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Part 1-4—Checklists of what is covered by concepts used in the core provisions
Table of sections
9-1 List of entities
9-5 Entities that work out their income tax by reference to something other than taxable income
Income tax is payable by the entities listed 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 |
Income tax is payable by this kind of entity: |
because of this provision: |
|
1. |
An individual |
section 4-1 |
|
2. |
A company, that is:
|
section 4-1 |
|
3. |
A corporate limited partnership (as defined in section 94D) |
section 94J |
|
4. |
A mutual insurance association (as described in section 121) |
section 121 |
|
5. |
A trustee (except one covered by a later item in this table), but only in respect of some kinds of income of the trust |
sections 98, 99, 99A and 102 |
|
6. |
The trustee of a corporate unit trust |
section 102K |
|
7. |
The trustee of a public trading trust |
section 102S |
|
8. |
The trustee of a complying superannuation fund |
section 278 |
|
9. |
The trustee of a non-complying superannuation fund |
section 286 |
|
10. |
The trustee of a complying approved deposit fund |
section 289 |
|
11. |
The trustee of a non-complying approved deposit fund |
section 294 |
|
12. |
The trustee of a pooled superannuation trust |
section 296 |
9-5 Entities that work out their income tax by reference to something other than taxable income
(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.
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