Document ID: chunk:federal_register_of_legislation:C2025C00029:front:0:p13
Version: federal_register_of_legislation:C2025C00029
Segment Type: other
Provision Reference: 
Character Range: 32654–35221

3‑15  Your obligations other than as a taxpayer
  Your main obligations under the income tax law, other than as a taxpayer are:
                  * in certain situations, to deduct from money you owe to another person, and to remit to the Commissioner, instalments of income tax payable by that person.
See Part 4‑5 (Collection of income tax instalments),
starting at section 750‑1.

Part 1‑3—Core provisions

Division 4—How to work out the income tax payable on your taxable income

Table of sections
4‑1 Who must pay income tax
4‑5 Meaning of you
4‑10 How to work out how much income tax you must pay
4‑15 How to work out your taxable income
4‑25 Special provisions for working out your basic income tax liability

4‑1  Who must pay income tax
  Income tax is payable by each individual and company, and by some other entities.
Note: The actual amount of income tax payable may be nil.
For a list of the entities that must pay income tax,
see Division 9, starting at section 9‑1.

4‑5  Meaning of you
  If a provision of this Act uses the expression you, it applies to entities generally, unless its application is expressly limited.
Note 1: The expression you is not used in provisions that apply only to entities that are not individuals.
Note 2: For circumstances in which the identity of an entity that is a managed investment scheme for the purposes of the Corporations Act 2001 is not affected by changes to the scheme, see Subdivision 960‑E of the Income Tax (Transitional Provisions) Act 1997.

4‑10  How to work out how much income tax you must pay
 (1) You must pay income tax for each *financial year.
 (2) Your income tax is worked out by reference to your taxable income for the income year. The income year is the same as the *financial year, except in these cases:
 (a) for a company, the income year is the previous financial year;
 (b) if you have an accounting period that is not the same as the financial year, each such accounting period or, for a company, each previous accounting period is an income year.
Note 1: The Commissioner can allow you to adopt an accounting period ending on a day other than 30 June. See section 18 of the Income Tax Assessment Act 1936.
Note 2: An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP. See section 18A of the Income Tax Assessment Act 1936.
 (3) Work out your income tax for the *financial year as follows:

      Method statement
           Step 1. Work out your taxable income for the income year.
      To