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| Income Tax Assessment Act | |
|---|---|
| Name | Income Tax Assessment Act |
| Type | Legislation |
| Jurisdiction | Parliament of Australia |
| Enacted by | Parliament of Australia |
| Long title | Act relating to income tax assessment |
| Territorial extent | Commonwealth of Australia |
| Status | In force |
Income Tax Assessment Act The Income Tax Assessment Act is principal Australian legislation governing the assessment and administration of income tax, enacted and amended through instruments considered by the Parliament of Australia, adjudicated in the High Court of Australia and applied by agencies including the Australian Taxation Office and tribunals such as the Administrative Appeals Tribunal. It interfaces with statutes such as the Taxation Administration Act 1953, influences decisions in matters before courts like the Federal Court of Australia and is central to disputes involving entities including Commonwealth Bank of Australia, BHP, Woolworths Group and professionals from firms like PricewaterhouseCoopers and KPMG. The Act has been shaped by political actors including leaders from the Liberal Party of Australia and the Australian Labor Party and responses to events like the Global Financial Crisis.
The legislative history traces origins through fiscal measures debated in the Parliament of Australia and antecedent statutes from the era of the Commonwealth of Australia federation, influenced by ministers such as Sir Robert Menzies and Ben Chifley and by commissions like the Asprey Committee. Key milestones include reforms under treasurers such as Paul Keating, Peter Costello, Wayne Swan and Joe Hockey, and policy platforms in electorates represented by members of the House of Representatives and the Senate of Australia. Judicial interpretation evolved through landmark cases in the High Court of Australia and the Full Court of the Federal Court of Australia, with submissions by institutions such as the Australian National University and the Grattan Institute. External factors included decisions by the International Monetary Fund, debates at the Organisation for Economic Co-operation and Development and comparative models from jurisdictions like the United Kingdom, United States and Canada.
The Act is organized into Parts and Schedules that set out rules applied to taxpayers including individuals, companies like Telstra Corporation and trusts such as those involved with ANZ Bank, with special regimes for superannuation entities under oversight by the Australian Prudential Regulation Authority and links to instruments administered by the Australian Securities and Investments Commission. Core provisions designate assessable income, rates, and tax offsets affecting stakeholders including unions such as the Australian Council of Trade Unions and employers represented by groups like the Business Council of Australia. The Act interacts with international instruments such as double taxation agreements negotiated with countries including Japan, China, United Kingdom and United States and influences corporate transactions involving firms like Fortescue Metals Group.
Definitions within the Act, interpreted by judges in cases involving parties like Westpac and National Australia Bank, determine concepts such as assessable income, taxable income and capital gains. Computation rules incorporate elements from statutory provisions and decisions in matters brought before courts including the High Court of Australia and tribunals such as the Administrative Appeals Tribunal, and are informed by submissions from bodies like the Institute of Chartered Accountants in Australia (now part of Chartered Accountants Australia and New Zealand). Interaction with international tax principles emerges in disputes involving multinationals such as Google, Apple Inc. and Amazon (company), and in guidance influenced by the Organisation for Economic Co-operation and Development Base Erosion and Profit Shifting work.
The Act prescribes deductions available to taxpayers including employees, small businesses represented by the Council of Small Business Organisations Australia and farmers in regions represented by the National Farmers' Federation, and offsets such as low income tax offsets debated in policies by leaders like Julia Gillard and Malcolm Turnbull. Concessions for sectors including superannuation providers, charitable institutions like the Red Cross and educational institutions such as the University of Melbourne have been considered in amendments influenced by reviews from the Productivity Commission and submissions from accounting firms including Deloitte.
Assessment mechanisms, objection processes and appeal rights engage administrative review bodies including the Administrative Appeals Tribunal and courts such as the Federal Court of Australia and the High Court of Australia. Taxpayers including corporations like Qantas and individuals supported by legal firms such as Ashurst and Clayton Utz have litigated issues concerning assessments, penalties and rulings, with procedural rules reflecting interactions with the Australian Taxation Office and statutory instruments passed by the Parliament of Australia.
Administration and enforcement are principally undertaken by the Australian Taxation Office in cooperation with agencies like the Australian Federal Police and statutory bodies including the Australian Transaction Reports and Analysis Centre. Compliance programs reference data-sharing arrangements with customs and financial regulators such as the Australian Securities and Investments Commission and international partners including the Internal Revenue Service and Her Majesty's Revenue and Customs. Enforcement actions have involved audits of entities like Telstra Corporation and compliance initiatives promoted by organizations such as the Business Council of Australia.
Major amendments have been enacted following policy reviews and government programs led by treasurers including Peter Costello, Wayne Swan and Scott Morrison, and legislative responses to judicial decisions by the High Court of Australia and the Full Court of the Federal Court of Australia. Jurisprudence involving cases with parties such as Commissioner of Taxation proceedings against firms like PricewaterhouseCoopers and corporations like BHP has shaped interpretation. Ongoing reform debates reference reports from the Productivity Commission, the Australia Institute and international standards from the Organisation for Economic Co-operation and Development.
Category:Australian taxation law