Income Tax Act 1937
1Income Tax Act 1937
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INCOME TAX.
No. 18 of 1937.
An Act to impose a Tax upon Incomes.
[Assented to 13th September, 1937.]
BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—
Short title.
- This Act may be cited as the Income Tax Act 1937.
Incorporation.
- The Income Tax Assessment Act 1936–1937 shall be incorporated and read as one with this Act.
Imposition of income tax.
- Income tax is imposed at the rates declared in this Act.
Rates of income tax.
4.—(1.) The rate of income tax in respect of a taxable income derived from personal exertion shall be as set out in the First Schedule to this Act.
(2.) The rate of income tax in respect of a taxable income derived from property shall be as set out in the Second Schedule to this Act.
(3.) The rates of income tax in respect of a taxable income derived partly from personal exertion and partly from property shall be as set out in the Third Schedule to this Act.
(4.) The rate or rates of income tax in respect of a taxable income to which Division 16 of Part III. of the Income Tax Assessment Act 1936–1937 applies shall be as set out in the Fourth Schedule to this Act.
(5.) The rate or rates of income tax in respect of a taxable income in any case where sub-section (1.) of section eighty-six of the Income Tax Assessment Act 1936–1937 applies shall be as set out in the Fifth Schedule to this Act.
(6.) Notwithstanding anything contained in the last five preceding sub-sections, where the amount of income tax which a person would, apart from this sub-section, be liable to pay is less than Ten shillings, the income tax payable by that person shall be Ten shillings.
(7.) The rate or rates of income tax payable by a trustee shall be as set out in the Sixth Schedule to this Act.
(8.) Subject to sub-section (7.) of this section, the rates of income tax payable by a company shall be as set out in the Seventh Schedule to this Act.
Levy of income tax.
5.—(1.) Income tax shall be levied and paid for the financial year beginning on the first day of July, One thousand nine hundred and thirty-seven.
(2.) This Act shall also apply to all assessments for financial years subsequent to that beginning on the first day of July, One thousand nine hundred and thirty-seven made prior to the passing of the Act for the levying and payment of income tax for the financial year beginning on the first day of July, One thousand nine hundred and thirty-eight.