Income Tax Assessment Act 1997

The Income Tax Assessment Act 1997 (Cth) is an Act of the Parliament of Australia introduced by the Howard government. The Act is one of a few statutes used in Australia to calculate income tax assessments. The Act was passed in an attempt to provide a rewritten income tax assessment statute, as the Income Tax Assessment Act 1936 was considered outdated. New matters relating to Australian income tax law are generally added to the Act, rather than the old 1936 Act.

Income Tax Assessment Act 1997
Parliament of Australia
Long title An Act about income tax and related matters
Citation	No. 38 of 1997 or No. 38 of 1997 as amended
Territorial extent	States and territories of Australia
Assented to	17 April 1997
Status: In force

Background

The Act

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]

Legacy

See also

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

Footnotes

1. Costello, Peter (29 April 2005). "Income tax deductions to be denied for illegal activities". Department of the Treasury. Archived from the original on 12 February 2014. Retrieved 17 December 2018.

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