KNOWPIA
WELCOME TO KNOWPIA
Income Tax Assessment Act 1997 
Summary
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an attempt to provide a rewritten income tax assessment statute, as the Income Tax Assessment Act 1936 was considered outdated.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 | |
| |
| 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 edit
The Act edit
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 edit
See also edit
Footnotes edit
- ^ Costello, Peter (29 April 2005). "Income tax deductions to be denied for illegal activities". Department of the Treasury. Retrieved 17 December 2018.
References edit
- 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.