New Income Tax Act enacted

The Income Tax Act 2004 was enacted today, receiving Royal assent at Government House this morning. The new Act, which comes into effect next year, introduces the rewritten Parts A to E of the Income Tax Act 1994 and re-enacts the remaining parts. Parliament delayed the date of application of the new Act by one year, to the 2005-06 tax year, to give users more time to prepare for the change-over. The new Act is expected to become available soon.