Income Tax Act 1986

'The Income Tax Act 1986: A Comprehensive Overview

This compilation provides a comprehensive overview of the Income Tax Act 1986, which imposes a tax on incomes. The Act came into operation on November 4, 1986, and has undergone several amendments since its inception.

The Act defines various terms, including "assessment" and "non-profit company." It also incorporates the Assessment Act, 1936, and imposes income tax at the rates declared by the Income Tax Rates Act, 1986. The Act does not impose tax on non-profit companies where taxable income does not exceed $416.

Section 6 of the Act provides for an adjustment where the amount to be paid or refunded to a taxpayer would not exceed 49 cents. This section applies to assessments made in respect of a year of income, taking into account all liabilities and rebates allowable to the taxpayer.

The Act also provides for the levy of tax, which is payable by the financial year commencing on July 1, 1986, and for subsequent financial years until Parliament otherwise provides. The tax imposed by subsection 5(1) is levied and shall be paid for the specified financial years.

This compilation includes amendments up to Act No. 53, 2016, and registered on May 16, 2016. It also provides information about amending laws, amendment history of provisions, and editorial changes made in the compilation.