Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

INCOME TAX ASSESSMENT ACT 1997 - SECT 9.5

Entities that work out their income tax by reference to something other than taxable income

  (1)   For some entities, some or all of their income tax for the * financial year is worked out as described in the table.

Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936.

 

Item

This kind of entity is liable to pay income tax worked out by reference to:

See:

1

A company that was a member of a wholly - owned group is jointly and severally liable to pay an amount of income tax if a former subsidiary in the group is treated as having disposed of leased plant and does not pay all of the income tax resulting from that treatment.

section   45 - 25

1A

The trustee of an attribution managed investment trust (AMIT) is liable to pay income tax on certain amounts reflecting under attribution of income or over attribution of tax offsets

sections   276   405 to 276   425

2

A superannuation provider in relation to a complying superannuation fund is to be assessed and is liable to pay income tax on no - TFN contributions income as well as on taxable income.

sections   295 - 5 and 295 - 605

3

A superannuation provider in relation to a non - complying superannuation fund is to be assessed and is liable to pay income tax on no - TFN contributions income as well as on taxable income.

sections   295 - 5 and 295 - 605

4

An RSA provider is to be assessed and is liable to pay income tax on no - TFN contributions income as well as on taxable income.

sections   295 - 5, 295 - 605 and 320 - 155

5

An Australian resident individual with:

ï‚·   eligible foreign remuneration under section   23AF; or

ï‚·   foreign earnings under section   23AG;

(from working in a foreign country) is liable to pay income tax worked out by reference to his or her assessable income less some of his or her deductions.

section   23AF or 23AG

6

A trustee covered by item   11 in the table in section   9 - 1 is liable to pay income tax worked out by reference to the net income of the trust for the income year.

sections   98, 99 and 99A

8

The trustee of a public trading trust is liable to pay income tax worked out by reference to the net income of the trust for the income year.

section   102S

9

An entity that is liable to pay income tax (worked out by reference to taxable income or otherwise) is also liable to pay income tax worked out by reference to diverted income or diverted trust income for the income year.

section   121H

10

An Australian insurer that re - insures overseas can elect to pay, as agent for the re - insurer, income tax worked out by reference to the amount of the re - insurance premiums.

section   148

  (2)   For entities covered by an item in the table in subsection   (1), the income year is the same as the * financial year, except in these cases:

  (a)   for a company, or an entity covered by item   2 or 3 in the table, the income year is the previous financial year;

  (b)   if an entity has an accounting period that is not the same as the financial year, each such accounting period or, for a company, each previous accounting period is an income year.

Note 1:   The Commissioner can allow an entity to adopt an accounting period ending on a day other than 30   June. See section   18 of the Income Tax Assessment Act 1936 .

Note 2:   An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP. See section   18A of the Income Tax Assessment Act 1936 .


AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback