Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1997 No. 38 of 1997 - SECT 9.5

(1) For some entities, some or all of their income tax for the

*financial year is worked out as described in the table. Provisions of the
Income Tax Assessment Act 1997 are identified in normal text. The other
provisions, in bold, are provisions of the Income Tax Assessment Act 1936.

Item    This kind of entity is liable to pay income tax
worked out by reference to:
See:
1.      A trustee covered by item 5 in the table in section 9-1 is

liable to pay income tax worked out by reference to the net
income of the trust for the income year.
sections 98, 99 and 99A
2.      The trustee of a corporate unit trust is liable to pay income

tax worked out by reference to the net income of the trust for
        the income year.               section 102K

3.      The trustee of a public trading trust is liable to pay income

tax worked out by reference to the net income of the trust for
        the income year.               section 102S

4.      An entity that is liable to pay income tax (worked out by

reference to taxable income or otherwise) is also liable to
pay income tax worked out by reference to diverted income or
diverted trust income for the income year.
section 121H
5.      An Australian insurer that re-insures overseas can elect to

pay, as agent for the re-insurer, income tax worked out by
reference to the amount of the re-insurance premiums.
section 148

(2) For entities covered by an item in the table in subsection (1), the income
year is the same as the *financial year, except in these cases:

   (a)  for a company, or an entity covered by item 2 or 3 in the table, the
        income year is the previous financial year;

   (b)  if an entity adopts an accounting period ending on a day other than 30
        June, the income year is the accounting period adopted in place of the
        financial year or previous financial year, as appropriate. Note: The
        Commissioner can allow an entity to adopt an accounting period ending
        on a day other than 30 June. See section 18 of the Income Tax
        Assessment Act 1936.