Commonwealth act

Income Tax (Fund Contributions) Act 1989

In ForceCTH

Jurisdiction

Commonwealth

Act Number

99 of 1989

Collection

act

Plain English Summary

3/10 complexity

This Act imposes income tax on fund contributions that the Income Tax Act 1986 would not tax because subsection 5(4) prevents tax being imposed on the subject described in paragraph 5(4)(a) (s3). It commences on Royal Assent (s2) and the tax is levied for the same financial years as income tax under the Income Tax Act 1986 (s4). The taxable party is the fund whose income stems from the specified contribution; timing and payment follow the Income Tax Act procedures.

JSON API Tax / GST / superannuation

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Income Tax (Fund Contributions) Act 1989.

Income Tax (Fund Contributions) Act 1989

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8

?xml version="1.0" encoding="utf-8" standalone="no"?>

View image in the official source

Income Tax (Fund Contributions) Act 1989

No. 99 of 1989

An Act to impose income tax upon so much of the taxable income of certain funds as is attributable to certain contributions

Contents

1 Short title

2 Commencement

3 Imposition of income tax

4 Financial years for which tax payable

View image in the official source

Income Tax (Fund Contributions) Act 1989

No. 99 of 1989

An Act to impose income tax upon so much of the taxable income of certain funds as is attributable to certain contributions

[Assented to 30 June 1989]

1 Short title

This Act may be cited as the Income Tax (Fund Contributions) Act 1989.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Imposition of income tax

If subsection 5(4) of the Income Tax Act 1986 has the effect that that Act does not impose tax in respect of the subject of taxation mentioned in paragraph 5(4)(a) of that Act, this Act imposes income tax in respect of that subject of taxation.

4 Financial years for which tax payable

The tax imposed by this Act is levied and shall be paid for each of the financial years for which the tax imposed by the Income Tax Act 1986 is levied in accordance with section 7 of that Act.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8

?xml version="1.0" encoding="utf-8" standalone="no"?>

Income Tax (Fund Contributions) Act 1989

No. 99 of 1989

An Act to impose income tax upon so much of the taxable income of certain funds as is attributable to certain contributions

Contents

1 Short title

2 Commencement

3 Imposition of income tax

4 Financial years for which tax payable

Income Tax (Fund Contributions) Act 1989

No. 99 of 1989

An Act to impose income tax upon so much of the taxable income of certain funds as is attributable to certain contributions

[Assented to 30 June 1989]

1 Short title

This Act may be cited as the Income Tax (Fund Contributions) Act 1989.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Imposition of income tax

4 Financial years for which tax payable

The tax imposed by this Act is levied and shall be paid for each of the financial years for which the tax imposed by the Income Tax Act 1986 is levied in accordance with section 7 of that Act.

Read the source document