ACC30005 Lecture Notes - Lecture 9: Income Tax Assessment Act 1936, Legal Personality, Withholding Tax
Document Summary
Itaa97 section 4-1 who must pay income tax. Income tax is payable by each individual and company, and by some other entities 4-10(1) You must pay income tax for each year ending on 30 june, called the financial year. Your income tax is worked out by reference to your taxable income for the income year. See section 18 of the income tax assessment act 1936. Calculation of taxable income is generally same as for an individual. Tax rate is 30%- (but - no medicare levy or tax-free threshold) For companies with an annual turnover of less than ,000,000 the tax rate is 27. 5% (the discussion that follows assumes a 30% tax rate) All australian resident companies that derive australian or foreign income are required to lodge a tax return. Foreign companies that derive australian sourced income are also required to lodge a return. A company is a separate legal entity distinct from its owners and includes .
