Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p38
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 38/59)
Character Range: 7961957–7964632

301‑20(2) for the income year.
income tax means income tax imposed by any of these:
 (a) the Income Tax Act 1986;
 (b) the Income Tax (Diverted Income) Act 1981;
 (c) the Income Tax (Former Complying Superannuation Funds) Act 1994;
 (d) the Income Tax (Former Non‑resident Superannuation Funds) Act 1994;
 (e) the Income Tax (Fund Contributions) Act 1989.
income tax law means a provision of an Act or regulations under which is worked out the extent of liability for:
 (a) *tax; or
 (b) *Medicare levy; or
 (c) *franking tax; or
 (d) *withholding tax; or
 (e) *mining withholding tax; or
 (f) tax payable in accordance with subsection 276‑340(2), 276‑410(2), 276‑425(2) or 276‑820(6) (AMIT offset taxation).
income tax liability, of an entity for an income year, is the amount assessed as being the amount of income tax that the entity owes (as mentioned in step 4 of the method statement in subsection 4‑10(3)) for the financial year applicable to the entity under subsection 4‑10(2).
income tax return means a return under section 161, 162 or 163 of the Income Tax Assessment Act 1936.
income year: the basic meaning is given by subsections 4‑10(2) and 9‑5(2). Some provisions refer to a particular income year. (They may describe it in different ways: for example, as the income year ending on 30 June 1998, or the 1997‑98 income year.) For an entity that adopts an accounting period in place of the particular income year, the reference includes:
 (a) the adopted accounting period; or
 (b) if the adopted accounting period ends under section 18A of the Income Tax Assessment Act 1936:
 (i) in relation to the commencing of the income year—the adopted accounting period (as ending under that section); or
 (ii) in relation to the ending of the income year—the accounting period ending under that section on the day on which the adopted accounting period would (but for that section) have ended.
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.
in connection with: an economic benefit is *provided in connection with a *scheme if at least one of the tests in section 727‑160 is satisfied.
increase time for a *direct value shift has the meaning given by section 725‑155.
increasing adjustment has the meaning given by section 195‑1 of the *GST Act.
independent Australian fund manager has the meaning given by section 842‑245.
independent candidate has