Income Tax Assessment Act 1936
Sections and provisions with full text and the judgments that cite each one.
Section 159GT — Tax treatment of issuer of a qualifying security
(1) Subsections (1A) and (1B) apply if a taxpayer is an issuer of a qualifying security to which this section applies during a period (the issuer period) comprising the whole or part of a year of…
Section 159GU — Effect of Division on certain transfer profits and losses
(1) Where, apart from this Division, a profit that is made by a resident taxpayer in relation to a transfer of a qualifying security that does not form part of the trading stock of the taxpayer would…
Section 159GV — Consequence of variation of terms of security
(1) Where, after 22 May 1986, a material variation is made in the terms of a security, for the purposes of the application of this Division in relation to the security in respect of the period after…
Section 159GW — Effect of Division in relation to non-residents
(1) Subject to subsection (2), where during the whole or a part of a year of income (which whole or part is in this subsection referred to as the period of non-residence) a taxpayer is not a…
Section 159GX — Effect of Division where certain payments not assessable
Where, but for this section, an amount would be included in, or allowable as a deduction from, the assessable income of a taxpayer of a year of income under section 159GQ in respect of the whole or a…
Section 159GY — Effect of Division where qualifying security is trading stock
No amount shall be included in, or allowable as a deduction from, the assessable income of a taxpayer: (a) under section 159GQ in relation to a qualifying security in respect of any year or part of a…
Section 159GZ — Stripped securities
(1) Where: (a) at any time a taxpayer acquires or acquired a security (in this subsection referred to as the underlying security) in relation to which there are or were 2 or more payment rights; and…
Section 160AAA — Rebate in respect of certain benefits etc.
(1) In this section: rebatable benefit means an amount: (a) paid by way of a benefit under Part 2.11, 2.11A, 2.12, 2.15 or 2.23B of the Social Security Act 1991; or (aa) paid by way of parenting…
Section 160AAAA — Tax rebate for low income aged persons and pensioners
(1) Subject to subsection 160AAA(4), a taxpayer who is an individual (other than in the capacity as trustee) is entitled to a rebate of tax in the taxpayer’s assessment in respect of income of a year…
Section 160ADA — Most tax offsets under the 1997 Assessment Act are treated as rebates
A tax offset under a provision of the Income Tax Assessment Act 1997 is taken to be a rebate for the purposes of this Act, unless that provision corresponds to a provision of this Act that provides…
Section 160ZZVA — Object
(1) The object of this Part is: (a) to assist in calculating that part of a foreign bank’s taxable income that is referable to certain activities of its Australian branch; and (b) to make it clear…
Section 160ZZZA — Notional payment of interest by branch to bank
(1) If, under section 160ZZZ, an amount is taken, for the purposes of this Act, to have been borrowed (the notional borrowing) in a particular currency from a foreign bank by an Australian branch of…
Section 160AAAB — Tax rebate for low income aged persons and pensioners—trustees assessed under section 98
(1) Subject to subsection 160AAA(4A), a trustee who is liable to be assessed under section 98 in respect of a beneficiary’s share of the net income of the trust estate is entitled to a rebate of tax…
Section 160AAB — Rebate in respect of amounts assessable under section 26AH
(1) In this section: eligible 26AH amount, in relation to a year of income, means an amount included in assessable income under section 26AH in relation to an eligible policy within the meaning of…
Section 160ZZVB — Application
(1) It is the intention that, in so far as this Part is to be applied to identify amounts of income and expenditure that are taken into account in calculating that part of a foreign bank’s taxable…
Section 160ZZZC — Offshore banking units
If: (a) apart from this section, a foreign bank would be an offshore banking unit under a declaration made under subsection 128AE(2); and (b) the foreign bank has an Australian branch; this Act has…
Section 160AD — Maximum amount of rebates
Notwithstanding anything contained in this or any other Act, the sum of the rebates allowable under this Act shall not exceed the amount of tax which would otherwise be payable by the taxpayer.
Section 160ZZZE — Notional derivative transactions between branch and bank
If the accounting records of an Australian branch of a foreign bank reflect a derivative transaction notionally entered into by the branch with the bank: (a) the notional transaction is taken to be a…
Section 160ZZZF — Notional foreign exchange transactions between branch and bank
If the accounting records of an Australian branch of a foreign bank reflect a foreign exchange transaction notionally entered into by the branch with the bank: (a) the notional transaction is taken…
Section 160ZZZG — Losses
Subdivision 170-A of the Income Tax Assessment Act 1997 has effect as if an Australian branch of a foreign bank were a subsidiary of the bank and a resident of Australia.
Section 160ZZZH — Net capital losses
Subdivision 170-B of the Income Tax Assessment Act 1997 (about transfer of net capital losses within wholly-owned groups of companies) has effect as if an Australian branch of a foreign bank were a…
Section 160ZZZI — Certain transactions to be disregarded
Any transaction entered into by a foreign bank otherwise than through its Australian branch: (a) under which finance is provided to the bank; or (b) that is a derivative transaction or a foreign…
Section 160ZZZJ — Withholding tax on interest paid by branch to bank
(1) If: (a) an amount of interest is taken under section 160ZZZA to be paid to, and derived by, a foreign bank by an Australian branch of the bank; and (b) apart from this section, section 128B of…
Section 160ZZZK — Treatment like Australian branches of foreign banks
Objects (1) The main objects of this section are: (a) to treat foreign entities that are financial entities like foreign banks for the purposes of this Part; and (b) to treat Australian permanent…
Section 160ZZZL — Certain “hybrid mismatch” deductions denied
(1) Subsection (2) applies if: (a) either: (i) an amount of interest (a notional payment) is taken under section 160ZZZA to be incurred by an Australian branch of a foreign bank in respect of a…
Section 160ZZZN — Adjusting if Australian branch derives dual inclusion income in a later year
(1) There is an adjustment under subsection (2) for the Australian branch in a year of income (the adjustment year) if: (a) an amount of a deduction was not allowable for the branch in an earlier…
Section 160ZZZP — Dual inclusion income not to be applied more than once
(1) For the purposes of paragraphs 160ZZZL(3)(c) and 160ZZZN(1)(c), an amount of income or profits is to be disregarded if: (a) the amount is dual inclusion income; and (b) the amount has been…
Section 160ZZZR — Interpretation
In this Division: dual inclusion income has the same meaning as in the Income Tax Assessment Act 1997. foreign income tax deduction has the same meaning as in the Income Tax Assessment Act 1997.…
Section 160ZZV — Definitions
In this Part, unless the contrary intention appears: accounting records includes: (a) invoices, receipts, vouchers and other documents of prime entry; and (b) any working papers and other documents…
Section 160ZZW — Certain provisions to apply as if Australian branch of foreign bank were a separate legal entity
(1) Subsections (2), (3), (4) and (5) apply only: (a) for the purposes of sections 160ZZZ, 160ZZZA, 160ZZZC, 160ZZZE and 160ZZZF as they have effect in the determination under this Act of the…
Section 160ZZX — Income of branch to have Australian source
(1) All income derived by a foreign bank through its Australian branch is taken, for the purposes of this Act, to be income derived from a source in Australia. (2) All gains from a Division 230…
Section 160ZZZ — Notional borrowing by branch from bank
(1) If an amount has been made available by a foreign bank for use by an Australian branch of the bank and is recorded in the branch’s accounting records as having been provided by the bank to the…
Section 161 — Annual returns
Requirement to lodge a return (1) Every person must, if required by the Commissioner by legislative instrument, give to the Commissioner a return for a year of income within the period specified in…
Section 161A — Form and content of returns
(1) The return must be in the approved form. Electronic returns (2) An approval given by the Commissioner of a form of return may require or permit the return to be given on a specified kind of data…
Section 161AA — Contents of returns of full self-assessment taxpayers
A full self-assessment taxpayer must, in a return for a year of income, specify: (a) its taxable income or its net income for that year of income (or that it has no taxable income or net income for…
Section 161G — Tax agent to give taxpayer copy of notice of assessment
Where a taxpayer has given the address of a registered tax agent as the taxpayer’s address for service, the registered tax agent must give the taxpayer the original of, or a copy of, any notice of…
Section 162 — Further returns and information
A person must, if required by the Commissioner, whether before or after the end of the year of income, give the Commissioner, within the time required and in the approved form: (a) a return or a…
Section 163 — Special returns
Every person, whether a taxpayer or not, if required by the Commissioner, shall, in the approved form and within the time required by the Commissioner, furnish any return required by the Commissioner…
Section 166 — Assessment
From the returns, and from any other information in the Commissioner’s possession, or from any one or more of these sources, the Commissioner must make an assessment of: (a) the amount of the taxable…
Section 166A — Deemed assessment
(1) Where a taxpayer that is a relevant entity within the meaning of former Division 1B of Part VI furnishes a return in respect of income of a year of income to which that Division applied: (a) the…
Section 167 — Default assessment
If: (a) any person makes default in furnishing a return; or (b) the Commissioner is not satisfied with the return furnished by any person; or (c) the Commissioner has reason to believe that any…
Section 168 — Special assessment
(1) The Commissioner may at any time during any year, or after its expiration, make an assessment of: (a) the taxable income derived (or that there is no taxable income) in that year or any part of…
Section 169 — Assessments on all persons liable to tax
Where under this Act any person is liable to pay tax (including a nil liability), the Commissioner may make an assessment of the amount of such tax (or an assessment that no tax is payable).
Section 169A — Reliance by Commissioner on returns and statements
(1) Where a return of income of a taxpayer of a year of income is furnished to the Commissioner (whether or not by the taxpayer), the Commissioner may, for the purposes of making an assessment in…
Section 169AA — Consolidated assessments
(1) This section applies if 2 or more persons (the recipients) are in receipt of income, or of profits or gains of a capital nature, for or on behalf of: (a) a non-resident; or (b) a person absent…
Section 170 — Amendment of assessments
(1) The Commissioner may amend an assessment as follows: Amendment of assessments Time of amendment Qualification 1 The Commissioner may amend an assessment of an individual for a year of income…
Section 170A — Amendment of assessments—interaction with other Acts
Scope (1) This section applies if a law other than section 170 or this section provides that section 170 does not prohibit the amendment of an assessment if the amendment is made: (a) for a…
Section 170B — Protection for anticipation of certain discontinued announcements
Limit on amending assessments (1) The Commissioner cannot amend an assessment of a taxpayer about a particular in a way that would produce a less favourable result for the taxpayer if: (a) the…
Section 170C — Power of Commissioner to reduce amount of tax payable in certain cases
For the purposes of the making of an assessment on or after 1 July 1966, the Commissioner may reduce by One cent the amount of tax that would, but for this section, be payable by a taxpayer being a…
Section 171 — Where no notice of assessment served
(1) Where a taxpayer has duly furnished to the Commissioner a return of income, or of profits or gains of a capital nature, and no notice of assessment in respect thereof has been served within 12…