It is listed in the Income Tax Assessment Act
as a Deductible Gift Recipient and is the only body in Australian where donations of $2 or more to sports projects are tax deductible.
Until recently, this was dealt with domestically in the Income Tax Assessment Act 1936 (Cth) pt III div 13, which, in certain circumstances, permitted the substitution, for revenue purposes, of an 'arm's length price' for the actual price charged in the dealing.
To take an example removed from the present case, it may be said that the underlying purpose of an Income Tax Assessment Act is to raise revenue for government.
These terms are defined in the Income Tax Assessment Act
1997 (ITAA97) as follows:
The ATO is already investigating cases using these contrived arrangements, some of which may attract the application of Part IVA of the Income Tax Assessment Act
1936 (ITAA 1936), also known as the general anti-avoidance rule.
17) As is well-known, this approach contributed to the demise of s 260 of the Income Tax Assessment Act 1936 (Cth) ('ITAA 1936'), and its replacement by pt IVA.
56) A body having the endorsement of the Commissioner as a 'charitable institution' was exempt from liability to income tax under the Income Tax Assessment Act 1997 (Cth), and to the GST and fringe benefits tax.
4) Examples include several measures seeking to impose moral limitations on the way taxpayers conduct business by denying deductions for business expenses in the nature of fines or bribes: see Income Tax Assessment Act 1997 (Cth) ss 26-5 (fines), 26-52 (bribes to foreign public officials), 26-53 (bribes to public officials).
11) For example, personal deductions for primary earners supporting spouses or child housekeepers have been replaced with a disappearing rebate that shades out as the claimant's income rises: see Income Tax Assessment Act 1936 (Cth) s 159J.
6) A few years before that we lived through the partial and incomplete rewriting of the Income Tax Assessment Act
1936 (Cth) (commonly known as the '1936 Act') as the result of what was optimistically called the 'Tax Law Improvement Project'.
The decision of the High Court in Payne, (2) handed down on 8 February 2001, concerned whether expenses incurred by the taxpayer in travelling between two unrelated places of work were allowable deductions under s 51(1) of the Income Tax Assessment Act
1936 (Cth) in determining the taxable income of the taxpayer.