In this Act, unless the contrary intention appears:

Assessment Act means the Income Tax Assessment Act 1936.

non-profit company means:

In this Act, a reference to taxable income shall be read as a reference to taxable income of the year of income.

(1) Income tax is imposed in accordance with this Act and at the relevant rates declared by the Income Tax Rates Act 1986.

This Act does not impose tax payable in accordance with section 121H, 126, 128B, 128NA, 128NB or 128V of the Assessment Act.

(2A) This Act does not impose tax payable in accordance with Income Tax Assessment Act 1997 or Division 840 of the Income Tax (Transitional Provisions) Act 1997.section 301-175 or 306-15, or Division 840, of the

This Act does not impose tax upon the taxable income of a non-profit company where that taxable income does not exceed $416.

(4) If this Act, insofar as it imposes tax upon the taxable income of a complying superannuation fund, a non-complying superannuation fund, a complying approved deposit fund, a non-complying approved deposit fund or a pooled superannuation trust (as defined in the Income Tax Assessment Act 1997), would, apart from this subsection, deal with 2 subjects of taxation (within the meaning of section 55 of the Constitution), namely:

(5) This Act does not impose tax upon the taxable income of a non-complying superannuation fund within the meaning of the Income Tax Assessment Act 1997, to the extent that the taxable income is attributable to the inclusion of an amount in the fund’s assessable income under table item 2 in section 295-320 of that Act.

This Act does not impose tax upon the taxable income of a Australian superannuation fund, to the extent that the taxable income is attributable to the inclusion of an amount in the fund’s assessable income under table item 3 in section 295-320 of that Act.

This section applies for the purposes of the making of an assessment of tax (other than further tax payable under subsection 94(9), (11) or (12) of the Assessment Act) in respect of the income of a taxpayer of a year of income where, upon the making of the assessment and the serving of notice of the assessment upon the taxpayer, there would, but for this section, be a net amount of not more than 49 cents payable by the Commissioner to the taxpayer, or by the taxpayer to the Commissioner, under the law relating to income tax, after taking into account all liabilities of the taxpayer, and all rebates and credits allowable to the taxpayer, under that law.

Where this section applies in relation to the making of an assessment:

A reference in this section to a liability of the taxpayer shall be read as including a reference to a liability in respect of income tax or provisional tax notified to the taxpayer by the Commissioner, notwithstanding that the amount of the liability has not become due and payable.

For the purposes of any calculation under the law relating to income tax that depends upon the amount of tax paid or payable by, or assessed in respect of the income of, a taxpayer, the tax assessed and payable under an assessment in relation to which this section applies shall be deemed to be the tax that would have been so assessed and payable if this section had not applied.