This leading 3-volume set is the most accurate, comprehensive, useful and easy-to-read on the market.
It ensures tax practitioners, corporations and organisations, and students stay up to date with the vast number of tax changes by providing a comprehensive consolidation of Australian income tax and related legislation. Updated and consolidated for all amendments to 1 January 2015, it contains all relevant income tax and related legislation including:
- Income Tax Assessment Act 1997
- transitional provisions 1997
- Regulations Income Tax Assessment Act 1936
- 1936 Regulations
- Taxation Administration Act
- Rating Acts
- Fringe Benefits Tax
- Administrative Appeals
- International Agreements Act.
It also includes a legislation annotator, index and conversion tables between 1997 and 1936 tax assessment Acts, as well as detailed history notes for all substantive amendments in the last six years.
Key amendments reflected in this new edition
Amendments to the 1997 tax assessment Act including:
- giving effect to the repeal of the minerals resource rent tax (mining tax);
- repeal of redundant provisions in relation to emissions units issued and charges imposed under the carbon tax;
- repeal of the refundable tax offset for conservation tillage;
- the phasing-out of the net medical expenses tax offset by the end of the 2018/19 income year;
- the introduction of an integrity rule to limit the ability of taxpayers to obtain a tax benefit from dividend washing;
- improvement to the operation of the Farm Management Deposits (FMD) scheme;
- and introduction of a three-year progressive budget repair levy in the primary form of additional income tax on Australian resident and foreign resident individuals commencing in the 2014/15 income year.
Amendments to the 1936 tax assessment Act including:
- clarification of the operation of the family income threshold and introduction of a one-off protection provision which ensures that outcomes are preserved in relation to tax assessments;
- removal of references to loss carry-back, and to loss carry-back provisions, that were previously added to the law; and
- in relation to the Trade Support Loans Programme.
Amendments to related legislation including:
- the repeal of the income tax exemption available to non-charitable public and private ancillary funds that provide money, property and benefits to deductible gift recipients that are income tax exempt;
- the repeal of redundant provisions in relation to the disclosure of taxpayer information by the Commissioner of Taxation to the Regulator;
- introduction of administrative directions and penalties for contraventions relating to self managed superannuation funds (SMSFs) including rectification directions, education directions, and administrative penalties;
- the requirement for Australian financial institutions to collect information about their customers that are likely to be taxpayers in the USA and to provide that information to the Commissioner who will provide that information to the US Internal Revenue Service; and
- supporting the full and effective implementation of the Farm Household Allowance.