution account payment of a kind referred to in former paragraph 603(1)(a), (b), (c), (d), (f), (g) or (h) is made to…
Section 23K — Substitution of certain securities
(1) In this section: central borrowing authority means: (a) the New South Wales Treasury Corporation; (b) the Victorian Public Authorities Finance Agency; (c) the Victoria Transport Borrowing Agency;…
Section 23L — Certain benefits in the nature of income not assessable
(1) Income derived by a taxpayer by way of the provision of a fringe benefit is not assessable income and is not exempt income of the taxpayer. (1A) Income derived by a taxpayer by way of the…
Section 24AYA — Effect of unfunded superannuation liabilities
(1) This section applies to a deduction under section 290-60 of the Income Tax Assessment Act 1997 in respect of a contribution made in relation to a person who was an employee of a prescribed…
Section 24AK — Key principle
A body that is a State/Territory body (an STB) is exempt from income tax under this Division unless it is an excluded STB. There are 5 different ways in which a body can be an STB.
Section 24AL — Diagram—guide to work out if body is exempt under this Division
The following diagram is a guide to help work out whether a body is exempt from income tax under this Division:
Section 24AM — Certain STBs exempt from tax
The income of a State/Territory body (an STB) is exempt from income tax unless section 24AN applies to the STB.
Section 24AN — Certain STBs not exempt from tax under this Division
Income derived by an STB is not exempt from income tax under this Division if, at the time that it is derived, the STB is an excluded STB. Notes: 1. For the definition of excluded STB see section…
Section 24AO — First way in which a body can be an STB
A body is an STB if: (a) it is a company limited solely by shares; and (b) all the shares in it are beneficially owned by one or more government entities. Note: For the definition of government…
Section 24AP — Second way in which a body can be an STB
A body is an STB if: (a) it is established by State or Territory legislation; and (b) it is not a company limited solely by shares; and (c) the legislation provides that it must distribute all of its…
Section 24AQ — Third way in which a body can be an STB
A body is an STB if: (a) it is established by State or Territory legislation; and (b) it is not a company limited solely by shares; and (c) the legislation gives the power to appoint or dismiss its…
Section 24AR — Fourth way in which a body can be an STB
A body is an STB if: (a) it is established by State or Territory legislation; and (b) it is not a company limited solely by shares; and (c) the legislation gives the power to direct its governing…
Section 24AS — Fifth way in which a body can be an STB
A body is an STB if: (a) it is not a company limited solely by shares; and (b) it is not established by State or Territory legislation; and (c) all the legal and beneficial interests (including, but…
Section 24AT — What do excluded STB, government entity and Territory mean?
In this Division: excluded STB means an STB that: (a) at a particular time, is prescribed as an excluded STB in relation to that time; or (b) is a municipal corporation or other local governing body…
Section 24AU — Governor, Minister and Department Head taken to be a government entity
For the purposes of sections 24AQ, 24AR and 24AS, if the power to appoint, dismiss or direct the governing body is given to, or is held by: (a) a Governor of a State; or (b) a Minister of the Crown…
Section 24AV — Regulations prescribing excluded STBs
States and Territories to consent to STBs being excluded STBs (1) The regulations may prescribe that an STB is an excluded STB only if all States and Territories consent to the STB being so…
Section 24AW — Body ceasing to be an STB
If a body ceases to be an STB in a year of income (the cessation year), this Act applies to the body as if: (a) the cessation were a change which requires a company to calculate its taxable income…
Section 24AX — Special provisions relating to capital gains and losses
Period after cessation date—prior net capital losses to be disregarded (1) In determining if an amount is to be included in the assessable income of the body under Parts 3-1 and 3-3 of the Income Tax…
Section 24AY — Losses from STB years not carried forward
(1) If a body is an STB on the last day of a year of income in which it incurs a tax loss, the tax loss is not allowable as a deduction from the body’s assessable income of a later year of income…
Section 24AZ — Meaning of period and prescribed excluded STB
In this Subdivision: period means any of the periods into which the cessation year is divided under section 165-45 of the Income Tax Assessment Act 1997. prescribed excluded STB means an STB that is…
Section 25A — Assessable income to include certain profits
(1A) This section does not apply in respect of the sale of property acquired on or after 20 September 1985. (1B) This section does not apply to a profit arising in the 1997-98 year of income or a…
Section 26AFA — Assessable income to include value of certain benefits received from or in connection with former section 23F funds
(1) Where: (a) in a year of income and on or after 7 December 1983, a taxpayer receives or obtains a benefit of any kind out of, or attributable to assets of, a section 23F fund; (aa) if the fund is…
Section 26AB — Assessable income—premium for lease
(1A) For the purposes of assessments for the 1997-98 year of income and later years of income, this section applies only in relation to assignments of leases granted before 20 September 1985. Note:…
Section 26BB — Assessability of gain on disposal or redemption of traditional securities
(1) In this section: acquire, in relation to a security, means acquire, on issue, purchase, transfer, assignment or otherwise, the security or the right to receive payment of the amount or amounts…