ACCT2331 Chapter Notes - Chapter 8: Tax Law, Tertiary Education Fees In Australia, Ordinary Income
Document Summary
Itaa36 and itaa97 establish the income "tax base" Itaa36 and itaa97 must be read in conjunction with other acts (eg the international. Income tax act 1986 imposes income tax on a taxpayer"s taxable income. Income tax rates act 1986 sets out rates of tax for different taxpayers. Itaa36 large and complicated tax law improvement project (tlip) in 1990s . Itta97 [p201: tlip resulted in the introduction of itaa97, which has new: Rulings (s 357-85, sch 1 taa: structure/style of itta97 (compares itta36 vs. itta97) [201, special provision ensure difference in drafting style does not reflect diff. meaning. [203: chapters in itaa97 and itaa36 [p204] Income tax is payable by a broad range of entities including: individuals: companies, trustees of superannuation funds. Itaa36 s18 may allow entity to have substituted accounting period". Company"s income year is the previous financial year (1 year behind than other tax payers)
