Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 3.5

(1) Income tax is payable for each year by each individual and company, and by
some other entities. Note 1: Individuals who are Australian residents, and
some trustees, are also liable to pay Medicare levy for each year. See
Division 785. Note 2: Income tax is imposed by the Income Tax Act 1986 and the
other Acts referred to in the definition of income tax in section 995- 1.

(2) Most entities have to pay instalments of income tax before the income tax
they actually have to pay can be worked out.

(3) This Act answers these questions:
1. What instalments of income tax do you have to pay? When and how do you pay
them? See section 750-1.
2. How do you work out how much income tax you must pay? See Division 4,
starting at section 4-1.
3. What happens if your income tax is more than the instalments you have paid?
When and how must you pay the rest? See Division 1 (sections 204 to 220) of
Part VI of the Income Tax Assessment Act 1936.
4. What happens if your income tax is less than the instalments you have paid?
How do you get a refund? See section 750-20.
5. What are your other obligations as a taxpayer, besides paying instalments
and the rest of your income tax? See section 3-10.
6. Do you have any other obligations under the income tax law? See section
3-15.
7. If a dispute between you and the Commissioner of Taxation cannot be settled
by agreement, what procedures for objection, review and appeal are available?
See Part IVC (sections 14ZL to 14ZZS) of the Taxation Administration Act 1953.