Income Tax Assessment Act 1936
Sections and provisions with full text and the judgments that cite each one.
Section 132 — Assessment of tax
The master, agent or representative, as agent for the owner or charterer, may be assessed upon the taxable income and shall be liable to pay the tax assessed.
Section 133 — Master liable to pay
(1) Where the assessment is made on the agent or representative, and the tax is not paid forthwith upon receipt of notice of the assessment, the master shall be liable to pay the tax. (2) This…
Section 134 — Notice of assessment
Where any person is liable to pay tax under this Division, the Commissioner shall give notice to the person of the assessment, and he or she shall forthwith pay the tax.
Section 135 — Clearance of ship
A collector or officer of customs for any State or Territory shall not grant a clearance to the ship until he or she is satisfied that any tax which has been or may be assessed under this Division…
Section 135A — Freights payable under certain agreements
Where goods are shipped in pursuance of an agreement of the kind specified in section 7C of the Australian Industries Preservation Act 1906-1937, the amount paid or payable to the owner or charterer…
Section 141 — Interpretation
In this Division: insurance contract means a contract or guarantee whereby liability is undertaken, contingent upon the happening of any specified event, to pay any money or make good any loss or…
Section 142 — Income derived by non-resident insurer
(1) Where an insured person, whether a resident or non-resident, has entered into an insurance contract with an insurer, and the insured property at the time of the making of the contract is situated…
Section 143 — Taxable income of non-resident insurer
The insurer shall be deemed to have derived in any year, in respect of the premiums paid or payable in that year under such contracts, a taxable income equal to 10% of the total amount of such…
Section 144 — Liability of agents of insurer
The insured person and any person in Australia acting on behalf of the insurer shall be the agents of the insurer, and shall be jointly and severally liable as such for all purposes of this Act. If…
Section 145 — Deduction of premiums
Notwithstanding any other provision of this Act, no such premium shall be an allowable deduction to the insured person unless arrangements have been made to the satisfaction of the Commissioner for…
Section 146 — Exporter to furnish information
Every person who exports any goods from Australia shall furnish to the Collector of Customs for transmission to the Commissioner a copy of the customs entry for such goods, and shall show thereon…
Section 147 — Rate of tax in special circumstances
Where the insurer satisfies the Commissioner that, on account of special circumstances, it is necessary that the rate of tax payable by the insurer under this Division should be ascertained at the…
Section 148 — Reinsurance with non-residents
(1) Notwithstanding anything contained in this Act other than section 177F, but subject to this section, where a person carrying on the business of insurance in Australia reinsures out of Australia…
Section 149 — Average income
(1) For the purposes of the application of this Division in relation to a taxpayer in relation to a year of income, a reference in this Division to the average income of the taxpayer shall be…
Section 149A — Capital gains, abnormal income and certain death benefits to be disregarded
(1) For the purposes of this Division (including the purpose of determining whether this Division applies to the income of a taxpayer): (a) references in this Division to the assessable income of a…
Section 150 — First average year
Subject to this Division, the first average year shall be the fourth year before the year of income. A year the income of which was subject to assessment under the previous Act shall be capable of…
Section 151 — First application of Division in relation to a taxpayer
(1) For the purposes of the first application of this Division in determining the tax payable by a taxpayer, the first average year shall be the first year which is otherwise capable of being an…
Section 152 — Taxpayer not in receipt of assessable income
Any year in which the taxpayer was not carrying on business and was not in receipt of assessable income shall not be counted as an average year, and the provisions of this Division shall apply to the…
Section 153 — Taxpayer with no taxable income
Any year in which the taxpayer was carrying on business but had no taxable income shall be capable of being an average year.
Section 154 — Excess of allowable deductions
Any excess of allowable deductions over the assessable income of the taxpayer in any average year shall not be taken into account in calculating the average income.
Section 155 — Permanent reduction of income
(1) Where a taxpayer establishes that, owing to his or her retirement from his or her occupation, or from any other cause (but not including a change in the investment of assets from which assessable…
Section 156 — Rebate of tax for, or complementary tax payable by, certain primary producers
(1) In this section: actual taxable income from primary production, in relation to a taxpayer in relation to a year of income, means the amount (if any) remaining after deducting from the assessable…
Section 157 — Application of Division to primary producers
(1) In respect of income derived during the year ending on 30 June 1938 and during any subsequent year or during any accounting period adopted in lieu of any such year, the foregoing provisions of…
Section 158 — Application of Division
This Division shall not apply in any case where there are not at least 2 average years or where the taxpayer is assessed in accordance with section 99A in respect of the year of income, and shall not…
Section 158A — Election that Division not apply
(1) A taxpayer may elect that this Division shall not apply in relation to income of the taxpayer of a year of income specified in the election and of all subsequent years of income. (2) An election…
Section 159GEA — Division applies to certain State/Territory bodies
In addition to any other operation that this Division has, this Division operates as if the references to an exempt public body included a reference to a prescribed excluded STB (within the meaning…
Section 159GQA — Accrual period
Taxpayer’s maximum term to be divided into accrual periods (1) The taxpayer’s maximum term for the qualifying security is divided into accrual periods in accordance with this section. Whole year of…
Section 159ZRA — Eligibility for rebate
(1) Where: (a) the assessable income of the taxpayer of a year of income (in this Subdivision called the current year) includes one or more eligible lump sums; and (b) the total arrears amount is not…
Section 159GQB — Accrual amount
Formula (1) The accrual amount for an accrual period is worked out using the formula: Implicit interest rate (2) In the formula in subsection (1), Implicit interest rate means the rate of interest…
Section 159ZRB — Calculation of rebate
The rebate is calculated in accordance with the formula: Tax on arrears – Notional tax on arrears where: Tax on arrears is the amount by which the rebated tax on the taxable income of the current…
Section 159GQC — Implicit interest rate for fixed return security
For the purposes of the formula component Implicit interest rate in subsection 159GQB(1), the rate of interest for a fixed return security in relation to a taxpayer is the rate of compound interest…
Section 159ZRC — Notional tax amount for recent accrual years
The notional tax amount for a recent accrual year is calculated in accordance with the formula: Tax on increased income – Tax on actual income where: Tax on increased income is the rebated tax on the…
Section 159GQD — Implicit interest rate for variable return security
Implicit interest rate to be recalculated each year etc. (1) For the purposes of the formula component Implicit interest rate in subsection 159GQB(1), the rate of interest for a variable return…
Section 159ZRD — Notional tax amount for distant accrual years
(1) The notional tax amount for a distant accrual year is calculated in accordance with the formula: Arrears amount Average tax rate on recent arrears where: Arrears amount is the annual arrears…
Section 159GE — Interpretation
(1) In this Division: arrangement includes: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable, or intended to be…
Section 159GF — Residual amounts
(1) Subject to subsection 159GJ(1), in this Division a reference to the residual amount at a particular time (in this subsection referred to as the relevant time) in relation to the eligible amount…
Section 159GG — Qualifying arrangements
(1) For the purposes of this Division, where at any time (in this subsection referred to as the relevant time) any of the following conditions is satisfied in relation to an arrangement relating to…
Section 159GH — Application of Division in relation to property
(1A) This Division does not apply in relation to the item of eligible property that is put to a tax preferred use (within the meaning of the Income Tax Assessment Act 1997) if the tax preferred use:…
Section 159H — Application
This Subdivision applies in relation to an assessment in respect of the income of a taxpayer if and only if: (a) the taxpayer is a resident and is not a company, and the assessment is not in respect…
Section 159GJ — Effect of application of Division on certain deductions etc.
(1) Where this Division applies in relation to an item of eligible depreciation property: (b) in relation to any year of income the whole of which is included in or comprises the application…
Section 159GK — Effect of application of Division on assessability of arrangement payments
(1) Where this Division applies in relation to an item of eligible property in relation to which there is an assessable arrangement payment or assessable arrangement payments in relation to a…
Section 159GL — Special provision relating to Division 10C or 10D property
(1) If: (a) section 159GH applies in relation to an item of Division 10C or 10D property; and (b) at the time at which that section commenced to apply in relation to the item of property, the sum of…
Section 159GM — Special provision where cost of plant etc. is also eligible capital expenditure
Where: (a) at a particular time (in this section referred to as the relevant time) an item of eligible property is both eligible depreciation property and eligible capital expenditure property; and…
Section 159GN — Effect of use of property under qualifying arrangement for producing assessable income
(1) Where: (a) this Division applies in relation to an item of eligible property by reason of the application of subparagraph 159GH(1)(b)(i) in relation to the use by an exempt public body, or the…
Section 159GO — Special provisions relating to partnerships
(1) Where: (a) the individual interest of a taxpayer in the net income of a partnership has been or is to be included in the assessable income of the taxpayer of a year of income (in this subsection…
Section 159GP — Interpretation
(1) In this Division, unless the contrary intention appears: accrual amount has the meaning given by subsection 159GQB(1). accrual period has the meaning given by section 159GQA. agreement has the…
Section 159GQ — Tax treatment of holder of qualifying security
Accrual amounts to be worked out (1) If a taxpayer holds a qualifying security for all or part of a year of income, the effect on the taxpayer’s taxable income is determined by working out the…
Section 159GR — Consequences of actual payments
(1) Where a payment (not being a payment that is, or to the extent that it consists of, a periodic interest payment, a redemption payment or a partial redemption payment) is made or liable to be made…
Section 159ZR — Interpretation
(1) In this Subdivision, unless the contrary intention appears: accrual year, in relation to the total arrears amount, means a year of income in which any part of the total arrears amount accrued.…
Section 159GS — Balancing adjustments on transfer of qualifying security
(1) Where there is a profit amount in relation to the transfer of a qualifying security by a taxpayer in a year of income: (a) if there is a net assessable amount in relation to the transfer and: (i)…