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Brief
The Income Tax (Diverted Income) Act 1981 is an Act that imposes tax on certain income derived under tax avoidance schemes. The Act was enacted to address the issue of individuals exploiting tax loopholes to avoid paying their fair share of taxes.
The Act comes into operation on the day it receives the Royal Assent, and it incorporates the Income Tax Assessment Act 1936 as one with this Act. The tax imposed by this Act is payable in respect of financial years starting from July 1, 1979, and subsequent financial years.
The rate of tax for this Act is determined by the rate of tax payable on a trust estate's net income, as per section 99A of the Assessment Act. This means that individuals involved in tax avoidance schemes will have to pay taxes on their income according to the rates set out in the Income Tax Assessment Act 1936.
The main goal of this Act is to curb tax avoidance by requiring taxpayers to pay their fair share of taxes, ensuring compliance with tax laws and regulations.
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