INCOME TAX ASSESSMENT ACT (NO. 2) 1974

Table of Provisions

• 1 Short title.  
• 2 Commencement.  
• 3 Interpretation.  
• 4 Continental shelf to be treated as part of Australia for certain purposes.  
• 5 Partial exemption of income from certain mining operations.  
• 6  
• 7  
• 8  
• 9  
• 10 Export market development allowance.  
• 11 Depreciation.  
• 12 Basis of depreciation.  
• 13 Moneys paid on shares for the purposes of certain exploration, prospecting or mining.  
• 14 Deductions for dependants.  
• 15 Education expenses.  
• 16 Expenses of self-education.  
• 17  
• 18  
• 19 Deductions in relation to calculated liabilities.  
• 20 Co-operative companies.  
• 21 Interpretation  
• 22 Allowable capital expenditure.  
• 23 Residual capital expenditure.  
• 24 Deduction of expenditure.  
• 25 Election to deduct expenditure in year in which incurred.  
• 26 Election to deduct expenditure on housing and welfare over 5 years.  
• 27 Deductions of appropiations.  
• 28 Exploration and prospecting expenditure.  
• 29  
• 30 Application of Division.  
• 31 Deduction of expenditure.  
• 32  
• 33  
• 34 Rebate in case of disposal of assets of a business of primary production.  
• 35  
• 36 Rebate for export market development expenditure.  
• 37 Interpretation.  
• 38 Credits in respect of tax paid in Papua New Guinea.  
• 39 Amendment of assessments.  
• 40 Amount of provisional tax.  
• 41 Provisional tax on estimated income.  
• 42 Penalty where income under-estimated.  
• 43 Release of taxpayers in cases of hardship.  
• 44 Transitional provision in relation to partial exemption of income from certain mining operations.  
• 45 Transitional provision in relation to purchase of prospecting or mining rights or information.  
• 46 Calculation of provisional tax for year of income that commenced on 1 July 1974.